All Forum Posts by: Jessica Costa

Hi Loren, if you could send over the home inspector that would be great. Thanks so much! 

Looking at multifamily properties in San Antonio, TX. Looking to connect with brokers/ home inspectors in the San Antonio area that can help and be boots on the ground as I am out of state.

Thanks!

@Brian Smolin - we have been very happy with our property manager! They are truly a one-stop-shop, helping identify new properties, analyzing deals and pulling rent comps, completing renovations and turns, etc.  They have been wonderful. Send me a message and I can give you their contact info! 

Hi Munir, 

We bought our first investment property in Fitchburg in 2013, we've had solid tenants ever since. We do not invest in the college area, although we've looked at a few houses around there they just never worked out. The college admissions is growing and more and more housing is needed so it would definitely be wise to target students, just be aware that the houses will get a lot of wear and tear. I'd be happy to connect you to contractors or our property manager if you have any questions. My husband also has his RE license and grew up in Fitchburg. Best of luck!

We invest in Fitchburg, i'd be happy to answer any questions. There are a lot of good deals in the area, and I use a property manager.

I just finished a home inspection on a three-family I have under contract and there is a basement apartment that has recently been re-done (new walls, ceilings, kitchen, bathroom, flooring, plumbing, etc.) It is half situated on concrete slab and the other half is pretty much built on top of dirt (we think, we are unable to get to it) and I called the building department and there were no permits pulled.

How should I go about negotiating down the price? We offered full ask originally. 

This is an awesome thread - I especially like the richblockspoorblocks.com and dealcheck - I am saving these for future use! 

@Doug Pretorius Thank you, I hadn't considered the debt to income ratio factoring in. I appreciate your response, we are going to reach out to a tax accountant to see what the best option would be. 

@Doug Pretorius Thank you for your response. So there would technically be a loan that we are paying back to my husband's Uncle but how would a bank know that? What if it was considered a 'gift' and we had the loan repayment on the side? 

My husband's uncle is looking to sell his two family property and we are interested in buying it. There is no mortgage on the property and we are hoping he will consider seller financing. We have a few questions:

• 1. Can he simply transfer the title/deed in our name if we were to do seller financing and pay him amortized over 15 years?
• 2. Can we take out a HELOC on the property if the deed/ title is in our name? Is there any ‘seasoning period'? Any other hiccups we could run into along the way?
• 3. The house is in immaculate shape but a relative is living in the first-floor apartment way under market value – he pays $730/ month including utilities for a 3 bedroom that has been entirely re-done and could easily command $1200-$1400/month. We are proposing to keep the relative in the first apartment and just raise the rent slightly (still under market value) so the property will cash flow only a few hundred dollars/ month to cover the "mortgage" payment and the rest will be saved for other expenses. Our primary goal is to obtain the property based on seller financing and then use a HELOC on the property to invest in other properties and eventually when the relative tenant moves out the property will cash flow 2x the current rate.

How will this affect his uncle? Will he have to pay capital gains? How will he be taxed on the income he earns as a result of the seller financing? What tax implications should we be aware of?

I look forward to an advice and insights, thank you!