All Forum Posts by: Chris Svendsen

Excellent.  Thanks everyone.  I will be sending the paperwork to the title company today.  

Thank you Lance for the feedback. We will be getting with a CPA in our area next year for future investments to help get some guideance for sure.  

Wife and I are getting close to finalizing our first purchase on a single family investment property and title company want to know how we would like to title the deed.  I never even thought about this and wanted to see if there were any future benefits for either tax savings, protection of assests, or anything else you can advise.  Below are the options they have for us and wanted to see what you all think.  Thanks so much in advance.  

Option 1:  Joint Tenancy: Two or more grantees may choose to hold title as joint tenants with the right of survivorship.  The effect of owning real estate as joint tenants with the right of surviorship (rather than as tenants in common) is that, upon the death of one joint tenant, his or her interest in real estate passes, by operation of law, to the surviving joint tenant or tenants.

Option 2:  Tenant in Common: Share a specified proportion of ownership rights in real property and upon the death of a tenant in common, that share is transferred to the estate of the deceased tenant.

Option 3:  Tenants by the Entirety with teh Right of Survivorship: If a married couple wishes to own property jointly, they may take title as "tenants by the entirety with the right of survivorship."  Upon the death of either spouse, ownership of the property in its entirety vest automatically, by operation of law, in the surviving spouse.

Option 4:  Fee Simple: Reserved for one person or for a single business entity.  Upon the death of the individual fee simple owner, title passes under his or her will or be intestate succession, as the case may be.

We plan on keeping the property as a rental for near future and if values drastically increase may sell to get profits out to reinvest in other properties.  If need any further info please let me know.  I am hoping to provide the title company with the answer in next day or two.  

Chris

So wife and I have a property under contract which ideally will turn into a 4 bed 2 bath rental. While doing home inspection realized ceilings in bedrooms are from 6'8" to 6' 3" high. The home is an old log house from the late 1700's to early 1800's when was built. Home is located in Frederick County VA and having a hell of a time finding any regulations on rentals in this county and wanted to see if anyone here knows if there will be a problem renting home based on low ceiling height. The master bed will have 8' ceilings as will be adding this room to the existing structure but the existing 3 bedrooms will not be able to raise ceiling heights. I have reached out to zoning department but not heard back yet so hoping someone here may know the answer.

Thanks for the replys everyone.  Just wanted to follow up that after all said and done the seller signed the release and we are out of the contract.  He must of finally realized he was looking at a loosing situation for him.  Back on the hunt for another property.  

Well my wife and I may of made a big mistake. We submitted an offer on an investment propertly contingent on inspection and financiing. Seller countered our price and also wrote down home inspection for information purposes only sold as is. When asked agent about this she said that we can still get out of contract if we want after inspection that was just saying he was not going to renegotiate or repair propertly. So we signed counter and moved forward. After home inspection some major issues were found in attic and roof of property and we just do not have money available to cover repair cost. We sent in notice to pull out of contract. Now seller is meeting with his agent and broker tomorrow and according to our agent he is not happy with the situation. Reading deeper into contract tonight appears seller was intending contract to be we will be buying it no matter what inspection states. I am afraid he going to proceed with legal action on this and we are responsible for all legal fees for breach of contract. I would gladly give him our EMD to get out of the contract but if have to proceed with sale we will not have any funds to fix up the issues with the property. From what our agent says he is a tough individual to do business with. Do we have any option to get out of this if he decides wants to force the issue. Sounds like what my agent explained about home inspection is not entirely accurate and we may be in breach of contract which will be a bad situation.

Just wanted to say hello to everyone. New to the community but hoping to be an active participant.  In middle of looking to puchase our first investment property and from what I hear this is the place with a wealth of information for investors.  Looking forward to being a member of the community.