All Forum Posts by: Rob C.

I reached out to a CPA regarding my question above. Here’s my understanding based on that exchange. If I sell 50% of my property, then 50% of my original basis will be attributed to that portion of the sale, and I will retain the other 50% of my basis. So, following my example above, my cost basis would move down to $200k and I would have $50k tax exempt gains. I figured I would post my understanding here in case anyone now or in the future is in the same situation, but standard disclosures apply: I’m not a tax advisor, please don’t consider this tax advice. 

What I’ve yet to get an answer on is whether the fractional sale will result in my property being reassessed for tax purposes. In California, because of proposition 13, the assessed value basically tracks the purchase price adjusted for inflation each year rather than a newly appraised value each year based on the market. I’d hate for the assessed value to jump up because of the fractional sale. If anyone knows the answer to this, can you please share it here? I’ll also follow up if I’m able to find an answer myself.

I’m looking to do the same sort of thing, and coincidentally in San Diego county also. However, I’m intending to sell 50% equity and I don’t intend to make it my primary residence any longer.  @David F., @Ashish Acharya, @Michael Plaks, do you know what effect this has on cost basis? For example, if I purchased the property at 400k, and am selling half of the property for $250k, how much of that $250k can I declare as tax exempt gains and what does my cost basis then become? thanks very much, Rob

@Kyle J. , thanks for your posts and your article on HELOCs. I'm looking at getting my first HELOC and am finding a lot of your information useful. Do you mind sharing the lenders that you've found to be the most competitive for fixed rate HELOCs? I'm hoping they might be available to residents of all states, or at least where I live in California :) Also, was the 2.99% fixed rate special offer you alluded to above only fixed for a short amount of time or for the full repayment period? The best I've found so far is 3.99% at a couple different credit unions: 1) Bethpage FCU but it is only for the first year 2) at American Heritage Credit Union but it is just for a 5 year amortization following a 3 year draw period. thanks, Rob

Thanks Alex for the catch in their terms and conditions, and for posting here! I'm surprised to see the biggerpockets site endorsing it in spite of this. 

I am considering going with legalzoom instead in light of this. I skimmed the terms and conditions of legalzoom, and although they have similar limits of liability at least they do not appear to suggest external counsel for one's unique situation. That makes me think that at least the advice I get by setting up an appointment with an attorney included in legalzoom's service would in fact be legal advice tailored to my own situation (and therefore come along with the same kind of liability and hopefully E&O that a regular real estate attorney would). Am I wrong in that thinking?

Thanks

Rob 

Thanks for the reply @Christian Bachelder. I probably should have clarified that I'm able to dig up the cell phone numbers of agents on corresponding MLS sites, e.g. https://www.georgiamls.com/real-estate-agents/ and https://www.sandicormls.com/agent/search?page=1. It's the multi-step process I'm trying to avoid. Maybe I'm just an efficiency nut. I may script up a solution that will do this (i.e. spit out the mobile number of the listing agent given an MLS ID or property address as input). 

Does anyone know of any websites (perhaps like zillow or redfin) that provide the listing agent's cell phone number for a given property? Zillow gives the listing agent's name, and gives a contact phone number but it is typically not a mobile phone number. 

thanks in advance, 

Rob

Figured I'd bump this thread to see if anyone happens to know of any lenders currently offering any competitive loan options on non-warrantable condos. I found one such condo that I'm really excited about as a primary residence, but unfortunately the original owner/developer still holds more than 50% of the units as the complex as rentals.  thanks, Rob

This is a stale thread but thought it might be worth bumping with a fresh perspective. With the explosion of Airbnb, I wonder if 1BR condos will become more in demand among investors to be used as vacation rentals (i.e. at least those in desirable areas, e.g. near beach, mountains, etc). Given the potential for increased cash flow through that strategy, I tend to think so. Curious what others think...

thanks for the feedback @John Teachout. I just realized I overlooked your response. I will doublecheck on the diameter now that you mention it. Strange... I honestly don't know personally what the age is but have been told 20-30 years from one arborist. Might be misinformation.

@JD Martin, I'm planning to take it down, and agree with pretty much all you said

Thanks for the input @Fred Heller. Good advice about foundation companies offering to assess for free. Do you know if that is typically the case for properties under contract, or already owned? Those two ways you cited for damage are what I learned recently as well. However, I was also told that even if a tree's roots are growing under the foundation, they may be doing so in a way that does not necessarily cause damage. It is further possible if such a tree with harmless roots under the foundation is cut down then those roots could decay over time, which could possibly cause foundation damage (but that is a low percentage chance from what I gather). Like Fred, I don't claim to be in expert here, and am just relaying what I've heard from the guys who make a living with trees.