All Forum Posts by: Joe Wall

What is your opinion on used vs new appliances? I cannot find refrigerators locally and I will be house-hacking a duplex. I bought one but it has dings in it. Should I just buy new if I wanna rent out the 3rd bedroom? Can I write-off the appliances on my taxes if I will be owner occupying a duplex?

It's a 3 bedroom 1.5 bath. With the thought of making this into a mid-term rental and fixing it up, I'm considering going new and buying appliances. I'd say its a B maybe A class having a hard time deciding. The margins are just very tight on this place.  Any advice?

Just bought a duplex with cash.  So excited!

I would really like to start travel nursing but also plan to house hack and buy a duplex very soon.  Has anyone ever been a landlord while traveling for their job like 13 weeks or so?  I was going to start out 1-2 hours away.  I would prefer not paying a property manager right away, but my only concern is if something goes wrong hiring it out.  It could wait as well and I travel back home if that is easier.  My dad can basically do anything and I could pay him some, but he wouldn't want to do it all.  Eventually, I would like to be out-of-state traveling.  Any advice for me?  

I'm looking at doing a cash-out refi and have the draft written up. I've been looking for over 1 year for a side-by-side duplex and really want a place this summer. I ran into one problem. I thought once I bought a property the payments would start. However, if I sign the draft for the cash out refi payments would start in August I'm told. I have no duplexes for sale on the market that I'm interested in right now.

Should I chance it and agree to pay the mortgage without any properties I'm interested in? I'm hoping to buy something this summer and really would like to but not sure if the right property will come on the market. The reason I'm doing cash is due to the competition as there are a lot of investors in my area. Any advice?

I'm looking at doing a cash out refi and have the draft written up.  I've been looking for over 1 year for a side-by-side duplex and really want a place this sumer. I ran into one problem.  I thought once I bought a property the payments would start.  However, if I sign the draft for the cash out refi payments would start in August I'm told.  I have no duplexes for sale on the market that I'm interested in right now.  

Should I chance it and agree to pay the mortgage without any properties I'm interested in?  I'm hoping to buy something this summer and really would like to but not sure if the right property will come on the market.  The reason I'm doing cash is due to the competition as there are a lot of investors in my area.  Any advice?  

I have the opportunity to buy a 3-bedroom duplex (6 bedrooms total).  I'm in contact with the listing agent but my realtor thinks I should let it hit the market.  I've been 0/5 due to this being my first real estate purchase.  My goal is to house hack.  I personally believe I will be outbid and get into a bidding war if it hits the market.  Plus, I'd have to do a hard money loan likely.  I love the place.  It's being listed for 300k but want about 325k if I buy it before.   There's just nothing in my area and it's hard to find side-by-side duplexes with attached garages let alone a 3 bedroom in my area.  It should be listed next week.  I realize I basically have no leverage but if they are willing to sell it before it hits the market I think I should buy it.  

What are your thoughts?

Quote from @Scott E.:

Just to make sure I understand the flow of money here, I think you're suggesting:

1. Parents take out a HELOC, then transfer the money over to you

2. You use that HELOC money to buy a house "cash"

3. You do a cash out refinance on that new house and give your parents their money back

4. Your parents pay their HELOC off

If that's the case, there should not be any tax ramifications for them to do this. They would not be required to pay taxes on money taken out via a HELOC. The fact that that money is being temporarily lent to you do is kind of irrelevant from a tax standpoint.

Of course it would be a good plan to have them run all this by their CPA.

I wasn't planning on doing 3 and 4.  I was planning just to have them do the following
1) HELOC or cash out refi
2) parents transfer money to me
3) I take out loan to pay my parents HELOC/cash-out refinance off

Why woud I want to do a cash out refinance on my place?  I won't have it all paid off?  I'm confused by steps 3/4

I am really struggling to buy a duplex with conventional loans in my area. I've been beaten out by investors with cash in my area. Since I've been looking for almost 1 year, and put in 5 offers, my parents want me to get a nice place.

Thus, they were wondering if they did a home equity line or a cash out refi on their primary residence or investment properties, and I took out a loan to pay them back what are the tax ramifications for them? Thus, my loan would pay them back but I do not own any real estate or properties so they HELOC would be in their name. How would this affect their finances? Could they gift me or do anything to avoid negative effects for tax purposes for opening a cash-out refi/HELOC? Any advice from any CPAs/accountants