All Forum Posts by: Sherwin Vargas

I was not thinking, Very long day very tired. We are going to have my father take responsibility for the loan and have his friend transfer the home to my fathers name. My father will take ownership at the mortgage cost were he will then sell to us at market rate. We will kick some money back to us to make it a better deal for us but also get his lump sum quicker, 

Was not sure how to title this post but I will explain everything just looking on ideas on how to move forward with a situation we are in.

First my father gifted me and my brothers the equity in the single family home we grew up in. He owes about 100k and the house is worth 210-225k. This house is going to stay under my fathers name and we plan on refinancing or heloc depending on what we want to do with the house we just rented it 3 days ago. We were thinking refinance if we are planning on selling the home 'soon' or heloc if we decide to keep ownership of the home. Does this seem like an ok idea? 

Second my father has a friend who owes him over 100k cash. the friend has not been paying his debt but does owns a 3 family home and offered to sell the home to my father in order to reliquish the debt he owes. His friend owes around 110-120 on the home. it is worth about 180k.  we are trying to figure out how to approach this. My father is having trouble getting funds because of numerous businesses and homes he has under his name. We could buy the home using my brothers and my names for him but wouldnt we have to take out the mortgage for only the purchase price and we probably would not get approved for more than the sale price. As we bought a multifamily 6 months ago. My father does not want to buy and hold the property but we would like to. Is it a bad idea to buy the home under me or my brothers names. Then plan on taking out a home equity line of credit to get the additional funds out of the house owing my father the rest. so he gets his 180k total and we get a decent deal. once we put money into fixing the house and property in the area has been rapidly rising. 

Does this seem possible? And I completely off with my train of thought? 

I am looking for a banquet hall/Function hall in Pawtucket/Pridence and 'lower' mass (think 95 s).  We have a huge family and it would mostly be for personal use but I am just wondering what do you guys think of them? Good investment/ Bad investment? crazy high taxes and insurance? I Feel like it would be an amazing investment but I dont know much about them. Any body who owes one has input on them? 

I thought they were good people from the beginning. She noted that it pretty much was under the table. Hopefully everything works well but their family seems excited about the home. 

Thank you guys!

Thats what I figured also how  i felt. 

Not sure what to do or if It even Matters. But here is the situation. I am renting out a single family home. I ran background checks and screened the tenants they seem like good people. Today I am preparing and organizing to get ready to shoot them over the lease to have it signed tonight and I notice something one of the paystubs for the company looks very weird. 

The company is her brother in laws business and she gets paid to do the books around $1200 biweekly. she has not proof of this income except for the very sketchy looking paystubs that she emailed me.

She makes another 2000 biweekly from a credible source and her husband makes 3k weekly from a credible source. Should I care that this one job seems very weird since they can easily cover rent ($1750). 

I know it will come up so I will just say it. They have not bought with this type of income because of bankruptcy back in 2008 (the crisis ) and they do not know how to manage their credit. Late payments on a few accounts typically less than a week and they open and close alot of credit cards as they use them. example open a walmart credit card for a big purchase. pay it off in a year then close it, opening a new one 1 or 2 years down the road.  

Hey guys I am an amateur real estate investor. I currently own one property multifamily property and am looking for advice on an idea I have.

I have been living in Boston( 5 minute drive to my job) 3 yrs paying this crazy Boston rent (1200 a month for a 1 bedroom in the hood). My pregnant girlfriends family own a home about 35 minutes away. They would let me fix up the basement and build a little apartment but not charge me any rent since I am paying to fix their basement and we would help pay some bills. I'm figuring we would spend 4k on materials 0 on labor. Uncle who owns a construnction company will be building and I am handy also

I am wondering if this is a good idea 

Hey guys I am an amateur real estate investor. I currently own one property multifamily property and am looking for advice on an idea I have.

I have been living in Boston( 5 minute drive to my job) 3 yrs paying this crazy Boston rent (1200 a month for a 1 bedroom in the hood). My pregnant girlfriends family own a home about 35 minutes away. They would let me fix up the basement and build a little apartment but not charge me any rent since I am paying to fix their basement and we would help pay some bills. I'm figuring we would spend 4k on materials 0 on labor. Uncle who owns a construnction company will be building and I am handy also

I am wondering if this is a good idea 

Hey guys I am an amateur real estate investor. I currently own one property multifamily property and am looking for advice on an idea I have.

I have been living in Boston( 5 minute drive to my job) 3 yrs paying this crazy Boston rent (1200 a month for a 1 bedroom in the hood). My pregnant girlfriends family own a home about 35 minutes away. They would let me fix up the basement and build a little apartment but not charge me any rent since I am paying to fix their basement and we would help pay some bills. I'm figuring we would spend 4k on materials 0 on labor. Uncle who owns a construnction company will be building and I am handy also

I am wondering if this is a good idea 

thanks for your help guys definately been using these suggestions looking at the properties in mls. 

Also my dad is willing to get a mortgage on  the property but doesnt want his name om the property... Would it be best to put it under an llc or in a trust? What are your ideas or suggestions