All Forum Posts by: Katie Miller

I'm so sad to hear this Nathan; our thoughts go out to you and your wife as she fights through this time! Thank you for sharing this with us and I'm thankful you get the freedom to spend all the time you want with her.

 I'm not sure what you mean by a poster breakdown?

 @Aaron Breckenridge is a BP developer on this thread! so consider it passed on :) 

But I do agree with Crystal's point that lots of our top content contributors and forum posters are in it for the personal relationship development and don't mind the 1:1 interactions or perhaps repetitive content. You'll find the same type of interactions on any forum-based site (like reddit since that was mentioned earlier) with regard to repeat topics and same ol' but slightly different answers. Sometimes folks just want interpersonal connection

 I have two out of state and one in my basement! You can definitely run it out of state without paying a PM. There's a lot of tips on how to do that exactly in Avery Carl's book, Short-Term Rental, Long-Term Wealth. 

Are you saying you would long-term rent it from your friend and then run it as a short-term rental? 

An easier route would be to convince him to go in on the short term rental together in a partnership. You manage the headache of guests and communication, cleaning, etc. and he provides the property, but shares in the expenses and profits. It's less risky for you if it doesn't rent well and it's more profitable for him (most likely) without the headache. 

Hi Lindsey! 

Welcome and congrats on your first rental (almost) purchase! I highly suggest you use our marketplaces to find trusted, investor-friendly team members: 

Tax Pro finder: https://www.biggerpockets.com/business/finder/tax-and-financ...
Lender finder: https://www.biggerpockets.com/business/finder/lenders
Property manager finder (if you go that route and don't self manage): https://www.biggerpockets.com/business/finder/property-manag...

That is super strange on the xls file! I will DM you the "Where to Start" spreadsheet! you can open it on excel, numbers, or google spreadsheets.

 Good job saving yourself hundreds with a single phone call!

I'm curious what he ended up doing, but I would definitely suggest checking out this episode of BiggerPockets Money that talked about this exact subject! 

I'm definitely not an expert here but I have seen this done before! 

I'd first triple check the loan can actually be assumed. I think FHA is always a little bit messier than other kinds.

Then, you should know that assuming ownership doesn't necessarily mean you own all the equity they built up over time... it's still your mom's equity. I think! At least until y'all make some agreements to clear that equity ownership like an inheritance arrangement doc. 

I don't know much more specifically so ask your CPA about gift taxes (I think she could give you $17k of gift money a year without taxes) or capital gains taxes if/when you want to sell. 

Tell us what ended up happening!