All Forum Posts by: Cole Soreano

@Ryan Xu sorry yeah I misspoke, she is on Medicaid not Medicare. As far as setting up a seller financing contract, are you talking in terms of not assuming a profit from the sale of the house? From what I have researched there is a $2000 cap for assets (which is insane) for people on Medicaid. In essence as long as it's not over that cap she would still be eligible

Please Help

Is there a real estate lawyer on here that could give me some guidance. I'm not looking for a free service and willing to pay for even a phone consult. Specifically dealing with Washington state

I'm am currently in discussions with my elderly neighbor to by her home. She is on Medicare and is concerned the sale of her home and making a profit off of it will effect her benefits. My question is does this sound correct?

Any information to piont me in the right direction would be much appreciated.

@Kerry Noble Jr Yes friend paid the mortgage off and is in first position. Our neighbor has no monthly payment on it or interest accrued

Backstory- My family and I live next to a widow who lost her husband almost four years ago, we reside in central WA. She has no children and her only nearby family is a cousin who lives in town. Over the past two years we have befriended her and to be honest she has become more like family. Recently she changed her will and named us as personal representatives and is leaving us her property when she passes(crazy I know). Essentially she wanted something in place in case something happens to her in the short term. Moving forward we are exploring possibly combing households due to the large size of the property and the difficulty of upkeep but there are several questions/ issues that need to be addressed so it does not put either of us in a compromised position.

When her husband died a friend paid off her mortgage due to it going into foreclosure ( 210k total). Currently she is on gov. assistance

I know I am going to need to speak with a lawyer on this but my question is, is there a way to avoid tax implications if we do combine households, due the substantial amount of equity that is in the property.

Any ideas or input would be welcomed.

@Chris Seveney I would be doing a house hack on the property. My initial pitch to her was exactly what you suggested. I even proposed she would not have to pay me rent, and I would rehab her living space, but after speaking with her she realized she doesn't want to stay in the house due the memories she had in the house.

Hi yall

I am trying to find a creative solution to close the deal on a property in my area. Quick backstory, the owner is a widow who has no children or immediate family to speak of. The house is approximately 3500 sq ft, with detached four bay garage on a .66 acre lot within the city limits. I have developed a relationship with her over the last year so we are fairly close with her. The challenge I am running into is coming to a number that she is agreeable to. The house itself is in need of some rehab, but the number she is thinking reflects a house in better condition. To add to that, the owner is on the deed, but a family friend paid off the mortgage (250k) due to losing the house to pay for medical expenses several years prior. Lastly, she does not know where she wants to go after selling. Any ideas would greatly appreciated

My wife and I recently bought our first rental. Currently the property is a single family house which sits on a double lot and is zoned for multi family use. Our goal is to build a multi family unit in the next year, the only challenge is funding it. My father in law mentioned he would fund the down payment for the new construction loan, but hinted getting a cut of the cash flow every month. It would be great to get the project going but I am hesitant mixing family with business.

Has anyone had a similar experience with this?

@Bryant Brislin Ok will do, thanks!!!

@Bryant Brislin I appreciate the insight. As far as navigating an agreement with a seller without a buyer initially are you still getting some form of contract with the seller?

Hello everyone, I am brand new to the real estate investing game. I have been trying to immerse myself in all things real estate due to some possible employment changes.

My question relates to wholesaling contracts. Once a seller and buyer is found and you come upon an agreed price, terms, etc, with both parties. Are wholesaler's creating their own contracts or are there templates out there that have been useful in creating a contract that meets your specific need?

Any advice or direction would be appreciated and welcomed.

Thanks!!!