All Forum Posts by: Kim Coffman

If we sell our primary home, which we have owned for over 20, years, would it be subject to capital gains tax if we owner finance?

Thanks for your response. From some things I learned today, I don't think anymore that an easement applies. We talked to someone from city hall today and he assured us that this is actually an undeveloped road, that the city has it platted as a road, and the city considers it a road, even though when you actually view the property, the road appears to be just a grassy field. He said if we buy that property, the city cannot deny us the right to build there and that the city would have to build a road. So although the land looks landlocked at first glance, it isn't really. I had wondered why the agent was suggesting a quitclaim and actually thought a special warranty deed was more appropriate, so thank you for confirming my thoughts.

I'm looking to purchase a property that comes with an additional piece of property that is separated by undeveloped city streets, supposedly making it landlocked. The agent wants to do a quitclaim deed on this second piece of property. But then she made the comment that we wouldn't be able to sell it for 5 years. Has anybody ever heard of this? 

Although there is not street, it is indicated on the plat and the city has an easement. Since there is an easement, is the land really landlocked?

Thanks for any input.

We found an off-market property with 10% down. This property will not cash flow but comes with a highly sought after acre lot. This lot is very near to a future development site. Since we are new to rental real estate, we're just looking for thoughts, inputs, the opinions of more experienced people.