All Forum Posts by: Adam Read

@Tom S. I like that strategy she just may go for it. I may have to tailor it differently for this deal but you’ve given me good start. Thank you again for helping me out!! Happy thanksgiving to you

@Tom S. Thank you for the information I will get together with my local credit union. 

I'm looking at buying an older home built in 1910 it needs about $40 thousand to fix it up. It sits on just under 1/2 acre, 1175 sq ft, 3 beds 1 bath. Its three blocks from the local schools only 5 minutes from the interstate and 15 to 30 minutes from a high employment cities. The owner agreed to a below market offer, because of the work needed, she longer wants anything to do with rentals. She is willing to do a owner finance because banks wont loan on it with all the work needed. My question is does anyone know if you can get a construction loan with a owner finance and than refinance into a 30 yr fixed? Thanks in advance to the BP community for all your wisdom! 

Maybe Bigger Pockets could use a software similar to an plagiarism checker. I remember when I was in college one of my English professor required us to submit every essay through this before submitting it. If your essay was above a certain percentage matched, it was back to the keyboard ( you could not submit it). It could check  previously asked questions by members and if yours matched a certain percentage, no need to post.  Just go to those questions and read what has already been touched on.  Just food for thought. I am forever grateful for the knowledge I've gained by BP members, without it I don't think I would be where I'am today with my goals. 

@Account Closed I appreciate the wealth of information you provided. Good tip on the sewer line; I remember hearing a horror story on one of the BP podcast where a investor neglected to inspect it. It was an expensive lesson for him. No matter how much you try to educate yourself on the process it can be a little scary on the first deal. I'm going to just take as much as I can from this experiences to accelerate me towards my Real Estate goals. Thanks again! 

I'm currently working on a lease option with my landlord to purchase the property from her. I was wonder if any BP members knew of any good Real Estate lawyers and any good home inspectors in Washington state, specifically SW Washington.  I want to make sure I don't over-look anything during the due diligence process. This will be my first transaction in the Real Estate game. 

Is the event free for only first time visitors or is there a membership you can join?

@Basit Siddiqi: They are exploring IRS 121 now; looks like they will be able to keep a good portion of the money to help their parent out. Thanks for helping out. 

Thank you I will read up on it and pass it along to my friend. I appreciate  the information @Wayne Brooks.  They did occupy the home. 

Hello BP

I'm still fairly new to the game and need to help a friend out with Real Estate information. Here are some background information to help with his questions. He had a member of their family recently pass away leaving their spouse with dementia behind. They are getting to the point where they need around the clock care and need to sell their house  where they lived to help pay for the health care and living expenses .  The house is located in AZ and the spouse will be moving to WA.  So his question is  what is the best way to go about selling the house and avoid the capital gains tax? They want to keep as much money to pay for the care. Also the house is in the spouses name with dementia, is that going to pose a problem legally when selling the home? Any help will be greatly appreciated! 

Thank you BP members!