All Forum Posts by: Jessie Saribay Jr

@Steven Ko so their interest rates are way higher for the loans that they having, and theyll be paying near the same amount but ill be putting aways some for saving for them. I have thought this out and i guess what i stated is kinda vague. Once i get the equity i will still take my time saving and learning for when im actually ready. Of course i wont make any decisions until i know im ready, have a good deal, and have the reserves for any failures to come about. I have a 18 camry that I only pay 360 a month for that pretty much my only debt, I would be paying 1k if it was also in the mortgage. If something were to happen to them even from a long time from now I would still be taking over the mortgage payments and i doubt itll be paid off by then.

@Carl C. Im not just doing this to gain equity its to start something that they cant and id be managaing their finances. I actually thought about this plan a lot and Im not planning to jump right into a property once i have the funds for it. 

@Jaysen Medhurst So they dont have the best credit and finances right now due to past financial problems that hurt them. The house is actually my primary residence that we all reside in my parents and I and my 3 sisters. Im 23 by the way. I would get their debt taken care of including my car loan and Theyll pay near the same amount they are and Ill aslo pay more chunking down the loan with them. I would also take some of the money theyre putting in and make a savings for them. The cost of living in Hawaii is ridiculous and I wouldnst say they have they highest paying job, neither do I.  But It was just an idea 

@Remington Lyman  @Michael P. Sadly I dont have great acting skills lol but thank you for your advice! 

@Duc Ong

@Lane Kawaoka

Thank you guys for the feed back! I actually been doing research for a little while and wholesaling was the first niche I wanted to do but got really stuck and discouraged with the hawaii market trying to find out what would be best! and thats why in the other post about buying my parents home would be the reason to access me to capital and lower their payments which would be the win win if that makes sense. 

@Duc Ong Thats kinda the reason I was thinking of buying I think I would be only to qualify for near the amount owed that why i thought it would be a win win, and from past problems ended up hurting their credit and financial situation.

@John Teachout They had the opportunity to renovate years ago and they did, and the 401k they needed it the reason I would buy for 300k would be their loans and my car loan. They would pay near the amount they would be but I would actually be putting some of it on the side for them for a little savings reserve. Out of sight out of mind . I would probably be paying 800-1k of my own on top of their payments. Theyre living basically paycheck to paycheck which is why I want to help them with their finances. So im the oldest of 4. Im only 23 and three younger sisters. Of course its what my parents want that we split it amongst us 4 when and if we decide to sell the property In the long run i was thinking if we get to pay it off we can either rent it out or sell and down size. 

@Royce Talbo Hey royce, I know im new and I dont plan on jumping straight in with all that equity of course i would save while learning just in case anything goes down hill. Im not the type of person and put myself or family in a situation that could end up real bad. THey dont plan on retiring real soon maybe within the next 10 years. I want to accelerate that! Of course I just wanted to have the money in reserve just in case I come across a really good deal! Yes i did look into the gift tax the life time is about there and I think for 2019 it was 15k per parent and 30k total if theyre married. Of course doing this they would pay almost the same amount and I would be paying on top of that helping them get the loan down and paid off. Thank you so much for your input !

@Theresa Harris They wanted to do this instead of doing a refi or a heloc since they dont have the best credit right now. Im going to be living here for a while as well, they plan on passing the house down to me and my sisters eventually and when and if we decide to sell in the future it will be split amongst us. I dont know if you know hawaii but cost of living itself is very high and what I make could take years of saving just to get anywhere.

@Josh Dixon Hey josh so like i mentioned this will be our primary residence for a while and I dont think we plan on selling it anytime soon, we just wanted to lower the interest rates to free up some cash for them now and also help me tax wise for my job that I work crazy amount of over time for. The other reason to buy it would to use the equity in the property to start my real estate journey. Other than that this property will be with my family for awhile. If that makes any sense! Thnak you very much for your input! I appreciate it! 

@Account Closed Hey Mike! So I was thinking about the gift tax and they would pay the mortgage still and that would be considered gift to me and im sure itll be under 30k. The main reason why i wanted to do this was to get a heloc and use the equity to start my REI career hoping to do fix and flips to pay off the house and eventually give them the amount of equity in cash for when they retire! I dont think we plan on selling this house! we actually live in hawaii and its a really expensive market which is why I would want the equity to start investing! and the other part is that for my income i dont think i would even be able to qualify for 800k lol I would love for you to elaborate a little more about the 800k and 300k 1st and take back on the 2nd! Thank you for the information! I really appreciate it !