All Forum Posts by: Ricardo Alvarez-Malo Jr.

I'm also still planning on using a title company for a title search and insurance beforehand .

I've been told by several people that we should just do a quick claim deed with my wife's father to have the house transferred to our names. Is there any issues with this way of doing it?

@Christopher Phillips

Thanks for bringing that up. That is an important factor to consider. I will have to ask my CPA about it but from what I understand a person can gift up to $14,000 per year per person and anything above that will go towards the lifetime federal estate gift and estate tax exemption amount of 5.49 million. 

The property is paid off and my current thoughts are to buy the property in full and not have a mortgage.

Hi All,  Been wanting to get into real estate investing for a quite a while and recently been planning on buying my first home and looks like the the two might merge.  

The opportunity for my wife and I to buy her fathers house at a discounted price came up.  It needs a lot of work and we are planning to buy it, rehab it, live in it for a short time as we save up for our next home and then rent it out.

Next step is I want to meet with several contractors to get a better idea on rehab cost then finalize the purchase.

My question is about the process of buying the home without a realtor (for sale by owner) since the sale would be just between my wife and I and her father.  It's totally new to me so not exactly sure on the steps.  Do I need a real estate attorney? Title company? etc.?

Any insite/advise to the purchasing steps or any other part of the plan is much appreciated.