Tax, Legal Issues, Contracts, Self-Directed IRA

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Best options to transfer property from son to father

Posted May 13 2022, 15:02

Hey yal  first post here been reading the forums for a while and been working in real estate for about 5 years fell in love with it after my first project , mange to get 4 rentals in the last couple years and managed to get ahead thanks to my family and friends. My question now is I got the first property paid in full and want to get a credit line or a loan against it.The only problem is its in my father name , what would be the best tax benefit to get it in my name and go head and get the loan. My plan is to purchase another house and rent it out, my game plan is  buy and hold strategy for at least 10 years 

Miami, Florida

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Nicole Heasley
  • Lender
  • Youngstown, OH
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Nicole Heasley
  • Lender
  • Youngstown, OH
Replied May 13 2022, 15:57

My dad and I did this. He added my name to the title, we waited out the 6 month seasoning period, I refinanced it, and I paid my dad out via the refinance. We then took him off the title.