All Forum Posts by: Frida McKenzie

Hello BP folks: 

1. I am from Dallas, Texas;

2. My goals are to finally do my first deal, starting out with wholesaling and graduating to buying/building/holding real estate. I come from the Interior Design world so I am really passionate about recycling/repurposing. I am OBSESSED with container homes, unique design and would love to create projects similar to the Freight Yard project;

3. Fun Fact: I grew up with and took piano lessons with Jamie Foxx

Mindy Jensen....THANK YOU....at the time he did the reverse mortgage I didn't agree with the decision; however, after losing half a million dollars in investments, he is at an advantage by having it. He is having a hard time financially right now so I was asking my questions because I was trying to figure out a way for him to get some of the equity out of the house to help him live. I agree and yes that is why I've chosen to, instead of taking the house now, leaving it in his name because of the tax advantages.  Should he pass before I do I will inherit the property. Thanks for the info on doing an Airbnb...I did not think about that replacing his income. My thought was it to be an addition to his income.  I think my best bet will bet to look into the Section 121 exclusion and have him sell it to me. He won't get hit with any taxes and I will just set it up as an investment/rental property even though I will not actually charge him rent....Does this make sense?

We are at a point of discussing alternative living arrangements. He currently lives alone but that is about to change. He has made an addendum to the will to make the house mine upon his passing. I didn't want there to be a sale of the house to me until we figured out where he would be staying and because of the breaks that he gets because of age and the reverse mortgage. Also I don't think I can get traditional financing because of a foreclosure on my credit. I do have a lot of money in the bank. I would like to see if I can get private lending so that I can update the property and flip or generate income. Sorry if I sound naive but I would really like to learn the best option for this situation.

My Dad is 75. He lives in a home with a reverse mortgage. His home is valued at $300,000 and the payout on the reverse mortgage is $120,000.  I would like to pull some of the equity, give him some money, make some updates and start generating some income maybe with Airbnb or rental. Can this happen, or can someone point me in the right direction to find out if and how to do this? TIA for your help.