Sarah Jones
Credit card to buy houses
I want to buy a house and I am short about $50k. I have a $50k credit card and I want to use it to help me buy the house. It is a flip so i should be in and out fast. Me and my partners make $15k a month so in a few m...
Tyler Smith
Buying a home for a friend and leasing to own
Hi BP,
Unique situation I suppose but I have a very close friend that went through a difficult time when the market crashed. I don't want to get into specifics but he has plenty of cash. We are very close friends/bu...
Taylor Chouinard
FHA loan on a 3 decker rental
Regarding the FHA loan, is there clever ways to come up the 3.5% down payment for a rental property? As well as closing costs, fees and considering the 1.5% rule. Also how much would be suggested to have for cash rese...
Michael Amos
How do taxes work if I receive money from a friend?
How would taxes work if I receive money from a wealthy friend who isn't a "Private lender", but just someone willing to donate cash to help me with a fix and flip. What forms should be given from me to them, or them t...
Bradley Miller
Help me save this deal!!
Bank notified me days before closing gift money wont do for an investment property. I in turn l learn I can sell assets (IE vehicles) and that will do. I return the gift money to my father, and sister, 12k apiece. ...
Thomas Johnson
Can my parents loan me down payment from their Heloc?
Hi guys,
My folks have substantial equity in their portfolio and want to loan me enough money so that I can avoid PMI. Is this legal? Can they give me a second mortgage? What are the tax implications?
Thanks!
Tara Rose Iguidbashian
REI Family Partnership
Hi all,
I am planning on partnering with a family member to buy a multi-family property. We plan to create an LLC and joint checking account. From there, I'm wondering the best way to structure our partnership. We wi...
James Barnes
Tax Implications of a Intra-Family Loan
It's been brought to my attention that a intra-family loan may have tax implications if not done correctly. The current deal I'm working on is going to go down like this:Bank loan: 120k Conventional 30yr Fixed Rate. 8...
Emily T.
Buying an investment property - is it a business expense?
My unrelated personal business has taken off and I may be looking at making $500k this year. I own no real estate. I've never made this much money or even close. I need to get rid of some of this cash so I'm not payin...
Gabriel Tapang
Cryptocurrency as a downpayment
The lender I am currently working with for an out-of-state investment property has told me they have just recently started accepting crypto but only if the following guidelines are met:
1. For the proceeds from a bi...