is it worth it...cash purchase and then renting?

Long Woltjer: Speaking generally, that sounds like a good potential purchase for your situation. Whether your dad pays cash and you pay him back, or you finance some other way, it sounds like your thought process is good. You know it's a good price to buy and what the potential rents would be later.Option one sounds like needless extra title fees and paperwork.Option two: the IRS wont let him gift you that much in one year, so that's out.Option 3: Have your dad be the mortgage bank for you. So he just loans you the money and you pay him back with interest.The only thing I would mention is that if your dad loans you the money and your name goes on the title, you have to go to the county and record the loan on the title. In other words, you ask to make your dad a lienholder so technically he could foreclose on you if you don't pay. The reason you need to do this is that the IRS won't let you deduct the mortgage interest otherwise. (they consider it a personal loan if your d! ad doesn't have lien rights on the title.)Anyway, good luck with it. Florida has been insanely overbuilt in condos and THs but it sounds like the one you want is well located for your purposes. Congrats--- go for it!...Show more

Terrell Lawman: You'll be able to instanly find an online payday loan as much as $1000 using this site: http://loans.servermatrix.org I acquired the payday loan even though I have extremely bad credit standing.

Eva Lichlyter: axaroth very good information!!! If my father is the lender to me and he files a lean. I understand I will be making monthly payments to him. Will the TH be in my name and will I be the one getting equity? I also have $17500 for first time home buyers assistance. If my father is my lender can I still take advantage of that assistance as it would reduce the loan further?...Show more

Spencer Heidtbrink: 1) Consult a real estate attorney, NOT an agent. Agent cannot give legal advice. 2) Possibly3) Did you ca! lculate the "cashflow" for the whole thing yet? Will it genera! te POSITIVE cashflow if you rent it out? (Rent - mortgage - taxes - other stuff)4) Ask a real-estate attorney as well, it's worth the $$$, as a realtor wants to earn the commission, not necessarily help YOU. ---Kasey C, PC guru since Apple II daysLottery: A tax on people who are bad at math....Show more