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All Forum Posts by: Ana Marie B.

Ana Marie B. has started 19 posts and replied 201 times.

Post: Taxes, Fees Incurred Selling Mom’s House

Ana Marie B.Posted
  • Rental Property Investor
  • SF Bay Area, CA
  • Posts 206
  • Votes 156

Hi BP Fam! Have a situation where my mom and her siblings are looking to sell their elderly mother’s single family house (who is alive and moving to a care home).

There is a living trust in place. Wondering what sort of taxes and fees they will incur as a result of selling this house? 

House is located just outside of San Francisco. Bought for $79k in the 1970s and now worth around $1M. 

PS - I would be interested in buying this house, but there are some family issues around jealousy, etc. and my mom won’t inform her siblings of my ability to purchase. Owner finance is tough with grandma’s mental state.

Any advice/input is appreciated. Thanks!



Post: Sell It or Rent it- HELOC Short Term Safety Net for Rentals

Ana Marie B.Posted
  • Rental Property Investor
  • SF Bay Area, CA
  • Posts 206
  • Votes 156

I would rent out the property and take out a HELOC as a safety net, IF there is good equity in the house and your estimates above are true.

HELOCS are great to have in your back pocket in case you need the money and don’t want to dip into savings. However you need discipline to pay them off quickly, should you decide to use it, since they come with a variable rate.

If cash flow allows, I’d highly recommend your hire a property manager. 

As you know, available houses are in short supply so I’d personally only offload a house right now if I am in financial distress or the property is a dud (which doesn’t seem to be the case in this scenario given your estimated cash flow and description of the property).  

Just my $0.02. Good luck!

Post: Should I sign a work agreement with realtor?

Ana Marie B.Posted
  • Rental Property Investor
  • SF Bay Area, CA
  • Posts 206
  • Votes 156

I wouldn’t sign the agreement. Plenty of realtors (quality ones) our there who don’t require an exclusivity agreement. I’ve never signed one and have worked with wonderful realtors out of state who hustle.

I’ve usually interviewed mortgage brokers first and have asked them for realtor recommendations (if you don’t know any in the area). Just my $0.02. 

Post: Ask me (a CPA) anything about taxes relating to real estate

Ana Marie B.Posted
  • Rental Property Investor
  • SF Bay Area, CA
  • Posts 206
  • Votes 156

@Nicholas Aiola - Great! Will remember this. And funny you caught onto “the doge”!

Post: Ask me (a CPA) anything about taxes relating to real estate

Ana Marie B.Posted
  • Rental Property Investor
  • SF Bay Area, CA
  • Posts 206
  • Votes 156

@Nicholas Aiola - For folks interested in hiring you/your firm for CPA services, does your firm specialize in real estate tax, or do you advise on other areas as well, such as, IPO stock options, interact with clients’ wealth managers on tax efficiencies, etc? 

My husband and and I work with another OOS CPA, but in the event we need a change, I’d like to consider your firm. However, our taxes are complicated by many other factors. 

Thanks!

Post: Lots of equity in two properties, not sure what to do next?

Ana Marie B.Posted
  • Rental Property Investor
  • SF Bay Area, CA
  • Posts 206
  • Votes 156

@Kevin Panella - Looks like you own 2 properties with amazing equity, congrats!

In the short term, I would incrementally increase the rent on your rental up to or slightly below market rate. (I opt for the latter to keep my properties attractive when in need of new tenants).

In the long term, I'd tap into the equity in either property to leverage a HELOC to purchase another property. Yes real estate is inflated everywhere at the moment, but you can begin the steps now to open a HELOC so when you find a property that fits the bill, your HELOC will be ready to go.

And even if you decide not to purchase another property, a HELOC is great for home renovations and other projects. I find it beneficial to have in my back pocket and I am fiscally conservative like you. Good luck!

Post: Why are you refusing section 8 vouchers?

Ana Marie B.Posted
  • Rental Property Investor
  • SF Bay Area, CA
  • Posts 206
  • Votes 156

@Carlos Ptriawan - I think you misunderstood my post. Experience forms opinion. 

Post: Why are you refusing section 8 vouchers?

Ana Marie B.Posted
  • Rental Property Investor
  • SF Bay Area, CA
  • Posts 206
  • Votes 156

I think some folks needs to take a breath. The original poster started this thread in a manner that provoked opinion.

Everyone has the right to their own opinion. Whether they feel comfortable renting to section 8 tenants is their business. 

I own a 3/1 rental in an A/B neighborhood and recently received an application from a section 8 client. I screened this individual just like the rest of the applicants. Another applicant just happened to meet my criteria better so I went with that other group.

In this case I opted for the 2 friends, as opposed to the section 8 family of 5 with 2 dogs. With my 3/1 SFH, I simply want to prevent as much wear and tear on my home as possible. Also, I needed to get someone in quickly, as the last tenant broke their lease, and didn't have time to jump through section 8 inspection hoops.

So nothing racial or provocative here. It’s simply business. 


Post: Rental Increase Advice (NYC)

Ana Marie B.Posted
  • Rental Property Investor
  • SF Bay Area, CA
  • Posts 206
  • Votes 156

@Steve Velez - With the current eviction moratorium and the fact that your rental is in a tenant friendly city (the Bronx), I would just caution you around making any large, hasty rent increases that may cause what you describe as a good, long term tenant to leave. You may end up replacing this occupant with a nightmare, non-paying tenant (the “blame Covid” types). 

With that said, there’s nothing wrong with switching to a 1 year lease and making incremental increases. However a 13% increase is a hard pill to swallow for many right now.

Just my $0.02. Good luck!

Post: Are there any math impaired RE investors here? :)

Ana Marie B.Posted
  • Rental Property Investor
  • SF Bay Area, CA
  • Posts 206
  • Votes 156

I totally relate with you @Julie Hill and appreciate your post!  I have a master’s degree from a great private university and managed to get a 4.0 throughout college and graduate school through sheer hard work and perseverance, but absolutely hate math. 

Math just doesn’t come naturally to me. I often joke that I must’ve missed a foundational class or 2 during junior high that led to my inability to “get” math. I simply must use a calculator  (and even then I wonder if I’m plugging in the correct formula!). 

I guess I’m lucky that I married a math whiz. So we complement each other in RE.  I handle most aspects related to selecting properties, contractual matters, property management, etc., while my hubby computes all math-related problems in his head and asks all the right questions when meeting with lenders. Don’t get me wrong, I can grasp the bigger picture when it comes to math and can’t be swindled, but yeah when it comes to doing math problems in my head, for instance, I just can’t do it.

FYI - When I have free time, I visit Kahn Academy (free online courses) to re-visit basic principles of math that I may have missed in school. It’s amazing. I recommend it highly!  Wish my teachers taught math this way back then.