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Back to the Future Day!

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reno cool
you wanna finance me iag? ...I might buy it
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. if technically I own it til it's paid off then I would still get raped with capital gains I think? I'd also probably have to rape you on interest to make up for what I'd make otherwise investing. I thought about doing that with former roommate, but can't make the numbers work.
 
IAG
. if technically I own it til it's paid off then I would still get raped with capital gains I think? I'd also probably have to rape you on interest to make up for what I'd make otherwise investing. I thought about doing that with former roommate, but can't make the numbers work.
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:dunno: otherwise investing? what you got going pal?
I dunno what all ins and outs are but I could prob have it paid off pretty quick
 
reno cool
:dunno: otherwise investing? what you got going pal?
I dunno what all ins and outs are but I could prob have it paid off pretty quick
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If I it' sell the house outright to someone else, I would have that cash to invest. I'm just saying to tie up that amount of money for a long period at %3 or whatever rates are now doesn't make sense. Zillow lists suggested rent as $1600 and suggested mortgage payment at like $700. I'm currently renting at $1000..it would be better really to have as a rental if I was going to not selloutright...but it seems I have to sell to avoid the cap gains.

As I said, I have thought about doing this with a friend before, but it would be considered a land contract (contract for deed)

https://en.wikipedia.org/wiki/Land_contract

I remain legal owner til paid off and in order to avoid capital gains tax, I have to have lived in the house 2 of the last 5 years. That's the biggest problem I am up against right now. I just found this out like a week ago. I can't hand over the house deed until it's paid for, and I can't remain the legal owner due the aforementioned for much longer or I'm going to end up paying gains on close to $100k. If anything I would need to sell and finance you on a different property I think.

Where's Boner when we need him?

Pay it off pretty quickly? What do YOU got goin on pal?:bee:
 
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hmm.. sounds complicated.
I'd a thought the banks or whatever would be happy to give a person a loan if a substantial amount was put down, as it gives them no risk of losing $ unless there's a sudden devaluation. Seems thats not the case though :dunno:
 
reno cool
hmm.. sounds complicated.
I'd a thought the banks or whatever would be happy to give a person a loan if a substantial amount was put down, as it gives them no risk of losing $ unless there's a sudden devaluation. Seems thats not the case though :dunno:
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Maybe I'm confused on what you are asking. Are you saying I should get a mortgage on it thru a bank in my name for you or me personally financing the sale?
 
IAG
Maybe I'm confused on what you are asking. Are you saying I should get a mortgage on it thru a bank in my name for you or me personally financing the sale?
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I was talking generally. I looked into getting a loan for a possible condo and it turns out it's tougher than I thought.

I think you were correctly understanding what I was suggesting earlier. Somebody told me that there are "owner carry"(?) option. I believe thats what you were addressing, if there are other options :dunno:
 
reno cool
I was talking generally. I looked into getting a loan for a possible condo and it turns out it's tougher than I thought.

I think you were correctly understanding what I was suggesting earlier. Somebody told me that there are "owner carry"(?) option. I believe thats what you were addressing, if there are other options :dunno:
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There are and that is probably the sameas a Contract for Deed I'd imagine...but again that leaves me with the tax problem. I would never make back my money if I had to pay capital gains tax on the sale if they showed I had not been living there. #flattax


What area are you looking to buy in? What price range? What is your biggest hassle with bank...no income verification? Downpayment? There are/were some programs that some of my friends used..first time homebuyers deals. I don't know much about them, but I could inquire. Like I said, I could entertain the idea of buying another property to sell to you, but I have to get the other one out of my name.
 
the income proof is the hard part. Everything else should be ok.
I'm kinda more thinking of getting for my father and wife or possibly my bro. They actually like your area.
I was thinking a newer condo, but townhouse might be ok.
no more than 200ishk maybe closer to 100 not sure yet which way I wanna go. Just depends on how complicated and difficult things get.
 
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