All Forum Posts by: Hau N.

Where are you located?  I'd buy both with that kind of cap rate. :)

This is a very good question.  I'll be following.  My understanding is that she can transfer only a portion of the house to you every year without tax implication ($14,000 worth of it).  If she were to transfer the entire house to you as a gift, then she would have to report it when filing taxes.  Some states have gift tax, others don't.  Either way, I look forward to seeing the expert answer on this. 

Good luck.

I've seen people posting ads in the hospital physician/resident lounge and intranet forum.  Residency coordinator occasionally email housing information to incoming residents. 

thanks @Janene Tompkins and @Katie Lepore . I did a bit of research last night about this. it is consistent with what Janene had stated. My married sister would need to report it as the mobile value is more than $28k, but she doesn't have to pay gift tax on it as her lifetime limit is more than $5 millions.

Hello BP members,

My parents live in a mobile home in San Jose, CA. It is owned free and clear under my sister's name; however, she would like to transfer the title to me.  There is no exchange in money involved as we consider the mobile home belongs to our parents.  Is there a transfer or gift tax?  I searched on CA Department of Housing but didn't see any fee/tax involved in the transferring title between family (http://www.hcd.ca.gov/manufactured-mobile-home/registration-titling/buy-sell-transfer.shtml). This sounds too good to be true.  

Thanks in advance.

Hau

I agree with Caleb.  Use the search function.  From what I've seen, they're one of the top turnkey providers.  You do have to pay a premium so your return isn't as high as other providers.  One of the owners is on BP contributing and answer questions here and there.  

Originally posted by @Daniel F. Harb:

Hello, @Terry Lao, Happy Thanksgiving to you and your wife.  :)

1% at the Bank?  You mean .001%.  Nothing like making $1.00 and 13 cents on your 10 grand in the Bank. Yikes!

Real Estate for wealth creation, for sure.

Best of profit to you!  $$$

 You should look into online high yield saving accounts.  I moved most of my money from Wells Fargo to Ally Bank savings account for the 1.25% interest instead of next to nil percent.    There are other banks that offer more at 1.3%ish if you look around. 

Is the profit $25K after tax?  If that's the case, congrats!  From what I read on other threads, tax kills nearly half of the profits. 

This is why I haven't pulled the trigger when I found a few 1%-ers in out of state market in the Midwest.  The headache that comes with making $100-200/mo is not worth it to me after running the numbers conservatively.  

Where I live in CA, I look for 6%.  Out of state, I look for 10%.