All Forum Posts by: Justine C.

Quote from @Tony Gatto:

Quote from @Justine C.:

Yes. It's on a foundation. It's an ADU with utilities running through the primary though. Otherwise I'd try to separate them.

Is it retired ?  They are trying to make sure its untitled from the dmv , and attached to the land , which usually requires a engineer to come out and say so ( even if it is not) . They will also tell you how to make it compliant, then come back and reinspect or let u send photos.. At least thats been my exp.

 Thanks Tony! I had no idea. I’ll try that approach next. 

I'm not sure what the right question to ask but the gist of my scenario is that I'm purchasing a property with a DSCR loan this year to take advantage of 100% Bonus depreciation. I will be renting it to family. The end goal for the property though is to co-own it with said family member. I won't "need" the depreciation as much beyond the first year so is there some way to add them to the deed after the first year and at that point, can they own it and I just be an investor, not landlord? and what would be the tax implications at that point for each of us?

Any other suggestions?

Yes. It's on a foundation. It's an ADU with utilities running through the primary though. Otherwise I'd try to separate them.

Thank you so much in advance Bigger Pockets community!  I am finally feeling brave and educated enough to make some moves outside of my comfort zone.  Just put an offer on a investment property and waiting for the seller to review the offer...

Meanwhile....I'm so frustrated!  I have been trying to refinance my primary for about a year.  Actually, I tried before that a few years ago but after jumping through ALL the hoops and just as it was about to close the lender said, "Oh your property has a manufactured home on it. We can't help you. Goodbye."  So I finally felt I could handle going through it again starting last spring.  I  made sure to pick a lender they would loan on our property before I applied; appraisal took literally months.  Meanwhile, we had to re-roof our house and when the appraisal finally happened, we didn't have our gutters put back on.  The rate lock then expired before we could get them back on. Next lender has just taken a look at my taxes (I also accidentally sent her my S-Corp returns) and her reply was, "In 2022 you took a $37,000 loss. Thank you for submitting your returns so I could take a look. Unfortunately, you do not qualify at this time."  I don't understand this response AT ALL.

First of all, "2022"??? Second, our 1040 taxable income was 172k and we didn't take a business loss on our personal return.

Input please....
Don't want to blow this opportunity.  

We owe approx $460K on a property that appraises at 1.1M.  We live in the main house and "rent" 2nd unit to in-laws. Will have a good cash cushion within a month or two from finishing up a couple of large contracting jobs.  We are taking a (sort of) sabbatical this year from our contracting business - taking small jobs (to keep great employees) and some consulting work. What would be the best way to take advantage of this situation to accomplish our goals?

Goals:

Keep current property - potentially airbnb or rent main house; I have a 4.5% mortgage that I've been trying to refinance a lower rate but we have a little bit of construction on the main house that needs to be finished up (will be done in a month or two); Difficult property to refinance because a)very few comps b)2nd unit is a manufactured home (on a permanent foundation). I had to beg an appraiser to come out in 10/21 after months of waiting - but rate lock ended.  

Looking for a house hack opportunity in upstate NY around zipcode 10990, 10987.  Open to moving for 1 year. Need at least 2 units - at least one to a permanent tenant and airbnb the other after one year of occupying.  Would like to tackle only cosmetic rehab and able to do the work ourselves.

Our first property was a 203k so we have experience going that route.

TIA!

I am looking at partnering with my sister with the goal of 1) helping her to buy a house in a the Bay Area 2) tax benefits and investment opportunity for myself. 

I have $ in a SEP IRA and will have more cash in the next month or so. She has some cash but we want to use our cash wisely not just plunk down a large down. But without a large down, the monthly mortgage will be too much for her by herself.

my questions:
Can she apply for a 203k, HomePath Ready Buyer and can I reap any tax benefits by investing but not living on the property?

Ideas on should we structure the deal?  

She’ll live in the house and may stay in the home longterm. What should we plan on doing in the next year or two? Refinance cash out?

Ok. Update. 21 hours after showing up on Redfin the house is pending. No doubt an all cash offer. How does anyone break into such a competitive market?  

My Background - Bigger Pockets lurker, equity in my home, construction background, starting FI journey, husband needs a break from 30+ years manual construction labor, unfortunately (financially speaking) I’m  a late  bloomer. 

I am looking at partnering with my sister with the goal of 1) helping her to buy a house in a the Bay Area 2) tax benefits and investment opportunity for myself

We are looking at a couple of options - one is a house that shows up in the MLS "coming soon" - they are waiting on some windows to arrive (Covid supply chain problem?) Another option is a home that is either in preforeclosure or foreclosure - not sure yet

I have $ in a SEP IRA and will have cash in the next month or so. She has some cash but we want to use these wisely not just plunk down a large down. But without a large down, the monthly mortgage will be too much for her by herself.

my questions: 
Can she apply for a 203k, HomePath Ready Buyer and can I reap any tax benefits by investing but not living on the property? 

Can I use a SDIRA for my portion of the investment? 

How can we structure the partnership so that we both get what we need out of it? Split downpayment and mortgage fees?  

She’s living there and may stay in the home longterm.  What should we plan on doing in the next year or two? Refinance cash out? 

How do we structure an offer to combat the all cash offers from other investors? 

Nervous to dive into RE investment in such a high priced area and low inventory market. 

TIA!  Rookie here so I please be kind!