All Forum Posts by: Kenyon Williams

@Ashish Acharya

In honesty whatever taxes are involved with the transfer of ownership.. I know there are multiple way of going about it I would assume?

Hello Fellow Bigger Pockets Members!

I’m wondering what are some of the tax avenues as far as inherited property from family?

TOD (Transfer on Death) Deed; Gift Deed; Tax Basis;etc

What are some of the best strategies?

@Brent Coombs

She is on a fixed income so the reason for pursuing this property is to provide her with a bit more freedom by releasing her from this debt. Being a rookie the hard money seems the easiest route to purchase and rehab the property? My goal is not to make much income in this deal rather buy and hold because I do plan to rent it back to her until she is ready to downsize (she will be paying market rent). I have explored the 203k as an option as well but I just think if I was able to refinance into a conventional I would have a chance at better terms from a bank vs. the fha terms

@Jamie Derasmo Hi Jamie thanks for the in depth feedback

1. Yes I undertstand the ARV is my target number.. this is a C class neighborhood but house are on average selling for 260-325 depending on extent of rehab. She owes about 165k and I would pay no more than exactly what her mortgage is.

The last home that sold in the area with similar features sold for 325 on 1/8/21.

2. Hence the hard money lenders assuming that was my best course of action but I have also explored the 203k option as well just no very experienced in either!

@Paul Welden Thank you Paul!

@Jody Sperling

Great advice! I forget to mention that my grandmother owns the property and would like to rent it upon completion so it’s in my best interest to hold

@Brent Coombs

Yes I do understand this; reason for the parentheses. So the most recent sale was for 325k but no other house are even being offered as high despite similar skqft and floor plan

I failed to mention that my grandmother owns the property

@Joe Norman so I fail to mention a vital piece of info my grandmother is the owner of the property and would like to rent from me upon remodel! So holding on to the property is in my best family interest

Thank you for your feedback AJ!

Thank you will! Do you suggest tradiotional financing or a more creative avenue such as hard money being that I am trying to force appreciation by renodeling and refinancing first or thru a 203k loan