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All Forum Posts by: KATHY H.

KATHY H. has started 6 posts and replied 14 times.

Post: Purchasing rental properties with family member.

KATHY H.Posted
  • Investor
  • Metro Detroit
  • Posts 14
  • Votes 3

Example: a rental cost about $100k, my mom and I each contribute 50k to this deal. If we want to purchase it under my name solely, how do we get her portion of the fund transfer under my name? Can she simply wire transfer 50k to my bank account? Alternatively, do we need to set up an LLC and purchase the rental through the LLC? We don't need the LLC for asset protection but was wondering what will be the right way to do. Many thanks in advance!

Post: Adding a second bathroom in the basement in a bungalow?

KATHY H.Posted
  • Investor
  • Metro Detroit
  • Posts 14
  • Votes 3

Thank you Joe, that's very helpful! 

Post: Can you visit property during Stay at Home order?

KATHY H.Posted
  • Investor
  • Metro Detroit
  • Posts 14
  • Votes 3

I am have been looking to purchase my first buy and hold property since earlier this year. However, what I have learned is that only visual tours are available during the stay at home order period (which won't end until the end of April in my state). The properties I am interested in do not offer visual tours (even if they do, I would prefer to visit in person). Just wondering how everyone is approaching potential properties during this time (e.g., rely on visual tour or pictures; holding off; etc.). 

Post: Adding a second bathroom in the basement in a bungalow?

KATHY H.Posted
  • Investor
  • Metro Detroit
  • Posts 14
  • Votes 3

First post here... I am interested in a bungalow with 3 bedrooms 1 bath (2 bedrooms on the main floor and a big bedroom on the second floor) located in metro Detroit. I was initially thinking to add a second bathroom on the second floor to make it a true master bedroom suite. However, since it is a bungalow, the space I could work with is minimal and the cost is high. Alternatively, I saw bungalows in the neighborhood have added the second bathroom in the basement. My question is i) is it common to add a second bathroom in the basement, and ii) the basement is currently unfinished - would I need to finish the basement in order to have the second bathroom?

Many thanks!