All Forum Posts by: Jim Williams

thanks for the answers.i agree with all said. i also learned something i didn't know in my searching. it's not automatic to be taxed on a sale after holding one year or more. apparently, if you are in the 10-15% tax bracket you don't have to pay any taxes on gain

jim.

has anyone had any experience, from a tax standpoint, in assigning a contract for profit? in other words, what type of income does irs consider this transaction for person assigning?

jim

has anyone used, or familiar with Credit Tenant Lease Financing for an office building? it sounds intriguing, but i would like to hear from anyone who has any insight on it.

jim

it's 2.8 acres in jacksonville, fl. it is zoned for 51 units for apts, but i'm not sure how may beds or what you can do setting it up as assisted living.

we owe $300k and i have $100k into it. $400k would get us out.

jim

i haven't gotten a loan. but i really need to sell the property, since i have moved out of state due to health issues with my grandmother.

know anyone who buys land for apts or assisted living facilities?

jim

i'm thinking about buying a bed and breakfast and living in a carriage house on property. wondering if this would be a straight commercial loan, mixed use, owner occupied or what?

what kind of down payment for this type of deal? can a 80-10-10 work?

any ideas would be greatly appreciated.

thanks

jim

does anyone know of any lenders here in US offering "offset mortgages"? i know of one in california(green account by pacific trust), but no others anywhere else in the country.

if anyone knows of a lender who does have this program, i would love to have contact info.

thanks

jim williams

taking out new loans will probably affect your score at first, but after 6 months or so of showing payments made should bring it back up. very possibly higher than before.

jim

the best way to take pressire off is to refi, if you can qualify, and get your $20,000 back plus some profit now. at least if you had to continue making payments you would not be under as much pressure.

i also think the idea of lowering price to take profit and move on is a good idea.

jim

i'm thinking lending to people who buy wholesale and rehab for a percentage of profits. however, i'm concerned about usury laws. does anyone know anything about usury laws in ohio?

thanks

jim