All Forum Posts by: Hamish Odiean Jr

I think I've just settled on the fact that I have to pay the gains. He had homestead exemption, but I'm being advised to completely remove the asset from the guardianship, in that case, not sure what else I can do other than give The Don (Uncle Sam) his cut.

@Michael Plaks

Thanks for the reply. My dad is alive, he had a stroke that legally incapacitated him so I became the guardian of his estate through the probate court process. The advice of the attorney was to protect me in regards to the annual guardianship asset accounting; if the house is sold and the proceeds don't remain in his estate.

Hello all,

I have a property in Florida that I purchased and held for the last 5 years under my father's name as he lives in FL (for homestead exemption, etc.) while I live in NY. Long story short, my dad got ill and I became the guardian of his estate (along with my straw-man property). He has since moved out of the house (2 years ago) and at our probate attorney's behest it was advised to move into my name before the sale of the house. Any advice on how I can avoid that capital gains hit on this deal?

Thanks,

Hamish 

@Matthew Fitzgerald make sure to do your homework. Understand the industries in that market, talk to local RE professionals. They'll know if a new industry is coming, a new hospital being built, Google building a campus. These gives you indications of potential growth of that market. Also, one of my biggest pieces of advice is once you've decided where you plan to invest, take a trip out there. Set up some meetings with the RE agent and PM that you've settled on. Have the agent drive you around the area (the right preferable agent will gladly take some time out to do this); drive the area yourself. Get a sense of the neighborhoods. I find that no matter how much research I do online, nothing beats seeing it and 'feeling' it yourself.

I've been managing investments out of state for a few years, and it's a great strategy for those of us that live in expensive markets with low cap rates. But, I'll reiterate, DUE DILIGENCE; it's a key step in mitigating your risk. 

Hello,

I'm looking for an investor friendly broker/agent who has a great working knowledge and experience in the Eau Claire/Altoona area. I'm interested in investing in single or multi-family units and would love to leverage your expertise.

Congrats @David Zheng. These stories keeps the rest of us even more motivated. Are you primarily investing in your home location of St. Louis?

@Shawn Ackerman, I look forward to the next one. Great group of people with valuable knowledge and insight. I felt more motivated (didn't think that was possible) after I left. Let's connect.

Mehdi, thanks for the plug. I will send you a connection request.