All Forum Posts by: Hailie Shaw

Thanks, Andrew! Yes, I did consider the no exit strategy for this house. It has been in my family since 1937 so this is a long hold for me. Longer than the life estate. But, if I ever needed to get cash or was in a bind...I could always take out the equity in it was my thought. As there will be no mortgage on it. Or I would sell one of my other 2 properties. Tough to predict the future, huge risk, I agree. 

I will try to negotiate rent free for 5 years and then at least something for rent after year 5, even if way below market value at $500 a month would really help. Doubt they will be open to that, but I will try. 

Yes, that’s essentially it. Might be worth it to go negative for a few years as duplexes are hard to find and the earning potential after they pass would be $36k before expenses and go up every year with rent. I’d be cash flowing about $600 a month still while the other side is rented out. 

Location - A

Appraisal -$220k

Duplex house is owned 50/50 by 2 people. The verbal offer is currently $90k to 1 owner for their side, which will be vacant, and then $40k offer to the other sides owner with a rent free, tax free, maintenance free live in clause until they pass away. So making 2 offers to 2 people, one to sell completely and one to allow them to live there forever, but I would be 100% owner of the duplex.

Both sides need renovations at about $50k each. Rent after renovations is $1,500. All cash deal, no mortgage. Thinking of doing a HELOC to cover the renovation on one side after purchase, so I don't have to use cash. No red flags in home inspection.

Thoughts on if the numbers make sense here? Hard to calculate the risk as you can’t determine how long the other person will live. They are 74 in not so great health.  

Thanks! 

Thank you for the replies! I do plan to live in CT for half the year and then FL for the other half.

I guess my options are:
1) buy a ct vacation home and expect to put 10% down and not live in the state for over 6 months to avoid being taxed as a CT resident
2) buy a ct investment home and expect to put 20-25% down (but then I can charge STR income for the 6 months im not there)
3) become a CT resident for 1 year and use FHA loan for 3.5% down and pay CT taxes for one year and then move back to FL

Hello,
I used my VA loan to purchase my primary residence, SF house in FL this year. My 1 year mark is March 15th 2023 and I would like to buy a second home at this time in CT. But, I do not want to be a resident of CT and pay state income tax. Is there a way to keep my FL residency with my SF home but also not have to pay 20% down on the CT SF or Duplex house I plan to purchase? I am fine to rent out or not rent out my FL home.
Thanks for the help!
Hailie