0
votes
0answers
24 views

Buying property in India : paying loan/mortgage

I am on H1b visa in USA and thinkg about buying property in India. What is the best way to make payments from USA bank ac to pay loan/mortgage in india? Can i get tax relief for loan/mortgage payment ...
0
votes
0answers
12 views

Selling property in India and gettting back money to USA

I am on H1b visa in USA and thinking about buying property in India. Suppose I alraedy bought some property in India, now in future if i sell the property in India, then how can i get that money back ...
0
votes
1answer
35 views

Buying property in India : FBAR declaration.

I am on H1b visa in USA and thinking about buying property in India. If I buy any property in india,do I need to report my property in USA income tax return, FBAR or anywhere else? Do i need to pay ...
0
votes
1answer
47 views

Buying property in India

I am on H1b visa in USA and thinkg about buying property in India. I have a lot of confusion in this matter. (1) Should I buy property on my own name? or me and my father's joint name? If I keep my ...
5
votes
2answers
106 views

How do I calculate the (likely) property taxes on a new home in a new area?

I live in Texas where there is no personal state income tax, but there is a significant tax on real estate. I am considering buying a new home, built to my specifications (ehh, to an extent...) in ...
11
votes
5answers
1k views

Rent or own, given these circumstances

Option A: $3600 (RENT) for a 3/2.5 condo. Option B: $629,000 (BUY) for a 3/1.75 house. This is in the Los Angeles area. Looking to live in this area for at least a year, maybe more. The house ...
5
votes
3answers
110 views

Walking away from an FHA loan

I'm currently looking into the idea of buying a multi-family home in Brooklyn via an FHA loan. FHA loans seemed like they could take some of the risk away of putting down 20% (i.e. a high % of all my ...
3
votes
4answers
241 views

Is investing in housing considered an adequate hedge against inflation?

Does the price of a home or apartment generally increase, at least, with the rate of inflation in the United States? Could such a purchase be viewed as effective protection against inflation?
1
vote
1answer
72 views

How to calculate amortization table with pro-rated first month

From what I understand, banks prefer to have loan payments due on the 1st of the month. To that end, if you close on a property on, say, the 15th, they will charge you a pro-rated payment to get you ...
2
votes
4answers
199 views

What to do with savings for 3-5 years?

Here's the situation: Married, late 30's, combined income around $170k. 2 toddlers. We owe $360k on a house worth $600k. Only other debt is $20k each in student loans. 401k plans are in order. We have ...
1
vote
2answers
81 views

What sustains residential real estate prices in California when household incomes are low? [closed]

I have a question which assumes the accuracy of two links (here, for median income, and here, for median home price, both of which are in California). I'm going to make an erroneous assumption and ...
5
votes
1answer
232 views

Should I sell the home in 2014 or continue to rent it out?

The home was bought in Dec. 2010, and we lived there from Dec. 2010 to Jan. 2013. It's been a rental property since Feb. 2013, when we moved into a rental home to be closer to work (about 30 miles ...
5
votes
1answer
279 views

Tax implications for buying property in another country

Are there are tax implications for buying an apartment in another country (as a US resident with Green Card)? Does the IRS require to pay taxes in the country in which you live or do you pay property ...
2
votes
1answer
66 views

Gift tax on investment property bought below appraisal value from a non-related person?

I have a friend who I am purchasing an investment property from at the same price they paid for it but the appraisal value is about a 1/3 higher than what I will pay for it. Will the seller owe gift ...
1
vote
1answer
234 views

Gift Tax owed on the transfer of a Home Equity Loan

I'm in a bit of a conundrum here: My sister owns an investment property outright (no loan on it...) She lives with me in my primary residence. Now, my family and I are moving to another house, with ...
2
votes
2answers
162 views

Should I pay off more of my principal before selling my house?

If I'm selling my home for a profit, does it make sense to pay more off the principal before doing so? On one hand, it seems a greater percentage of the sale would go to you, but on the other hand, ...
1
vote
2answers
104 views

If mortgage payments are deductible, how much of my income is left over each month after the mortgage

I'm currently renting and thinking of buying a house. Say I make 8k/mo. After rent (1000) and taxes (2000) I'm left with 5k/mo. If I were to get a mortgage at (say) 2500/mo, how much money is actually ...
0
votes
2answers
100 views

How does investors' finders fee work in the USA?

