All Forum Posts by: Cheryl Packham

I am working on a record keeping app that includes a maintenance tracking feature.  If you want check it out and submit features requests for what you have in mind.  Https://rentalmoo.com

Hi Mary,

If you haven't found a solution yet, I am currently building an app that has a maintenance tracking feature and maintenance reminders are next in the pipeline.  If you want, check it out https://rentalmoo.com

 Thank you @Brian!  I appreciate the response.  I have used accounting and property management software for my rentals but I found there is a gap and still needed spreadsheets for tracking much of my things like maintenance logs, repairs, improvements, personal property inventory (like appliances), etc. I am working on an application that fits in between spreadsheets and more robust solutions.   It is a great entry point for newbies as well as a nice add on for those who need a simpler way to keep track.

I wanted to pick Neil's brain about what he was looking for as part of my research and see if he found a solution, what he liked about it, what he didn't and what he wishes he had to solve the problem. 

IRS documents on gift tax exclusion:. https://www.irs.gov/businesses...

The lender requirements would be what they require to be on the contract for them to process the loans.  If they say it needs to say owner occupant then that is what it would need to say.  Since they are your parents and the lender has a provision for that I think that would be fine. Of course consult an attorney before signing anything!  :)

As far as charging them rent.  I would explore other options for that.  If this is so they can help you build wealth while you help them in retirement, talk to your accountant about annual gifting from parent to child.  

https://selling-guide.fanniema...

How many units will this property have?

This is interesting and I haven't heard of this before.  I am working on doing something similar so let me research this and see what I can find!

I am interested in this as well.  Did you find anyone?

 It seems like you would be okay with paying the full 650K if the owner is willing to wait for the additional 100k.  If that is the case you could structure it as a purchase with 100k in owner financing at whatever terms make sense for you and the seller.  For example interest only payments with a xx balloon based on when you would have to 100k.