All Forum Posts by: Jake Goehring

Thanks all!  Appreciate the input and insight

I assume this is the right forum for this question.  Perhaps someone can help me better understand.

I think CA passed a 3% sales to the state on the sale of a residential real estate sale.  Is that accurate?

Well, does it apply to wholesaling?  If so, what sales number is the 3% factored from?  Is it 3% of the A-to-B sale?  3% of the B-to-C sale?  BOTH???

I'm about to get into a wholesale deal, but this taxation situation might play a serious role in how it gets done, if at all.

Thanks!!!

Hi Shari, THANK YOU!  It's good to know they still occur.  I know CA can be challenging.  The way CA handles them should not be a problem.

If you do happen to have a reference for an escrow officer in Southern CA that can expertly handle this type of transaction, I would gladly take the reference.

Thank you SO much!  If at any point you have anything to add, please let me know!  :)

So...nothing?  I'm guessing then that no one wants to touch this topic with a 10-ft pole, they aren't done anymore, or no one has heard of / knows how to accomplish a double close.

Just hoping for some guidance on this.  A project about to get started might really benefit from this type of closing.  Any comments are appreciated.  Thx.

Do these still occur in CA?  I know they happened in recent years, but I haven't heard much about them lately.  Maybe it's me...who knows.

I'm not talking about that old "simultaneous close" where it was actually only one closing with 3 parties involved.  I'm talking about the legit double close where Party A closes its sale to Party B, then Party B closes its separate sale to Party C, with both closings happening on the same day or within 24 hours.

If this still occurs, can anyone recommend and escrow officer that can expertly handle a transaction like this?

All replies are very much appreciated.  Thanks!

I'm sending you a PM

Thanks Matt.  I agree.  They are very difficult to come by.  I've been keeping an eye out for them for several months, close to a year now.  Other areas are not out of the question, but I'm hesitant to go farther out at first because my primary motivation is housing for my student and I know it's better for her to be closer.

Maybe my plan will work, maybe not.  But I'll give it a solid try given that housing costs $10k annually....freaking ridiculous.

Thanks for the comments!

bump

just want to keep it near the top assuming all bp folks will check in every few days, not daily...

Bump.

Gonna bump...

Maybe you own the multi-family and want to sell it.

Maybe you're a bird dog and you can find one for me.

Maybe you're a realtor and you know of one.

Whatever the case may be, I'm looking for a multi in the San Marcos area that I can rehab and get my kid in it next year.  Student housing is a rip off and I'm looking to house her and offset some of the property costs, as well as some of her school costs.  But I need to find a property first.

Thanks!