All Forum Posts by: John Hand

my dad is selling a vacant lake lot they have owed for since 1984. He purchased for $15000 and is selling for $70000. So he would have to pay capital gains tax on it. His accountant says about $6000. He want to buy a SFR for $70000 and use the 1031 exchange. Sale is going through july 7/2016. Is this legal? His accountant says he would have to pay the tax. thanks JH

I contacted dwell finance. I probably going to use them for equity financing on a rental property that is paid for. Take some equity out and buy 3 more that cash flow they carry all the loans.  I don't know what your situation is but I just go laid off so I can't used traditional financing that uses my personal income in the decision. jh

I have a question I have a rental house in Shakopee that is paid for and I was working in North Dakota oil fields. Well I was doing a home equity loan on the property, waiting for approval and the company I was working for got bought out and I got laid off. Needless to say I called the company I was working with and we stopped the loan process. I am on unemployment. anyway would any of these companies give me a home equity loan on the property even though I am not working. I did contact Dwell Finance and they will but their rates are higher than I would have gotten and the loan amount was smaller. They also got some other stipulations I was unsure about.  thanks JOHN 

Did you hear anything from Dwell? I applied and got an email back and talked on the phone with Pete Duemig.  He attached a term sheet for refinance. They will loan me $130000 on my property at 5.5% and give me loans on properties that I want to purchase. I guess they are pretty new so no bad news yet. I am a little hesitant. So if anyone has some experience with them it would be very helpful. If I end up doing it I will post. thanks john

If you find a property ask they realtor if the seller with sell on a C4D. It don't matter your age with seller finance. My parents sold a lake lot on a contract for deed and never met the buyer. We don't know anything about this person but the check shows up every 1st of the month. I need to take my own advise."it never hurts to ask" and "you don't have to tell them anything" you have the money to buy it that's all they need to know. Get a real estate agent who is young and hungry also. Find properties and have your agent ask the sellers agent so you would be anomynous. You might have to start with SFR there are a lot more out there. 10% down 5 year loan balloon payment at the end. Or if you are on time/early with every payment maybe they would do a new amortization schedule. JOHN

this is the attorney I used to do my contract for deed. For what I used them for they were really good. they took care of everything, recommended things I should do. If you use them mention me JOHN HAND and bigger pockets. They probably didn't think the $350 contract for deed would bring them anymore clients. 

JOHN  

Kennelly O’Keeffe Attorneys

720 Main Avenue

P.O. Box 2105

Fargo, ND 58107-2105

Phone: (701) 235-8000

Fax: (701) 235-8023

Beeson Law Office

611 Summit Ave # 212 Detroit Lakes, MN 56501

(218) 844-5000

Brant Beeson is the Attorney I used and my parents used. I have a contract for deed with my parents on a building in Frazee they owned and they sold a lake lot west of MPLS to another guy and Brant set up both contract for deeds. In North Dakota Brant recommended and I used them on the house I am living in right now.

Angie Strege Coppin

Paralegal

Kennelly O’Keeffe Attorneys

720 Main Avenue

P.O. Box 2105

Fargo, ND 58107-2105

Phone: (701) 235-8000

Fax: (701) 235-8023

[email protected]

I live in Golden Valley ND. I haul crude oil in the Bakken. It has really slowed down. There is not even half the traffic as there was last year. Rents are still high in Dickinson, Watford, Killdeer, Williston, Tioga and Stanley. But I have only thought about buying in Dickinson. I know its not the center of the Bakken but they got a college and a new Refinery. There is industry there so if the oil goes bust rents will be good. Yes you are right big housing projects are slowed down just like the oil. North Dakota is still producing Approx 1.2 million barrels of oil daily but a lot of it is going on Pipeline. I am going to wait and see. jh

Kind of in a similar situation I own a home in shakopee and it is paid for. I am renting it for $1500 a month. I want buy more rentals but I would rather save up for the down payments than take a loan against this home. My son says now is the time to take equity out with the low rates. For me I am going to save up the money or find some OPM sources. For you I have been saying if it don't make me money I am not going to buy it. I have another commercial property that isn't rented right now and it won't sell either but its almost paid for so not too much bleeding going on there. thanks JH

I ,as a buyer, have a contract for deed in Minnesota and one in North Dakota. I had my lawyer do mine in Minnesota and it is filed with the county/state and when I bought my property, with a contract for deed, in North Dakota I again asked my lawyer to do it but he wasn't licensed in North Dakota  so he referred me and another lawyer in North Dakota and took care of everything. I just signed the documents and paid. They both are Real Estate Attorneys. I setup the Amortization Schedule and everything is done. Easy fast no banks. Each one cost me around $350. I pay 5% interest. 5 year loans balloons at the end. I am looking to purchase another property right now and am going to do the same thing. Best advice find a Real estate lawyer.  I would never do anything without a lawyer.  thanks JOHN