All Forum Posts by: John Jarvis

Hi All,

I bought a rental unit in 2014 where I negotited a seller paid closing cost credit (fixed dollar value) at closing. I am going thru the HUD-1 now figuring out what can be added to basis etc and I'm not sure how to handle the seller credit. Since the seller paid most of my closing costs, do I lose the ability to add the Title Charges to my basis ?

Thanks in Advance for any help!

All, I'm looking for clarification on how expenses are dealt with in the flipping world. I've got an offer in on a potential flip that needs carpet and appliances. As a landlord, I know how to deal with these in a rental (depreciate over 5 years). In a flip transaction, do these become deductible expenses or improvements (added to basis) ?

Hi, I've got some landlord experience but no flipping experience. I've found a deal I like on a condo but there is a rental cap. The numbers work for a cosmetic rehab and flip. In the past when I've researched flips, I recall reading that banks will not loan on a property that has had a title change in the past X months. This would limit my resale audience. Is this still the case ?

Any advice appreciated for a novice flipper :)

Mostly financial need on the partner. If I can cash out some capital gain after having lived in it for 2 years (it was a distressed property when I purchased) and then move it to a shared risk setup - it fits my financial needs better. I don't have the resources to handle the rental on my own if there are significant periods of vacancy or it needs big repairs.

Hi All,

I'm brand new to the site, so I hope I'm posting in the correct forum. I would like to transition my home (which I own in my own name) to a jointly owned rental (with an investing partner) next year. The main consideration on the timing is such that I can capture the capital gains exclusion. What is the best way to do this ? Sell a half share to my partner ? Sell the entire property to myself and my partner ? quit claim a half share for payment ? Has anyone been down this route ?

Thanks
John