All Forum Posts by: Jessie Saribay Jr

@Chris Mason Hey chris ! so from a little research I found that each year you can gift up to 15k without being taxed. This is very interesting! what would be an example of seller credit sorry still learning! lol I was thinking since they would be technically renting from me instead of adding that as income i would consider that the gift through out the year. I was thinking of doing this so that I would be able to get somewhat of a tax break from buying the property if that makes sense. 

So I been thinking about this idea that would help my parents financial

situation a little bit and also help me gain access to money that would

help me start investing into real estate. I currently live with my

parents, they have about 3 loans on the house and different APRs and

another loan that is taken from their 401k totaling about 270k. The

house is worth about 800k. I was thinking of buying the house for 300k

paying off all their loans and also my car loan with the extra. They

said they would still pay the same amount and I would pay the mortgage

as well. Then I could use the equity on the house to invest and do fix

and flips or obtain more property. Would this work? would there be any

negative effects on my end or my parents end taxes wise or anything at

all? I would love some feedback and to talk about the possibilities of

this idea.

So I been thinking about this idea that would help my parents financial situation a little bit and also help me gain access to money that would help me start investing into real estate. I currently live with my parents, they have about 3 loans on the house and different APRs and another loan that is taken from their 401k totaling about 270k. The house is worth about 800k. I was thinking of buying the house for 300k paying off all their loans and also my car loan with the extra. They said they would still pay the same amount and I would pay the mortgage as well. Then I could use the equity on the house to invest and do fix and flips or obtain more property. Would this work? would there be any negative effects on my end or my parents end taxes wise or anything at all? I would love some feedback and to talk about the possibilities of this idea. 

@Hai Loc Yes the market here is an appreciation market rather than cash flow. Being on an island the only other thing to do would be to do it long distance which would be very difficult to my knowledge but I am willing to learn!

@Jonathan Pflueger Thank you for the tip! I still been trying to figure out whether or not I want to fix and flip or rent out. If I was able to get into a property to BRRRR being in Hawaii I dont think I would cash flow and be in a negative, but would it be worth it to pay out of pocket take the negative and expect the appreciation?

Hey guys! My name is Jessie and im 23 years old. I live in hawaii. Ive been wanting to start real estate investing for awhile now, Ive been so stuck on the strategies to pursue here since property is so expensive and I guess its analysis paralysis in a way. I been trying my best to learn as much as I can about REI and would love some sort of push or advice in what I should do to start.