All Forum Posts by: Jim Brandt

If it does and his numbers are right, does he purchase the home?

Thank You all for your replies! Yes, this is an interesting scenario and am on the same page. Thanks again! Jim

I need some real insight on this subject and look forward to hearing from everyone and anyone they can help me or point me in the direction of someone who could help... thanks again! I have a friend who owns a condo outright. She's on a $500 a month fixed income. The property taxes are $3600 per year and HOA's are $300 per month. She's offered to deed me the house valued at $280,000, if I make the HOA payments, pay the property taxes, and allow her to live there rent free. She's 68 years old. Will this be considered an investment property? What are my tax benefits? If it isn't considered an investment property in this scenario what do i need to do for it to be considered an investment and show the losses for my tax benefit?

please someone help me? Thank You in adavance!

The benefit is that i would own the home. There is no mortgage or loan balance. The current homeowner is willing to give me or deed me the property if i make her HOA payments and property taxes. The house will appraise at around $280,000.

i have a friend who owns a condo outright. She's on a $500 a month fixed income. property taxes are $3600 per year and HOA's are $300 per month. She's offered to deed me the house valued at $280,000 if i make the HOA payments, pay the property taxes, and allow her to live there rent free. she's 68 years old. Will this be considered an investment property? What are my tax benefits? If it isn't considered an investment property in this scenario what do i need to do for it to be considered an investment and show the losses for my tax benefit?

Yes, Redlands and Riverside are both pricier than Hesperia. I've looked in both areas fairly extensively and hard to touch a property for the 200's, much less low 200's. I've also considered the high desert but have never looked at properties there. Good Luck! Jim

After reading this post I became even more interested in parking some money and more than my Chase .01%. I started looking into this subject. Has anyone had an experience with CIT Bank, good or bad, or heard anything about them one way or the other? Thank You! Jim

Welcome @Andrew Berrios ! I too am right in your backyard and am on mission to meet local investors and find some deals. Lately been driving for dollars and browsing the MLS but been hard finding "deals." It would be nice if us locals can meet up, learn from each other and invest in our communities. Best Wishes to all! Let's make 2018 a great year! Jim

When I click to follow a discussion, I get emails of updated posts but the app doesn't allow me to get to the discussions... Can anyone point me in the right direction or does the app not have that option? Thanks