All Forum Posts by: Thomas P.

Thank you for the replys

Unfortunately my aunt is not interested in holding a note. She wants the cash.
The property is worth 375,000 so the 1/2 would be 187,500.

I am new to this whole experience and I appreciate all your input. I was under the impression I would not have to come up with 20% of the 187,000. I could if need be but rather not. I also realize I have to pay closing costs and that could set me back 8-10k

So from what I gather my mom and I would have to purchase my aunts 1/2 out together? Then my mom put me on the deed..?
This is starting to sound costly. Is this correct?

Thanks again for the guidance.

I am about to buy out my aunts 1/2 of a property that she and my mom inherited from their father (my grandfather) The property is owned free and clear.

I have many questions on the way this can be done. The property is a two family w/ a garage that is fully rented. My plan is to keep it rented for 5 years while my income situation improves. I am 24 and just started making a decent salary. The 5 years allows me to save as the rents will cover all expense plus some.

The way I think this will be done is with a cash out refi of 1/2 the appraised value of the home. Now I do not intend to live here immediately so does a refi need to be as an investor? Do refi consider investment or primary? Obvious I would like to get the lowest rate possible and if I can avoid paying higher interest I will. Any ideas how else I can finance this purchase? (My aunt holding the note is out of the question)

How will the deed transfer work? My mom will remain on the deed. If I need a co-signer that is not my mom will this person need to be put on the deed?

I hope I was clear in my explanation of my situation. I appreciate everyone's help here. This forum is fantastic.

Thank you

I live in Staten Island, NY and have been looking to buy a duplex for a buy and hold. I have been doing research for years and been hesitant since the 50% rule and the 2% rule do not workout on a typical NYC home. There are many investors that buy homes in this area and i am curious what there intentions are. All the numbers I run show that I will put between $ 100 and $400 in my pocket each month. This assumes 20% down. I ask myself is this time and effort worth $200 or so a month. If not for the cash flow then is it worth nearly breaking even over 30 years as a retirement type Savings. I have consistent contributions to my 401k so this would not be in place of it. I appreciate everyone's input.
Thanks, Tom

Me and my soon to be partners (3 of us total) are looking to get started buying rental properties. We are in the beginning stages and my question is this.
We are looking to buy with a conventional 30 yr fixed, how would we get this mortgage so the three of us would share the responsibility equally?

Thank you,
TJP