All Forum Posts by: Laura Williams

From what I understand from my accountant ...I asked him this question once ..... the person giving the gift is subject to the gift tax not the person receiving. And it has to be over a certain amount to be taxed ....It used to be over 10K a person and under 10K was tax free. But I'd double check everything with an accountant as this was a while ago and things could have changed. If your parents are not American it may be different as well.

One thing you might want to check is if you could get financing on it. Most banks won't loan on a place that has foundation issues. That being said you can fix foundations (expensive) and even if it's been fixed it can effect the resale value.

I would call the city or whoever is in charge of the code violations and give them the big sob story. Tell them your elderly mother inherited the property & you really want to do the right thing and get the property up to code etc etc. Ask if they can help you out and give you more time to get the work done without getting fined. I've had some code violations and found when I talked with the guy he was willing to help me out (maybe I got lucky). Then get a good PM to help you get the codes taken care of and help you manage the rental & get it cash flowing. Or keep interviewing until you find a contractor to fix it that's reasonably priced and then sell it if that's what you wanted to do.

Hmmm my appraisals were not for Fannie Mae loans so not sure if they do require more??  Single Family=$350 and Duplex (2-2 bedrooms)=$450 and had a triplex (all 1 bedrooms) appraisal =$450. For the duplex and triplex it looks like a rental analysis was included. Not sure what the operating statement is either. 

For an appraisal my bank charges $350 for single family.

@Roger S. would it make sense to split the difference?? Raise her rent a little bit but not the full amount in exchange for keeping a long term tenant & not having to spend the money on a rehab & vacancy & leasing fees etc. 

@Lee Warren I agree about walking away from this deal. Way too many headaches for a turnkey where you're paying top dollar & getting no equity. Also I wouldn't trust or do business with that turnkey company anymore. 

@Kevin C. I'm wondering if it would make a difference to your lender if the foundation repairs were done with a lifetime transferable guarantee as some foundation repair places offer & that you could get a free estimate on?? Either agree to do it after you buy or work out a deal with the seller to fix it before you close?? Just a thought. 

My agent JK Rodricks is great and works with out of town investors. You can PM me for contact information

@Andy Robison

Thanks for sharing that information :) good to know