All Forum Posts by: Thomas P.

got to love the over taxation in New York especially in NYC

Thank you for the info. @k.marie poe I should have just looked it up myself.

I am using private money for a purchase. The person lending me the money is a friend. The reason I am using his money short term is to get on the deed and own the property free and clear (on paper). After two years refi and pay him back plus the agreed upon interest. My question is does a deed of trust need to be filed like a mortgage. When recording a mortgage it would cost me about $3,900 that is the fee I am looking to avoid. Does a deed of trust carry the same fees or tax as mortgage recording.

Thanks for your help.

I want to purchase a house in which my aunt and mom are 50/50 owners. I would just be purchasing my aunts 1/2. Financing for this is becoming a real pain. I have a wealthy friend who is willing to give me the $ to cover the 1/2 to satisfy my aunts share. He is not looking to tie his money up for more than 3 years so this will give me an easy way to pay my aunt and then refi and pay him back. He only wants 2% a year. Is this even legal?

Min Oh funny you should mention that as i direct messaged him earlier today Ankit Duggal

Can someone please break down the wards in Newark, NJ. I am looking for some buy and hold properties but do not want to go to a war zone to collect rent. I have heard good and bad about Newark. Thank you all!

Staten Island, NY here and interested.

Bill Gulley that is very advanced for me however i am going to forward alot of what is said here to my attorney tomorrow. thank you for you input and i am sorry i cant speak much about your input as i am very new to these practices.

Jon Holdmanmy mom is 100% on board with this idea. i did not realize the complexity of what i thought was a simple deal. The plan here is for me to buy my aunt out and eventually mom will gift me the home. maybe i should have said this in beginging as this may change things.

What K. Marie Poe suggested is what i was thinking once this convo started progressing however my mom works part time and i do no know if she has the income to get the loan. Plus i kind of wanted me to be the one to get the financing but whatever works i guess.

My mom and aunt are both on the title. My grandfather passed 7 years ago and about 10 years prior to his demise they were put on the deed. As far as family members willing to put up 187k for 8% interest, my family members are very old school and too conservative for that lol..

thanks again for all your input.

@jonholdman I plan on contacting my attorney tomorrow about this issue. I do have some liquid cash but I was looking to use that for closing cost and a rainy day fund.

My mom is willing to go along with this as we have discussed this for a few years now. I also have a life insurance policy in which she is the beneficiary. In the even I die she will not be left to pay the bills herself.

Now with a 50% LTV I find it difficult to believe I cannot get financing for this. To me this is not a big risk to the bank.

Thanks all for your input.

@chrismartin. My aunt wants to sell. My mom does not. My aunt made it clear that she wants her 1 /2 in cash.