All Forum Posts by: Scott Wolf

Hi Marta,

We're a NY Based title company, and I know an attorney that has done a lot of deals in Westchester as well.  Shoot me an email.

@Jared W Smith, I got an inspector off of Angie's list in Dutchess County.

@Ellen O'Neill it would help you live with a lower cost of living, while hopefully building equity. In more expensive areas, house hacking will net you lower monthly expenses vs. renting, but may not bring cash-flow.

 Additionally, if you live there for two years, and have good appreciation, you can take up to $200,000 in gains on your home with no tax on it.

This article explains it:

https://www.nolo.com/legal-encyclopedia/the-250000...

Good Luck!

Hi @ANTHONY SPOLIZINO if you need a mortgage broker recommendation that can help you find a FHA loan, let me know.

@Christopher Cordero congrats on doing the analysis!  

In addition to what everyone here has said, you can not use Cap Rate as an effective measure for an owner occupied property.  Especially for a duplex, you must value it as beating the rental market, or if you're not beating the rental market where your living, then understand you're building equity in something, and having someone else help you build that equity.

Is it listed by a RE agent?  If so, ask them for copies of the tax bills.

@Jeremy Smith  I agree with @Dave Foster.  If she can sell, and keep her up to $250k gain (or any gain she has) tax free (above $250 she'll pay capital gains on), that is the way to go.  She then has the ability to make a tax-free annual gift of $15,000 to you and your sister (and sisters kids) if she so desires, so that you can start using that money now. 

I also agree with @Joe G., step 1 is speak to a CPA immediately.

@Przemek Kos check out Angie's list if you don't find any recommendations here.

@Mariah Sanchez, as long as there is no prepayment penalty written into the loan agreement, you should be able to refinance before the 10 years is up.

Edit: and yes, balloon payment is the term you're looking for.