Doobie Sims
Delayed Financing - Cash Purchase with Gift Fund
I am closing on a BRRRR property that I have purchased all cash and plan on doing renovations using $75,000 in HELOC, $40,000 in gift fund, and $30,000 personal cash. This will be my second investment property, and my...
Troy K.
Solo loan with joint bank account
Ok, my question is, my wife and I share a joint bank account. My wife's income is higher than mine, but, is mostly tips, pay for services, and other deposits like that. Her credit is not good either. my income is abou...
Anna Ayala
I have the money but the CREDIT!
I'm feeling really frustrated!!! I just talked to the credit union that I want to use and my combined credit is 602 since i just bought a car and other inquiries. So now its the waiting game!! I have the money to giv...
Victor Yang
if i gift a house, is the cost basis what i purchased it for or the FMV?
Hello,If I gift a house, what amount will go towards the lifetime gift limit, the amount i purchased the house for, or the current FMV?It is my understanding that the new owner will have the house at the cost basis of...
Troy Durrette
Ever heard of Gifting Equity instead of cash? ?
Senerio:Property owned free and clear, want to sell for $65k (valued @$75k) to family member with limited to no cash for down pmt. So I contract for $50k, they submit contract and gift letter to lender. Is this possib...
Mehran K.
Roth IRA as Cash Reserves / DP Gift Allowance
Hi everyone, real quick questions!
Question #1
As far as conventional lending goes for investment properties.
I have $26,000 in my Roth IRA of which $21,000 is my direct contributions. I am able to take this $21,000 ...
Brandon Hall
Cash Gift From Parents Can't Be Used for Investment Purchase?
Hey Folks,I'm in the market for my first property (investment and otherwise) and was on the phone with a loan officer earlier today. The original plan was that my parents would match my cash contribution and classify ...
Account Closed
Adding Son to My Mortgage
I currently own a rental home that still has about $60k on the mortgage (off $100k) value; I'd like to add my son's name to the mortgage so that he might be able to use some of the equity on a payment for his own home...
Sam G.
Can I get a finder's fee for bringing a deal to a CRE broker?
I have a friend (buyer) from out of state who wants to make a large purchase (mutli $MM) in Commercial Real Estate. I know of a competent CRE broker, so if I bring this buyer to to this broker, can the broker pay me a...
Mitch B.
How do I cash out refinance a gifted house?
My father has decided to gift his rental to myself & 2 siblings. I'd like to buy my siblings out & they are ok with that. The plan is to determine a sell price we all can agree upon, so we hired an appraise...