All Forum Posts by: Mason Lopez

Giovanny Garcia

I’d have to get it surveyed I’m looking to see how much that would be. Trying to find someone who could do that. But I’ve discussed with my parents they are for it. They will need to propose to local bank here to see if they are willing.

It is located outside city limits

Thank you Greg. Currently I have well water set up. I will ask the bank. It’s a local bank they may say no but I will at the very least ask. I really appreciate your input!

My parents own 1 acre. There is a good 1/4 of that land that isn’t being used for anything but holding trailers for a family member in which he pays almost nothing for. It can be modified for more usage if we move the fending around. 

I don’t want to disrupt this exchange of money by being legalistic, I Just thought there is a way to transfer the property into a legal entity and start to take advantage of those tax benefits!

Can anyone shed light on this for me? 

appreciate the update!! 

Chris Martin Greg Moritz David Dachtera thank you all so much. I know those were obvious things to consider, but my judgment is clouded since it's family. I will look more into all of what you mentioned. As for the appraisal of the home, I confirmed it with the county website. Is that enough?

Thanks for the update!

I have a property I am looking at

It may soon enter into forclosure...the family is willing to rent from me if I purchase the house. I'd be walking into some huge equity since they want to sell it for what they owe on the deed. which is 140K. Contingent on the basis that I will sell it back to them for what I owe in 2 years....yes this sounds a little crazy, but this is for family and they just don't want to lose thier home. I feel like this would be a grerat stepping stone to start my business. I have never done this before.

From what I see. I may get up to about 71K in Equity I could leverage to buy another rental in the same city.

The home does not need rehab so I used the rental calculator.

Please any feedback is deeply appreciated!

Here is the analysis I came up with.

https://www.biggerpockets.com/calculators/shared/736013/2c72969c-1ad9-4166-9fa6-843e2f8b26e6

SO AWESOME!! I can't wait to do the same soon.