All Forum Posts by: Lien Vuong

I think you should just have a Promissory Note if your terms are that undefined. You can borrow $x until a certain duration and repay it back. Typically there is some collateral but it does not seem like there's much to leverage here so that should be sufficient for peace of mind.  

You should not accept this applicant because:

- permitting him to stay in the home would violate her housing voucher program and you're complicite with the lie 

- his credit score is quite poor for someone you should be allowing in the home 

- if you need to remove her using Housing Court, she'll bring up that you've agreed to the housing situation and he can squat

Hard pass!

RetiredMD offers a great program for this and good courses and community for you to share specific details on. Give that a try!

They dont need to be local but if you're looking for someone who's a tax strategist alongside with CPA services I can give you someone. My person is in Chicago for example.

Life estate is exactly the answer. You can buy the house for $x with the condition that the owner/tenant remains for the rest of their lives in the home. Its a legal sale condition. 

Congrats on the debt paydown, I know that is not easy, especially with a growing family. Rates are going to better this year and as your financial situation strengthens I think you'll find that its an opportune time to get back into the market. Wishing you luck in 2024!

Responding to Boston specifically, you can get a duplex in Boston that's in renovated condition in Southie, Dorchester, Jamaica Plain, Eastie, some parts of Cambridge, for that price range and rental requirement. Likely you'd like 2 units with one 3 bed and another 2 bed which would allow you live independently and within less a mile walk to the T. Both the cities have great tax rates (around 1% of purchase price, with owner occupied exemptions to add) and also enables you to Airbnb your unit should you choose. 

Best of luck!

That would only be for an owner occupied option for a loan or if you're able to cross collateralize the asset. The best Ive seen is 80% LTV with 90% construction loan for non-oo situation.

Frankly speaking you should just hire an attorney for this as it would very likely need to be served in court and you cannot afford to take the risk of not serving her correctly. There's penalties such as triple damages involved, that, plus the cost of vacancy and unit repair is going to add up if you dont do it propertly.

Congrats and welcome to the BP family!