Hello, my name is Kamarye Hodges and I am a broker, I wish to gain insight and experience. Hopefully I could even provide some sort of value to this group and most definitely do business with some of you. I like to bu...

I am currently renovating it and we plan to when i am done to transfer the property to my buisness name. what would be the best route to go.  

Hey Folks!Looking at a property that would be a somewhat turnkey STR, it has great numbers and occupancy rates. Catch is ... it is zoned at RM20-A, which for those of you keeping score at home, is apparently not eligi...

If you use a cash-out refi, you can deploy the money elsewhere to partially offset that interest if it will be sitting idle a while.

.- Have attorney draw up a contract to do this.Suggest you offer your dad some cash, now or in the near future, to motivate him to transfer his ownership to you.It may not work out, but you will learn a lot either way!

Here is some key information:Property recently hit the market and has 2 cash offers alreadyThe seller provided a pre-inspection report, which I shared with 2 different lenders, both think it may fail conventional financing due to potential structural and electrical issues (realtor thinks it could pass conventional)Seller has 100% equity but is behind on other payments (not sure of the urgency money is needed)This is my first attempt at an “investment” property so I’m new to thisI see 3 optionsMove forward with an offer using conventional loan pre-qualification-Not as attractive of an offer to the seller-Possibility that appraiser calls out structural/electrical issues that need to be fixed before closing, effectively causing financing to fail- Best terms and fewest loan fees for meUse a rehab style loan such as ChoiceRenovation-Even less attractive than a conventional offer to seller, but less risk of failed financing if appraiser calls out issues-Slightly worse fees and interest rates compared to conventional-Lenders tell me possibly up to 60-90 days closing in some cases, with red-tape for contractor requirements and draw schedules (sounds like the most hoops to jump through during rehab)Use a hard money lender-Most attractive loan option I can give to seller so I can compete-Much higher fees and interest rate for me-need to refinance into a conventional at the end of rehab (not familiar with seasoning periods but I think this is a factor as well)Which option would you do?

They saved up money.

It's a very stressful situation for our team to keep having to contact you guys every month about our money.

You need a firm estimate for the remainder of the work as your funds are limited (like most people who don't have an endless amount of money). 

Transferring a property title later could be deemed a taxable gift if it exceeds the annual exclusion ($17,000 for 2024).