All Forum Posts by: George Post

Hi There!

My family has a 3/1 that is owned out right free and clear in Massachusetts. It is currently owned in an irrevocable trust, with my mother inlaw and aunt inlaw as trustees and beneficiaries (I presume this the correct structure). Initially, they were going to sell it and split the profit, but I explained the benefit of renting the property out, keeping the asset, splitting the cash flow as a source of retirement, tax benefits, etc.  My question is, what are the proper steps to take when renting out with this type of ownership? I presume we need a Dwelling Fire policy in the trust's name. How do we file taxes for the property? Do we need an Federal Tax ID Number? Does my aunt and mother in-law both get K-1's at the end of the year?

Any guidance would be much appreciated!

Thank you,

George

Thank you! All excellent points!

I hope all is well.  @Charlie MacPherson

Newbie Intro & Client Question- Most Important Home Inspection ?

Hi BP community!

I am a newer mortgage broker and new to the BP community. I thrilled to help clients "house hack" with FHA & "Freddie Mac- Five" programs in the Boston area, although we are also licensed in RI & Florida as well.

My question is in regards to a 3 family home inspection.  I have a client who has her home inspection tomorrow and I would like to offer her some advice from the pros!

So my question is: What are some of the most important questions to ask Or things to look for in a multifamily home inspection?

Thank you in advance!

George