All Forum Posts by: Thomas Kennelly

***UPDATE*** 

We are closing on the home next week and went from pursuing a FHA mortgage @ 10% down using Gift of Equity to being 20% down and taking a conventional loan out and using the remaining Equity above and beyond the purchase price to pay for closing costs.

Having recessed lighting installed and ceiling fans installed in each room brought appraiser higher in his evaluation, "I see your going to make this a better home" 

The home ultimately appraised for 430,000.00 and given the market read here on Long Island it looks like I just got it in before appraisal wills start decreasing. 

Thank you for your advice and good luck

Should of said I'm a realtor and have access to a number of of people needed; 

@Jaysen Medhurst 

We have CO for house but need inspection to go through since renovations have been completed. We're not doing the large renovations until after with a HELOC. So that answer's my question about what to address and change thanks for confirming. One concern you bring up is the gift-tax Exclusion. So and appraisal of 375,000 is my max before i incur taxes?

@Marc Winter, They would Refinance their new house with my payment on the current house. But putting this house into a trust and doing a quit claim will avoid the heavy taxes? Wouldn't it give them the option of a 1031 exchange when pay for this house?

Hello Bigger Pockets! This is my first post so feel free to give me any and all advice!

My Wife and I currently have a 2 year old girl and another one due in May. Instead of paying for the apartment we had in the local downtown my parents offered us to move into their house (I grew up) and pay them the Mortgage and Taxes until we can buy it from them (max of five years were in year two). They moved to a new house in a better township and brought my siblings with them and my growing family gets to move into my childhood home.  

Here is the agreement;

1. I purchase the house for $315,000.00 and they get to refinance

2. I have to get all the inspections and COs completed - my Dad and I did alot of work to the interior that never was inspected. 

          a. Built into the Garage from the living room and kitchen

          b. Two car garage built in back yard

          c. In-Ground swimming pool installed 

-- I am trying to get the appraisal amount as high as I can so it'll allow concessions for Closing Costs and Gift of Equity as Down Payment and Equity in house after closing. 

-- House down the road same design but not updated went for 352,000 (Port Jefferson Station, NY)

So with the market where it is and mortgage rates getting lower I see it as an opportunity to jump on a low rate. What would be big ticket items you can suggest to bring the house to its full potential at appraisal?