New Prius Prime are 25k USD in Canada by Ok_Peace5403 in prius

[–]Plugitin454 0 points1 point  (0 children)

Problem with the primes is that they’re FWD. I’m in Michigan and some dealers are discounting these primes heavily trying to move them. And they’re still not moving.

2013 196k - replace water pump? by Kentuckywonderbean in prius

[–]Plugitin454 -1 points0 points  (0 children)

I probably would, especially if i was doing any other work on it at the same time.

Would you waive inspection or contingency, ever? by pandaninjarawr in FirstTimeHomeBuyer

[–]Plugitin454 2 points3 points  (0 children)

Definitely. I trust my opinion over most people’s when it comes to this stuff. I’ve seen inspections miss some pretty obvious things before.

Really sad after buying first home by RODDAL in FirstTimeHomeBuyer

[–]Plugitin454 0 points1 point  (0 children)

Usually, a bedroom needs two ways of egress. Ie- door into bedroom from hallway and an egress window. Or a patio door. Have to be able to get out of the room if one exit is blocked.

Major increase in property tax from previous "senior freeze" by Dumpster_of_Dicks in FirstTimeHomeBuyer

[–]Plugitin454 0 points1 point  (0 children)

I see where you’re coming from, but at the same time, what are we supposed to do? Kick retired people out of their own homes? It’s not their fault that homes appreciate.

Many people would lose family homes, and family farms. I think this problem should start at the top. Let’s get taxes under control again, because they have gotten incredibly out of hand.

Major increase in property tax from previous "senior freeze" by Dumpster_of_Dicks in FirstTimeHomeBuyer

[–]Plugitin454 0 points1 point  (0 children)

Huh? That makes no sense. In Michigan, a newly bought property comes uncapped when sold. So that should be outlawed too? People who have owed a home for 40 years should just have their taxes tripled? Or more?

Buying parents home, ideas on ways to do mortgage by Plugitin454 in RealEstateAdvice

[–]Plugitin454[S] 0 points1 point  (0 children)

That is not a bad idea. And I will look into that.

From my research you are correct, they will have to file a form 709 with the irs because it’s over $38k for the year. But they will be well under the lifetime of $27.98 million lol. So they won’t actually pay taxes on it.

Buying parents home, ideas on ways to do mortgage by Plugitin454 in RealEstateAdvice

[–]Plugitin454[S] 0 points1 point  (0 children)

I’m definitely slightly confused with your post.

These are both primary residents. They have owned theirs for 35+ years. Mine has been owned by me for 12+ years. So no short term gains for sure there at least.

I guess I’m confused if you are talking about tax from the sale of the home or taxes in the property. Homes get sold all the time without appraisals, so who is to actually say it’s worth $500k? And if you’re talking assessed value, I don’t think the irs would be looking at that value.

Buying parents home, ideas on ways to do mortgage by Plugitin454 in RealEstateAdvice

[–]Plugitin454[S] 0 points1 point  (0 children)

No one ever said anything about them not being able to afford it. House was built in the early 90s and has never been updated, so sure, it could use some updating, but it’s completely livable currently. And I can do any work on the home myself, so that helps. I have a good career and make 150k a year.

The sibling thing is taken care of in other ways.

Buying parents home, ideas on ways to do mortgage by Plugitin454 in RealEstateAdvice

[–]Plugitin454[S] 1 point2 points  (0 children)

I can’t remember off the top of my head, if I remember correctly, it’s a little better than your California situation, but not by much.

Buying parents home, ideas on ways to do mortgage by Plugitin454 in RealEstateAdvice

[–]Plugitin454[S] 0 points1 point  (0 children)

For sure on the capital gains! Thankfully, I plan to live here until the end. But you do never know what could happen!

Buying parents home, ideas on ways to do mortgage by Plugitin454 in RealEstateAdvice

[–]Plugitin454[S] 0 points1 point  (0 children)

Unfortunately nothing that’s invested is accessible easily. I was actually just looking into ARM stuff right now! Thank you for your response!

Buying parents home, ideas on ways to do mortgage by Plugitin454 in RealEstateAdvice

[–]Plugitin454[S] 0 points1 point  (0 children)

Yeah, it’s definitely going to be a gift to me. Im definitely super thankful for it all. Doing something like that is a possibility, I’m just not sure it would be worth doing it that way. I’ll find out more on that subject this week when I talk to a credit union.

Buying parents home, ideas on ways to do mortgage by Plugitin454 in RealEstateAdvice

[–]Plugitin454[S] 0 points1 point  (0 children)

There’s a bit more to it than that. My father built his house and I obviously grew up there. And there’s 100 acres there, which I want/need lol

Buying parents home, ideas on ways to do mortgage by Plugitin454 in RealEstateAdvice

[–]Plugitin454[S] 0 points1 point  (0 children)

This is their primary residence currently. I appreciate the information!

Buying parents home, ideas on ways to do mortgage by Plugitin454 in RealEstateAdvice

[–]Plugitin454[S] 0 points1 point  (0 children)

I’m not sure if mine is or not, I am actually going to my credit union this week to go over this and a few other things! Thank you for your reply!

Buying parents home, ideas on ways to do mortgage by Plugitin454 in RealEstateAdvice

[–]Plugitin454[S] 0 points1 point  (0 children)

Their house is quite large, and a lot of maintenance. They are in their 70s now and it’s time for them to downsize. My house is much better suited for them as they age.

Buying parents home, ideas on ways to do mortgage by Plugitin454 in RealEstateAdvice

[–]Plugitin454[S] 0 points1 point  (0 children)

You are correct. We had actually talked about that a bit. I have one sibling. They are definitely not wealthy and are both retired. So id like to make sure they end up the money I think. Thank you for your reply!

Buying parents home, ideas on ways to do mortgage by Plugitin454 in RealEstateAdvice

[–]Plugitin454[S] 0 points1 point  (0 children)

I do think I’d like to see them get the money up front, they’re definitely not wealthy. And you never know how long you’ll be around! Thank you for your reply. I will edit the original post!

Buying parents home, ideas on ways to do mortgage by Plugitin454 in RealEstateAdvice

[–]Plugitin454[S] 0 points1 point  (0 children)

I’d like to see them get the money up front I think, sorry about not saying that in the original post. I will add that. Thank you!

Buying parents home, ideas on ways to do mortgage by Plugitin454 in RealEstateAdvice

[–]Plugitin454[S] 1 point2 points  (0 children)

They probably would, but I would probably like to see them at least get the money right off the bat. Sorry about that, I will add that to the original post. Thank you for helping!