All Forum Posts by: Jeffrey Robison

Hi Trevor, I sent you a message about this. 

Yea you should get into the 7's especially with those fees. 

Google NMLS consumer access website. Enter the NMLS # and you can see their violation history and things like that.  

Well you can probably get around $70k out of your $300k property on a HELOC. Depending on the valuation on the other property, you may be able to pull a HELOC on that one as well to get your $100k you're looking for. This is all depending on your credit and income meeting the guidelines of course. There are other options as well. Let me know if you need any help.

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Keep an eye on insurance rates! 😬

Great advice! 

Hi Wes!

For the son to qualify for the $250k exclusion, I believe he would most likely need to meet the ownership and use test, meaning he needs to own and live in the home as his primary residence for at least two of the last five years before the sale. Simply gifting him half the property now wouldn’t immediately allow him to claim the exclusion without fulfilling this residency requirement, I don't believe.

One thought would be to use a HELOC to pull just enough equity out of the current home and use it to buy a smaller home, or at least the down payment. Then rent the bigger home out using a property manager, allowing her to possibly cash flow and maintain that asset and let it continue to grow in value.

Encourage her to consult with a CPA or tax attorney to explore the best strategy tailored to her situation.

It's usually best to open a separate business checking account so your rental income and expenses stay organized and away from personal funds. That makes your bookkeeping easier, and it can also provide liability protection if you hold title in an LLC. If you're unsure about which specific account to choose, ask a local CPA or banker, since every situation can vary. Keeping clean records from day one really helps when tax season rolls around.

Congrats on becoming a licensed Realtor! In Texas, as a licensed agent, you’re generally required to use TREC-approved forms for real estate transactions unless an exception applies, like (I believe) leases longer than 1 year or where no TREC form exists. For renewals, it’s wise to switch to TREC forms to stay compliant.

Regarding disclosure, yes, you should clearly identify yourself as a licensed real estate agent. I would say it would go in the section for "Special Provisions". Check with your broker for guidance. They're a great resource for these situations!