All Forum Posts by: Lilian Gonzalez
Lilian Gonzalez has started 7 posts and replied 25 times.
thank you all for your support..Im new at this. Im looking for a property in NJ for investment. IN this market i hear a lot of best and highest offer- witch can put pressure , since i lost some deals trying to give reasonable offers based on my numbers. doest that mean i should offer full priced?
thank you
Quote from @Steve Vaughan:
Quote from @Lilian Gonzalez:
My husband and I started investing in Real state about 2 years ago. we still learning from all of you, thank you.
my question is. we have two children going to college in NJ, we where thinking of buying a house closed to the school and they can stay in one apartment and rent out the other, since one two bedroom unit rents for $2000 a month. The problem is houses around campus go for over $300k with high taxes and as investors interest rates being so high. should i buy the property under my children's name, owners living ? or should I buy it with my llc?if they buy it how do I go by this? thank you so much.
Your kids won't be able to qualify, even if you gift them the DP and closing costs. To give any gift above like $15k in 1 calendar year, you'd need to fill out a special form to not get slammed with gift taxes.
I doubt buying a house for them is a financially good idea unless it makes sense as a true investment where you buy it below market value and it pencils out factoring in all expenses.
Buying with an LLC will just limit your borrowing options to higher rate, higher risk commercial and DSCR loans.
I'd have my kids live at home the 1st 2 years while they attend a local community College, then transfer to a state 4 yr school. Good luck!
Best advice TY
Quote from @Steve Vaughan:
Quote from @Lilian Gonzalez:
My husband and I started investing in Real state about 2 years ago. we still learning from all of you, thank you.
my question is. we have two children going to college in NJ, we where thinking of buying a house closed to the school and they can stay in one apartment and rent out the other, since one two bedroom unit rents for $2000 a month. The problem is houses around campus go for over $300k with high taxes and as investors interest rates being so high. should i buy the property under my children's name, owners living ? or should I buy it with my llc?if they buy it how do I go by this? thank you so much.
Your kids won't be able to qualify, even if you gift them the DP and closing costs. To give any gift above like $15k in 1 calendar year, you'd need to fill out a special form to not get slammed with gift taxes.
I doubt buying a house for them is a financially good idea unless it makes sense as a true investment where you buy it below market value and it pencils out factoring in all expenses.
Buying with an LLC will just limit your borrowing options to higher rate, higher risk commercial and DSCR loans.
I'd have my kids live at home the 1st 2 years while they attend a local community College, then transfer to a state 4 yr school. Good luck!
yes TY
Quote from @Gregory Nelis:
Purchasing assets in a child's name is a hassel and not nessisarily worth the additional risks. In the event that you own rental property and pass on the children will get the asset with a step up in baisis. No extra taxes to pay. Make sure the numbers make sense from an investment perspective. A short term investment while your children are in school may not work out. (or it might, just make sure you know the numbers)
ty
My husband and I started investing in Real state about 2 years ago. we still learning from all of you, thank you.
my question is. we have two children going to college in NJ, we where thinking of buying a house closed to the school and they can stay in one apartment and rent out the other, since one two bedroom unit rents for $2000 a month. The problem is houses around campus go for over $300k with high taxes and as investors interest rates being so high. should i buy the property under my children's name, owners living ? or should I buy it with my llc?if they buy it how do I go by this? thank you so much.