All Forum Posts by: Greg Seldon

Has anyone in the above thread gone forward with Wealthability and if so what were the results? I had the initial consult and couldn't pull the trigger on the $15k initial cost - which seems higher than the costs others mentioned above. Thanks! 

I've been talking with my parents about potentially buying their house to 1. free up cash for their retirement and other real estate investing 2. realize tax benefits for depreciation and the house is 30 years old and needs some improvements/updates 3. get the house in my name in case they have immediate health issues 

I have a few questions if anyone has experience/input on these topics or if you have any input on things I'm not thinking about. 

1. They bought the house for around $200k and now neighborhood comps are around $440k - am I able to buy the house below market value or would this create a red flag renting the house back to them?  

2. Are they able to gift the downpayment or not being an investment property for me. 

3. When collecting rent on the house - can I just get data from rentometer or craigslist and stay within 20% of that to not flag IRS.  

Great Input - Thanks  Tchaka.

Jason - 

Awesome input - greatly appreciated. 

View report

*This link comes directly from our calculators, based on information input by the member who posted.

I know this doesn't meet the 2% rule but looking for feedback on if my estimates for maintenance/cap ex are too conservative or any general feedback - house was built in 1950's. I ran the numbers based on current rent but see opportunity to make small upgrades to get more rent and possibly air bnb during the summer or look for summer renter. 

View report

*This link comes directly from our calculators, based on information input by the member who posted.

I know this doesn't meet the 2% rule but looking for feedback on if my estimates for maintenance/cap ex are too conservative or any general feedback - house was built in 1950's. I ran the numbers based on current rent but see opportunity to make small upgrades to get more rent and possibly air bnb during the summer or look for summer renter.