All Forum Posts by: Patrick Shep

I want to help my mom buy a house. She’s in her mid 60s and She doesn’t make a lot of money so I want to help her find a duplex or maybe a 3/4 unit to live for free or minimal costs. I also want to ensue that I would receive the property eventually. She lives in upstate New York. I currently have 6 rental units with 3 mortgages in my name, which includes my primary. I am trying to continue to grow my portfolio.

Below are some options I’ve thought about:

1- gift her the down payment for an FHA loan. Transfer title into an irrevocable trusts with her as the first beneficiary then me. I still need to talk to an attorney on this. Could be costly and I would want to ensure it wouldn't trigger due on sale clause but I'm quite sure it wouldn't.

2- be a co borrower and use my funds on an FHA loan and I would be on title. This would of course then be on my credit but I would own the property also

I think the first option is the best pending establishing a trust wouldn't be very expensive and save my DTI.

Thoughts ?

Where in New York?

I've been proposed with a "Lease purchase" deal. Owner would lease to me $300/month and then at 4 years there will be a balloon payment due. I would be responsible for all expenses (taxes, insurance, etc). Does anyone know if I would be able to deduct expenses on my taxes if I don't techincally own it? I know I can ask my CPA, but interested if anyone else has experienced this? They prefer rent to own so they dont have to foreclose on anyone and can evict. They know I would be renting it and not living in it.

No go on the agent, but you're happy with section 8? I'm down the rd from B'more and am always on the fence investing there. Any recommendations?

@Joseph A Michel. I just had a smooth transaction with @Eric Veronica a few months ago for a similar price point. He's your guy, contact me if you need for reference if you want.

That's great! Use that capital to snowball towards the next property!

On average how much does cost segregation cost?

BP Fam!

I'm looking for some advice. I've found an off market deal direct from the owner in New York that I will be doing a walk through on soon. It's not advertised anywhere and I found it by doing some networking online, the owner. Agreeing on the price will be the easy part as I know his asking price.

1- Is there anything specific that we need to negotiate on who pays for what for closing? What can I negotiate for closing costs? I've done an off market deal with a wholesaler before in Michigan where I paid for all closing costs. I certainly don't want that in this scenario.

2-  Do we document this in a a purchase agreement drawn up by an attorney? If so, would I need an attorney to do so or would the seller do that? I'll need an attorney anyway since NY is an attorney state. NY always confuses me with it being an attorney state.

Thanks!