The first house the elementary, middle and high School are rated 2 out of 10. If that's the school rating in the nice parts of town I hate to see the bad
first home purchase, with fiancee
- Thread starter earlyre
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Coincidentally, I went to all (3) of those (well, the elementary I went to was demo'd and moved to the junior high building next door and the junior high moved but is still the same name). I assure you, those ratings are probably bogus. The city (proper) itself only has one school district, so yeah, there's a mix of kids, but academically, the opportunities are there (Advanced Placement courses in variety of subjects, etc).
You might want to look into gifting rules.
AFAIK: your Dad will have to file a separate tax form irs form 709 (but pay no tax)
and you will need paperwork "a gift letter" that the money is a gift and not a loan for your home mortgage lender
etc.
AFAIK: your Dad will have to file a separate tax form irs form 709 (but pay no tax)
and you will need paperwork "a gift letter" that the money is a gift and not a loan for your home mortgage lender
etc.
not every part of the country is as expensive as the Coasts...
My parents house is currently valued a little north of $300k, they paid $123k in '96. for 2k Sqft, on 1.5 acres in the country.
our long time neighbors moved a little over a year ago, new folks came from Cali. they couldn't believe how much house you could get around here for $300k.
my parents place would likely be well over a mill, if not closer to 2 if we were near either coast.
when my brother moved back here from DFW in 2016, he paid $114k cash for his house. over the last 10 years, it's "gained" another $100k in value...according to the internet...
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mortgage people mentioned that.
Get ahead of this - the mortgage company should have a form letter or template that your father can complete. I believe he also needs to provide account statements showing a balance pre-gift, then the withdrawal. You may have to do the same with your bank account.
They said it's better if after filling out the form, the money goes straight from his account to them. Bypassing me completely
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As a older guy now looking back the one advice I wish I had followed was buy a primary home young and sell that home every 2 years or so and move up to a larger home. No gain taxes, after 2 years ( ask your tax guy not me ) and stay away from new cars.
I knew a guy who did this, He never had a car payment and drove a old well over 150K mile Cadillac ( he said I don't do car payments I make house payments) Houses go up in value, cars go down... He lived in one of the most expensive houses in town flipping his primary home every 2 years before his retirement.
Do this and keep the credit card and car paymenys down ( bank wont lend money on that next home ) and flip every 2 years IMO the best way to build wealth and become rich, yes the market changes so you ride it out and then flip.
My 2 cents of what I did NOT do!
I knew a guy who did this, He never had a car payment and drove a old well over 150K mile Cadillac ( he said I don't do car payments I make house payments) Houses go up in value, cars go down... He lived in one of the most expensive houses in town flipping his primary home every 2 years before his retirement.
Do this and keep the credit card and car paymenys down ( bank wont lend money on that next home ) and flip every 2 years IMO the best way to build wealth and become rich, yes the market changes so you ride it out and then flip.
My 2 cents of what I did NOT do!
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The thought of moving every two years not that appealing
so we're moving through the process of buying this house, inspection done, lots of little maintenance issues ( i'm going to be doing a LOT of Caulking) only a couple things that stood out to me as legit safety concerns, and the sellers have agreed to fix those :
just looked up the County Auditors Data for the property, and it Really is a Small world....
it appears the parents of a former friend lived in this house from 2016-2023.
they bought it in Sept 2016 for $63k, and his Mom Sold it in Oct. 2023 for $105k. that buyer flipped it and Sold it to the Current Sellers in April 2023 for $193k.
now we're buying it for $212k.
- a 50 amp breaker feeding 10 gauge wire, which is only rated for 30amps max
- the main power line coming in is in contact with a Tree - realtor thinks "we" may be able to get AEP to trim it
- the water heater's relief valve doesn't have a drain pipe attached to it. so if it triggers, it'll just spray boiling water everywhere
just looked up the County Auditors Data for the property, and it Really is a Small world....
it appears the parents of a former friend lived in this house from 2016-2023.
they bought it in Sept 2016 for $63k, and his Mom Sold it in Oct. 2023 for $105k. that buyer flipped it and Sold it to the Current Sellers in April 2023 for $193k.
now we're buying it for $212k.
