All Forum Posts by: Juan F.

I looked around and didn't see this exact question answered.

For tax purposes, what is the minimum required amount of documentation between family members for a loan?

When I say tax purposes, I mean that (1) the lender isn't hit with some fee or unexpected tax, and that (2) the borrower is able to consider loan payback as a deductible expense every month.

From my research it seems like the only requirement from the IRS is that you meet the Applicable Federal Rate. I assume a promissory note between parties would be enough to substantiate the relationship?

Any direction or advise would be great - thanks.

(there are no concerns about collateral or default 'best practices', merely asking what the minimum amount of paperwork required by law is)

Looking for a certified financial planner and tax professional familiar with real estate, inheritance, and estate planning. Located in Riverside area, available for weekend consultantations please.

Please reply or inbox me if you meet the description or know someone who does.

Thanks!

Hello! Is this listing still available? I would like more information. Please send to [email protected].

Thanks!

Is this listing still available? If so, please forward additional info to [email protected].

Thank you!

Jeremy,

I've got a little bit of information about the area. I sent you a message!

I see what you mean @Maurice Collier. Average SFR in 29 varies a TON from what I'm seeing. There is a lot of variability in the ages and er- quality of the homes in the area. I've seem some properties on the low end of the spectrum at less than $50k, but average is probably closer to $150-200k. I've been focusing more on multi-family properties however.

What I meant about rental potential is that it is a military town, so there is a steady stream of renters with reliable pay coming through. I would say average rent (much based on the housing allowance given by the military) is between $600-$800 for a 2bd 1ba, though you're looking at about $900-$1k for a 3bd 2ba. 

@James K. You are right! and I wish we had started this sooner! We were always afraid of the risk as we've seen many people fail to rent out their homes when they PCS'd. But renting to military families has a lot of potential for that very reason! Nobody wants to put down any roots! 

@Maurice Collier I wouldn't necessarily encourage anyone to look out this way unless they had to Haha

Not sure how to figure what "RE cost" is. I'm that new. Do people generally figure $/ sq.ft? Or is there another universal way to generalize the RE cost in an area? 

Thank @Maurice Collier! I see you're from Corona, I'm from Norco! Small world! We're currently located in 29 Palms, and there's a lot of rental potential out here. 

Hello all!!

I'm super excited to learn more about getting into the business of real estate investing. It's something 3 generations of my family has done and I think it's finally time to fill those shoes. 

My Husband is active duty military, and I will have finished my reserve military career (and qualify for VA loans) in just 6 short months!

Thanks for welcoming me! :)