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All Forum Posts by: Gennadiy Sonis

Gennadiy Sonis has started 3 posts and replied 8 times.

Quote from @Eliott Elias:

If your plan is to live in the property, then keep looking. But if this is an investment property, look for subject to deals, not assumable loans. You don't want it to reflect on your DTI and credit if you are planning on purchasing a lot more property.


 subject to deals can get called by the bank if there is a due on sale clause. its sketchy.

today i found some "assumable" houses on craigslist. it turned out to be trash as expected. bait and switch. "the too good to be true house you wanted is gone, but here is the poo we would like to sell you instead..."

Quote from @Eliott Elias:

If your plan is to live in the property, then keep looking. But if this is an investment property, look for subject to deals, not assumable loans. You don't want it to reflect on your DTI and credit if you are planning on purchasing a lot more property.


 Im super new and don't know how to find "subject to" I work full time so anything that requires a lot of time like driving around or mass calling is difficult for me.

Quote from @Account Closed:
Quote from @Gennadiy Sonis:

Looking to assume a mortgage at 3% or less. Willing to pay at or over market for the right SFR or up to a quad.

East valley phoenix. 
scottsdale gilbert chandler queen creek. Maybe even mesa. 

Looking for someone who bought 2018-2020

You, and everybody else. ;-)

 Glad to share in the deal with anyone who finds it or a mentor.

Looking to assume a mortgage at 3% or less. Willing to pay at or over market for the right SFR or up to a quad.

East valley phoenix. 
scottsdale gilbert chandler queen creek. Maybe even mesa. 

Looking for someone who bought 2018-2020

Well thats the thing...

Is the wife really an heir if they applied for the mortgage together decades ago and are both on the loan and deed?

I understand if the deceased was the sole owner then the wife inherits or the kids would inherit, but how is the wife an heir in this situation?

i think they are changing the deed from two people to one and considering it a sale.

@Cody Neustaedter Thank You! I will look into this.

I believe the property auto xferred when they did taxes in 2022 as the spouse died in 2021. There was no trust in place at the time. Can a trust be created afterwards and title transferred there even though neither of them were/are residents? 

EDIT: when the property was xferred to the surviving spouse it was treated as a sale (which is what I find weird and terrible at same time) and tax is due immediately, so I am not sure how I would defer it at this point.

Any takers to help regarding this Canadian tax law question?

I apologize in advance if posted in the wrong category..

As American Citizens (non Canada residents) A couple owned a property in Vancouver.

The husband died and the wife now has a $70,000+ tax bill even though she isn't selling the property and will just continue holding and renting it out as they have done for over a decade.

I believe this is something to do with form T2062?

Applying for residency and moving to Canada isn't an option even temporarily.

Are there any loopholes or other tricks people have successfully executed to reduce or completely avoid this tax LEGALLY?

I am looking to hear any advice. Anything including paying this fee and then somehow using that as a deduction on taxes (Canadian or U.S.) or anything really that anyone has done.

PS: this is not about getting out of taxes!

I just don't believe its fair to pay a transfer tax when nothing is being sold, inherited, or xferred. The wife is keeping what her and the husband owned together. Feel free to school me on this otherwise as my knowledge on Canadian real estate and real estate law is slim to none.

Please and Thank You.

Hi
im super new just have one investment property that used to be my residence. 

is turnkey still a thing? Any meat left on bone? Im in phx area so right now there isnt anything reasonable to buy for rental. 

Looking to find a reputable turnkey provider or any advice/help