All Forum Posts by: Corbin Jones

@Tom S. Thanks a lot for your input, Tom. So the first option would cause me to incur the gift tax?

If my friend buys a house for me in my name and we have a personal loan on the amount used to purchase the home, is there anything illegal about that?

As a second option, if we go the route of him lending me the money, and then I buy the home myself, is that considered a gift over $15,000 that will be taxed? I’ll be paying interest on both scenarios.

I currently work in central NJ, but our office has been closed and I’ve been working remotely since mid-March. I would like to purchase a home with the interest rates being so low right now. Without a doubt, I want to relocate to northwest Arkansas (Rogers/Bentonville) and will be looking for a job in that area. Until then, I would to purchase a home in NW Arkansas. I’ve had steady employment with my current company for 4+ years. We do not know when we’ll be returning to the office in NJ. Will lenders ask my employer if I am permanently remote, or will they only verify employment? I don’t intend on returning to NJ and will be looking for other careers or start a lawn care business in NW Arkansas, but would like to secure a home loan first and work for my current employer as long as possible.

@Pathik P. thanks, Pathik. Are you and @Shawn Ackerman saying that there are federal guidelines around this? I won't transfer them to an LLC if it's a crime. I thought it was more against the bylaws of a bank, but didn't think it was a crime or anything.

@Pathik P. hey Pathik, thanks for the update! I am actually refinancing two properties through a bank right now and I addressed this with them beforehand. They stated that as long as payments are made, they will turn their heads the other way. They have been very poor with communication and this has taken 4 months, but their interest rates are extremely low. So due to the benefits, I'm still refinancing with them instead of choosing another bank. I think there are plenty of banks that are okay with transferring to an LLC. It's definitely a question that should be brought up.

@Mazyar A. hi Mazyar, I haven’t done it yet. It will probably be in the future, but I wanted to prepare ahead of time. 

@Shawn Ackerman thanks, Shawn. I'm realizing that I've had the wrong impression on some of these things. I thought I could transfer the payment liability to the LLC and have it completely separate from my name. I guess that's what a commercial loan is for. I have probably been misinformed on many of these things.

@Marcus Auerbach Thanks Marcus! I always appreciate your helpful input.

@Chad Nagel thank you. Can you see my question above to Peter? Any input?

@Account Closed Okay, I see. I thought I could have the debt itself transferred to the LLC and that it would help my DTI. So really, the only way to decrease my DTI is to buy homes through seller financing since that is usually not reported to the credit bureaus?