All Forum Posts by: Jackson Tate

Even though bank proposed this as a solution?

I had a closing today that was supposed to be funded by another closing; however, the folks purchasing my home delayed things too late and so I had to find another option to finance my purchase. My dad offered to "gift" (as the bank labeled it) me the 42k needed, knowing that I will reimburse him once I obtain my proceeds from the sale of my home. Is either of us going to have any tax implications as a result of this even though in the end the net result is I funded the purchase?

Looking for off-market single family flips and multi-family buy and holds.

Open to all of Charleston including Summerville, Moncks Corner, Ladson, North Charleston, etc. 

Feel free to contact me directly through BP.

I own one property with a partner/long time friend that is currently in an LLC.

We are planning to sell the property soon and move up into something better.

When we buy the new property under the same LLC or an S Corp, are we both INDIVIDUALLY saddled with the full amount of the loan?

I own one property with a partner/long time friend that is currently in an LLC.

We are planning to sell the property soon and move up into something better.

When we buy the new property under the same LLC or an S Corp, are we both INDIVIDUALLY saddled with the full amount of the loan?

i have a lead on a potentially good opportunity but am not sure of the best way to go about it.

It is a property going through probate (the process is almost complete) and I have been in contact with the real estate agent that will be listing the property for the owner as soon as the court allows.

They had an appraisal done to assess as-is value for the probate process, and that came in at 550k.

The home needs a good bit of work - 100-125k has been thrown around so far.

The real estate agent has offered me the first chance to buy the property but while the probate process was playing out, I put something else under contract and am moving forward with that.

I told him back at the beginning that I most likely wouldn't pay more than 450k for it, and he is telling me now that 450k might just satisfy the seller. I know the ARV is 700-725k, so this has the potential to be a pretty decent flip.

I don't have the ability to make a move to purchase this property now, so how can I capitalize on the opportunity to send it someone else's way?

Thank you all for the advice. I'm going to call around and see what kind of feedback I get. 

@Danny Randazzo let me know how it goes with Elliott - might give them a call if your feedback is good. 

@Daniel Hyman and @Bill Hampton If you are available, I'd like to give you a call in the coming week.

Looking for a CPA who specializes in working with real estate investors.....preferably located in the Charleston, SC market but that is not a deal breaker.

Cara, I just now noticed that my post does read that way...oops...hopefully my wife doesn't read it that way.

I think the consensus is to take care of the bad debt first. I've always sort of thought that's what we would do because it would certainly simplify life and finances, and it's hard to put a price on that.

Garrett, bad debt consists of two vehicles, two student loans, and a credit card.

Credit card is interest free for another 6 months.

Other rates range from 1.5 to 6.8%

I know the debt snowball is Dave Ramsey's philosophy, pay off every last bit of debt before doing anything else.