All Forum Posts by: John Gibbons

Thanks for the response the young couple will not be on the mortgage in any way whatsoever. Do you think that poses an issue. Or could the parents simply add them to the title and have them claim the STAR exemption for the taxes on that property.

The parents of a young couple are purchasing a home for them. They applied for a loan and are approved however, because they already own a home and are not planning on selling it, it is considered an investment property. The parents won't be living in the home and in order to be eligible for the STAR tax deduction...it must be your primary residence..They also already claim this exemption on their home which they still currently hold a mortgage on. (See Link..I hope that is permitted STAR Eligibility).

Now here is where it gets tricky, although the parents are putting the down payment and taking out the mortgage, the young couple will be living there and making the mortgage payments. Is there a way for the couple to pay a tax rate that uses the STAR tax deduction? Would simply adding their names to the title do the trick to show ownership and primary residence for some members on the title...or is there more to it than that?

On a side note..The reason they chose this route is because the young couple are married and the husband has poor credit and doesn't qualify for a loan. They have 6 year excellent rental history with multiple references but again do not qualify for the loan so his parents are assisting them.

Where to start? As a senior in high school I got into the mortgage industry as a junior loan officer and fell in love with the atmosphere of my work place, the money I was making, and the fact that I was helping others achieve their goals. I learned a lot about how the mortgage industry works during my 3 years there, although, times have changed and I'm sure things are quite different since my time at Franklin First Financial nearly 10 years ago. To make a long story short I went on to work for a stock brokerage company for 6 years and have now decided to turn my attention to real estate. I passed my NY real estate test last year with the intentions of being a real estate agent. Shortly after I found out I was going to be a dad to a beautiful baby girl! Although I was filled with joy and excitement, reality had hit me in the face like a brick wall. At the time I rationalized that I could not pursue real estate because that would mean commissions. As a new real estate agent I was told it would take months before I would see any sort of steady income stream due to the fierce competition in the world of NY real estate. Six months have passed since then and I've decided I would like to invest in real estate. I see real estate investments as a way for me to provide not only the lifestyle I'd like for my family but to ensure stability as well. With all that said I am looking for a Mentor here on Long Island. Someone I could shadow and learn the ropes with. Glad to be a part of the bigger pockets community!