I am going to a few investors club in the US and I got approached by a person offering me a deal (buying a property that rent rooms) that will provide $3K monthly net cash flow. He initially called it ...
4
votes
1answer
277 views

Will being a guarantor impact my ability to rent an apartment for myself?

I am considering being a guarantor for my brother (for his apartment in NYC) because he doesn't make enough money. I'm also considering moving in the next 6 months or so. If I am the guarantor for ...
3
votes
3answers
316 views

How can I challenge or confirm a shady home appraisal?

I just built a new home and am finishing up the loan process. In the initial paperwork, the purchase price of the home was supposed to be 270k, but due to additions I wanted it ended up being around ...
6
votes
2answers
1k views

Tax considerations for selling a property below appraised value to family?

I own a property that recently appraised for $350,000 in the state of Maryland that I purchased for $300,000 7 years ago. I wish to sell this property for a value of $240,000. Here are my questions: ...
7
votes
1answer
3k views

How do I sell a home that's owned jointly if my partner doesn't want to sell?

I own a home jointly with a partner. I have made all the payments, taxes and insurance since the beginning. I have a buyer for the home but my partner does not want to sell. How can I override his ...
6
votes
1answer
142 views

Insurance for a house which is not homeowners insurance?

My wife and I moved last summer, and our former home is still on the market. We were recently informed by our homeowners insurance company that because the house is no longer owner occupied, they will ...
3
votes
3answers
1k views

What are the tax implications of selling an investment property?

I'm planning on selling an investment property (a condo in WA state). I've owned this property since 2004. I lived in it as my primary residence from 2004 to October of 2007. I'm planning on taking ...
5
votes
1answer
289 views

Is a lease still binding if all of the parties didn't sign it?

My wife and I were leasing a house with another couple. Two weeks into the lease, the other couple left in the middle of the night and we have yet to hear from them. My wife never got to sign the ...
6
votes
3answers
159 views

Is there anything I can do to prepare myself for the tax consequences of selling investments to buy a house?

I have about $500k in Vanguard funds, in a regular (i.e. taxable, non-retirement) account. I've been building these positions over the past 12 years or so. There's a chance that I'll want to buy an ...
3
votes
1answer
59 views

What are the tax implications of a normal sale of a house?

What are the tax implications of a normal sale of a house, where the owner would make a "profit"? Does it make any difference if the house is owner occupied and for how long they have owned the ...
0
votes
1answer
30 views

Transferring a Property (with a loan) to a relative in Maryland

We have a property in Maryland, currently in my name, on a loan with a bank. Other than selling the property and having my relative buy it, is there a more cost-effective manner, in which the property ...
4
votes
1answer
141 views

Next option(s) after house is not selling on market?

Lets say I have a house which is pretty old and is not in the best neighborhood. I put in on the market and for one reason or another, even after dropping the price substantially I cannot get it to ...
6
votes
4answers
769 views

Buying a home without a Real Estate Agent - Who should I get to do the paperwork?

I'm considering buying a home from a friend without the aid of a real estate agent in the hopes of saving everyone the unnecessary 6% commission (since the property didn't need to be marketed). ...
2
votes
1answer
115 views

How do you go about buying a house directly from an owner? I.e. no broker involved?

I live in California. Usually when people buy a house here, they just entrust a broker. The broker deals with all the paper work, etc. for both parties. There are 4 parties involved...seller, buyer, ...
0
votes
1answer
53 views

Homebuyer Credit - 2008 Installment Repayment

I bought my house in 2008. I took the $7,500 credit. I remembered that I have payed $500 each year in 1040. Now I have to fill the tax form this year. How to fill the two textboxs.
6
votes
1answer
175 views

Are commissions paid to realtors for finding tenants for my rental property tax deductable as a rental expense?

