All Forum Posts by: JayCinta Henry

Thank you much!

Bought the house 3 years ago and immediately came into into rental service. This year the value is up due to current market conditions. So you are saying to stick to the cost basis at the time of acquisition? The current value does not come under consideration in any way?

To determine depreciation for federal tax filing do you apply the original price of the house or the current market value?

Thank you. Isn't that disappointing. I thought I was on to something here. But it seems with one week left to closing switching lenders at this time is more of a gamble than an assured move that would guarantee to cut down on closing costs. 

First time home buyer, about to close on this sfh in a week. Got this document from lender, wondering if my quoted 30yr rate 2.625% and closing costs $6954 are a tad high. I did a cursory look elsewhere eg Credible is quoting 2.25% close $5788 or 2.625% close $3211. 

Credit score is 760+ 

Location is Texas, a community state. This situation has just come up and we are exploring if there might be some open options to pursue. Supposing you closed on a primary sfh with 5% down conventional loan to wife only. Then in a month or two a 4plex beckons at your husband. Is he eligible to apply for a 3% down, conventional loan to occupy one unit as a primary? I suppose for tax purpose the homestead designation will move to the new 4plex (no objections) but will this new loan trigger any adverse charges, events or repercussions if any, or even to wife's loan from current lender or from any other entity? Or will the sfh be transitioned as a second home and what effects would come about if so?

Alternatively can you buy the 4plex as a secondary home with intention of occupying one unit as a second home and utilize 3% down on a conventional loan, or what would be the changes?

Had a chat with seller a couple of days ago. We went around the property and he told/showed me everything he had done since he intended to stay in the house. The right side of the house has foundation repaired, from front to around the back and half-way towards the front. The remaining half ways to the front has a foundation issue needing repair, estimate 5k. Roof is 1 yr old, just painted inside, water heater & HVAC are all new within 2 years. The price is low for the area, and well within ARV.

I am going to view the inside/outside of house later today. I already know what is wrong, what is right, for the most part. I am wondering if a home inspection is really necessary here. How do you make that determination?

No joy ... still page not found

Deal analysis link doesn't work, do you mind to repost a working link.

Thanx!

Newby Q. Every time I want to quote some one with @so_name hyperlink doesn't work it just comes out as a typed format. Here is an example -> @JayCinta Henry.

What I am missing to do?