All Forum Posts by: Tim Barry

Thanks for the reply. I own it free and clear in my name with no LLC. After talking to a lawyer he said we could simple do a quit claim and he could just transfer funds to me. We are not worried about prorations of any kind or title search. Does anyone see any issues with this as long as we each report on taxes accordingly?

Thanks for the reply. I own it free and clear in my name with no LLC.

Hey all, I purchased my first rental on my own and then teamed up with a partner (family member) and have bought several more 50/50. I was wondering what needs to be done to sell half the one I own to him? Can we just do something simple,fill out something and he's on the deed and he cuts me a check? Does a title company need to be involved like any regular closing we've done? Thanks in advance!

Thanks Aaron,

I would love to do something like the place you listed but unfortunately he is pretty stuck on a certain area.

Another thing i just came across is the complex does not allow more than 10% rentals and they are at that place. I am going to see if i can convince them to allow it based on the fact it will be my father and not rented to a random person.

I was also thinking of possibly putting both of us on the title? Is that possible and would that allow for homesteaded taxes to be claimed?

Thanks!

Hey all!

Just have a questions that i hope someone has done in the past.

I would like to buy my father a small 1 BR Condo in MI. This would be a cash purchase. I am trying to figure out the best way to do this. I would probably only have him give me the taxes, condo fee and maybe a small reserve for repairs, so what he actually would be giving me will be well below fair market rent.

What are the benefits/disadvantages of me buying it in my name alone?

Am i able to purchase it in his name? It is around 40k so can i gift that much to him?

Just seeing if anyone out there may have knowledge on how this may affect taxes for me or him, he will also be collecting Social Security in the next year and someone mentioned for me to look into that as well but i dont see how a condo in his name could affect his payment at all?

Thanks for the help!!

Welcome Jeff,

I am also a newer investor in the SE Michigan area.

Quick question for you...I have asked several people in all fields of finance and i never get a consistent answer! Should i max my 401k or Roth first? This is based on my company matching up to 6%

As of now i max the 401k and only put a little bit a month into the roth?

Thanks!

Another idea that I came up with... when first looking at this it just came up as for sale, but now when I look the rental post on zillow shows over the for sale ad. This may just also be a way to make it less marketable as my first thought was noticing it was now for rent was that someone already jumped on this and purchased before me. Maybe just buying someone some time or possibly getting it at a lower price.

I left a message...waiting to hear back.

It does seem to be listed just enough below market rent to make it very appealing.

Its obvious now it is some kind of scam but I am curious on what the angle is, to scam people's deposit money or to see if there is plenty of interest for a potential buyer.

I'll let y'all know what I find.

Hey everyone,

I'm looking at a duplex in a class A area in Michigan. It is a homepath property that I verified is still a available and I am going to look at today.

While looking up more Info online I realized there was a rental listing for it posted on zillow 2 days ago. This got me thinking maybe someone who is considering the property wanted to see what rental interest there is before buying?

This place also needs cosmetic work as far as paint and flooring and these pictures on the rental listing are the same as the sale listing. You would think if trying to rent it you would do the paint and floors then post the ad!

Anyone else run across anything like this??

Hey All,

First time poster here from SE Michigan, however i have been learning from BP daily for well over a year!

I purchased a SFR at the end of last year with a newer tenant already in place. They have paid every month although a couple of them have been late with late fee paid.

There lease is up end of the month and they advised they would be moving because the one got a new job pretty far away. I was fine with this and have several small things i would like to get in and do to the place before getting a new tenant to make everything just right to my standards.

I just got a call from him asking if there is a way to maybe give them another month because they have not found anything yet. The lease is up in just over a week!

I am just looking for some ideas on what i should do for the lease.

1) Is it just an extension or should i make up a whole new lease being the current lease is from the previous owner? Month to month?

2) I was alright with the idea that it might be vacant for a month while i updated some things, but it seems like if they leave end of October that Nov. and Dec. would be the worst months to try and rent.

3) Is it standard to increase rent, and whats % would be fair?

I think the first thing i am going to try is to see if they want to extend for several months so then i have a chance at finding someone in the spring which should be a bit easier. Would i want to do a month-to-month or just a set lease for say 5 months?

I know i could probably find some more info on here about this, but i am out of country for work right now and want to have an answer made up by the time i land tomorrow.

Thanks for any input!