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Old 05-15-2015, 10:46 AM
 
12,404 posts, read 9,203,248 times
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Quote:
Originally Posted by kerafaith View Post
Hello. I am wanting to buy a home soon but have several question about getting started. Okay I have little to nothing to pay down. However, I already outright own my current home and 4.3 acres but have never purchased a home before. The house I currently live in was part of 8.6 acres with 2 houses on it and was my grandparents. When they died my mom got the houses and the land which she promptly split and signed over to me and my brother. Again it's paid for so I owe nothing. I am also not selling it either.

I want to move to Florida. I have been looking for a while and finally found a house that I like. The house I have found is listed at 64,000. It needs the 2 bathrooms redone, new flooring, new countertops, maybe appliances, and it's got a 2 car carport that I would want to add onto and make into a either a 4 car tandem parking garage, or just enclose it and have a 2 car garage. So around 125000 would pay for the house, the work I want to do to it and would leave me enough to pay off a couple of my larger monthly bills.

Is it possible that I can use both properties as equity on the same loan? This would cover the overage of the loan. And does it matter that the house and 4.3 acres are in TN and the other is in FL?

Also where do I need to start? Should I try to get pre-approved 1st or choose a realtor 1st?

Also, living in TN and search in FL is difficult. Would you guys ever buy a house without first personally touring the house? I'm thinking if I choose a realtor I can always get the realtor to do a facetime or video tour of the house with me? The only way for me to actually look at a house would be to wait 47 days until I go down there for vacation and I'm scared that house I am looking at won't still be available. I really have no idea where to start. So any advice you can give me is greatly appreciated.

And please please please don't tell me that I don't want to move to FL. I do, I know I do. Lots of people have tried to talk me out of it for years and it's still all I can think about.

Also, I currently work 2 jobs. It shouldn't be too hard to transfer 1 job to FL but the other is out of the question so I'd have to find another almost as soon as I get there. Not a real issue because my 2nd job is assistant manager at a gas station. I'm very confident I will be able to find a job at a gas station in FL if I find it necessary.
Can you get a HELOC on old house to pay cash for new one? I think it's best to take this one step at a time.

If so, then you (1) get HELOC on old house and buy new one in cash; (2) Move; (3) Sell old house; (4) Use the money every month that is not going towards a mortgage to pile up some cash for repairs; (5) Find out exactly what work is REQUIRED on the new house before it will qualify for a mortgage; (6) Cash flow the minimal repairs necessary to get the house in mortgage-able condition with the money which is not going to loan payments; then (7) Get a loan on the house to do the rest.

Problem solved.
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Old 05-15-2015, 01:23 PM
 
5,048 posts, read 6,397,628 times
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Wait, kerafaith, you're not working on the house in Florida before you own it are you?
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Old 05-19-2015, 10:24 PM
 
Location: Tennessee
283 posts, read 473,995 times
Reputation: 237
Quote:
Originally Posted by cully View Post
Wait, kerafaith, you're not working on the house in Florida before you own it are you?

No I'm not. And I'm not as crazy as some of these folks seem to think. I was just curious if it was possible to have 2 properties in 2 different states on 1 loan. It doesn't sound as if it is possible.

As for an earlier post yes the house and 4.3 acres in TN are the same location. And to the one who suggested I sell the TN property that's not happening. I might rent it but I will not sell it.

But I've got another avenue I am exploring. I ha e found another house in FL that all it needs is paint and maybe new flooring. Easy fixes. I'm working on getting that one.

Thanks though for all of the advice and opinions. I've never went through the home buying process before so I was just curious on some things. Again the house I own is one my mom signed over to me. And no there's no gift tax or anything owed on it. They put it that my brother and I paid $10 each for our halfs and that canceled out the gift tax. Here in TN they allow you to do that.

Thanks again.
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Old 05-20-2015, 05:28 AM
 
5,048 posts, read 6,397,628 times
Reputation: 4121
Quote:
Originally Posted by kerafaith View Post
No I'm not. And I'm not as crazy as some of these folks seem to think. I was just curious if it was possible to have 2 properties in 2 different states on 1 loan. It doesn't sound as if it is possible.

As for an earlier post yes the house and 4.3 acres in TN are the same location. And to the one who suggested I sell the TN property that's not happening. I might rent it but I will not sell it.

But I've got another avenue I am exploring. I ha e found another house in FL that all it needs is paint and maybe new flooring. Easy fixes. I'm working on getting that one.

Thanks though for all of the advice and opinions. I've never went through the home buying process before so I was just curious on some things. Again the house I own is one my mom signed over to me. And no there's no gift tax or anything owed on it. They put it that my brother and I paid $10 each for our halfs and that canceled out the gift tax. Here in TN they allow you to do that.

Thanks again.
All the best.
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Old 05-20-2015, 05:39 AM
 
Location: Phoenix, AZ > Raleigh, NC
14,301 posts, read 17,505,128 times
Reputation: 22132
Quote:
Originally Posted by kerafaith View Post
Thanks though for all of the advice and opinions. I've never went through the home buying process before so I was just curious on some things. Again the house I own is one my mom signed over to me. And no there's no gift tax or anything owed on it. They put it that my brother and I paid $10 each for our halfs and that canceled out the gift tax. Here in TN they allow you to do that.

Thanks again.
Hate to be the bearer of bad news, but here it is: The state of Tennessee may waive gift tax that way - I've no idea on TN tax law. But i can ASSURE you the Federal government IRS does not. I still bet there is a gift tax issue here.
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Old 05-21-2015, 10:08 PM
 
Location: Tennessee
283 posts, read 473,995 times
Reputation: 237
It's possible. However that's between my mother and the lawyer she had draw up the papers. I'm sure if there was any issue the lawyer would have made her aware of it. But given that it was a lifetime estate it may not have been an issue. All I know is that my grandfather had a lifetime deed and at the time of his death it reverted to my mother and her heirs. Her heirs being me and my brother. All I know that she did was go ahead and change the deed and split it between us and have her name taken off it. Again I'm sure the lawyer she had draw up the paperwork told her if any taxes were due to be paid on it. If not its between them. Especially since I've not had to sign anything.
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Old 05-22-2015, 08:26 AM
 
4,543 posts, read 11,547,065 times
Reputation: 3063
Quote:
Originally Posted by Jkgourmet View Post
Hate to be the bearer of bad news, but here it is: The state of Tennessee may waive gift tax that way - I've no idea on TN tax law. But i can ASSURE you the Federal government IRS does not. I still bet there is a gift tax issue here.
There is a lifetime gift tax exemption of $5million, so I doubt gift tax is an issue.
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Old 05-23-2015, 02:00 AM
 
80 posts, read 49,262 times
Reputation: 32
gift me a third of the house for 20 dollars?
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