I used a realtor to find a tenant for my rental home. I paid her a commission of the amount equal to the first months rent. Is this what turbotax means by Commission Expenses "Commissions paid to ...
9
votes
4answers
280 views

Buying a house for a shorter term

I've lived under the impression that it is never wise to buy a house (as your home) unless you are planning to live there "at least five years" (or something like that). But is this necessarily ...
1
vote
1answer
64 views

Equity or alternative compensation in an LLC?

I am currently working for a real estate startup (LLC) that wholesales REOs nationwide. I was one of the earlier employees to get hired. Since my time of employment, the company has been expanding ...
2
votes
1answer
153 views

New construction closing in a year; how can I lock in mortgage rate?

I've just contracted for a new house in Florida to be built. The closing won't occur for approximately a year. Is there a way to lock in a mortgage interest rate for so long in the future? It will ...
1
vote
1answer
77 views

What are the tax rules of owning a vacation rental property?

I am considering purchasing a vacation property and renting it out for a majority of the season. Best case scenario I could generate about 50% of the annual cost (mortgage, tax, utilities, ...
4
votes
2answers
106 views

Closing on two mortgages (investment refi & primary home) — is it ok to do them simultaneously?

My wife and are are simultaneously in the market for a new home and trying to refinance a condo we rent out as an investment. The stars may be aligning that both loans could go into underwriting ...
3
votes
3answers
515 views

Why could rental costs for apartments/houses rise while buying prices can go up and down?

In this U.S. city, I have the impression that the rents of apartments and houses always go up, say, about a 5% per year, while the prices of buying them fluctuates throughout the same years. If my ...
2
votes
1answer
60 views

Is a trustee sale winning bid all inclusive, or are prorated taxes & fees due?

Is my winning bid at a trustee sale on a foreclosed home all inclusive, or can the trustee make us pay prorated taxes and home owner association fees? If we must pay the fees, when would they be ...
3
votes
1answer
781 views

How much does a tenant eviction cost in Miami and New York City?

I heard it's easy to evict a tenant that does not pay the rent in US (at least easier than in Italy). I heard in 60 days comes the sheriff and kicks the tenant out of the flat. I suppose the ...
5
votes
3answers
2k views

What is the standard real estate commission to sell a million dollar home?

I want to list my condominium for US $1.3 million. How can I decide on a fair real estate commission?
4
votes
3answers
507 views

Can I check multiple lenders for mortgage rates, via preapproval, and have it only count as one hard inquiry on my credit?

Note: This applies to the State of New York (the NYC metro area), in the United States. I'm shopping around for mortgage rates. I'm not sure if I have to get a preapproval mortgage to get their ...
6
votes
3answers
158 views

I have an “excellent” credit rating. Do I need to get a preapproval mortgage letter?

I'm in the infancy of buying a residential property. I have a credit rating of EXCELLENT. Do I need to get a preapproval mortgage letter? I thought that getting preapproved would expedite the ...
9
votes
1answer
148 views

What are the risks in buying a property from a “Tax Deed” auction?

Recently, I was approached by a friend of my wife's, and she said that she and her husband were making a lot of money bidding on properties that went up for sale in our area, at auctions like this ...
5
votes
2answers
278 views

Why is mortgage interest deductible in the USA for a house you live in?

In Australia, if you have a mortgage on the house you live in the interest and other expenses are not tax deductible, unless you rent out one or some of the rooms or run a business from your home, in ...
4
votes
2answers
418 views

Tax implications of short sale with second mortgage?

I short sold my home this year and was told by my Realtor that the government forgives taxes which would normally be owed by selling a property for a loss. I had heard this before and assumed it would ...
5
votes
1answer
82 views

Complications dividing real estate for a married couple vs unmarried

What complications should be expected when an unmarried couple's relationship fails after they have purchased a house together? How does this situation compare to that of a married couple?
8
votes
4answers
3k views

Landlords: what's the maximum amount of time to allow a guest of tenant to stay in a rental?

As the title says, but with these details: I have a rental unit; this situation has come up with a potential tenant. This tenant has an adult daughter, who, the tenant volunteered, has an unstable ...
11
votes
3answers
351 views

How do people trade up from one house to another?

Newbie question here folks. My wife and I currently own our first (20% down on a condo in San Francisco in 2009; fixed 30-year loan). Obviously at some point (maybe 2-4 years from now) we would like ...