All Forum Posts by: Kama Ward

"I agree 100% a local mentor would be a much better option I just don't know anyone."

Will, Have you been to your local REI club? You might pick up a mentor there. You could also looks for the we buy houses signs, or ask a friendly realtor to point you to the best investor in town. Try up in Baton Rouge if nothing local works out!

The gurus will always be there! No hurry with them.

You should consult an attorney to make sure this is on the up & up. And maybe a CPA too. The kind of questions you are asking seem like you don't know much and could get into big trouble.

As far as I understand, you must pay some kind of interest. Even between relatives, there is an IRS chart to look up for the minimum rate. Here's an article about it:
http://www.ehow.com/about_5097624_irs-imputed-interest-rules.html
Here's the chart from the IRS, looks like it comes out monthly:
http://www.irs.gov/app/picklist/list/federalRates.html

As far as I understand, If she is single (and it is her primary), she can claim up to 250K gain with no tax. But if she is just getting payments, the gain is not happening all at once... I don't understand how the IRS calculates this.

I know nothing of California capital gains laws, if any exist.

There's also a new rush of elder abuse laws enforcement- that includes financial dealings.

Vanderbilt built a whole town before he built the house to house the people building his house! Try saying that three times fast.

Whew! haha

Welcome! What's your NC connection?

Yes, I have a friend who's father has a big house in FL. Just the taxes are more than 500K per yr. I'd hate to see the insurance! Yet, I'm guessing he 'saves' money because of no income tax.

I'd hate to see the Biltmore House lose it's standing as "America's Largest Home". It's in Asheville and employs ton of people. I know they'll be fine. But they will have to lose the title.

To answer your original question, they can use it to show off how tacky, wasteful, and insecure they are. I'd say that's why most giant edifices get built.

1# is the best by far!
reasons:
a. best entry- you see the 'big and pretty' space as soon as you open the front door- possibly through to the back yard
b. separate master from other bedrooms
c. widest great room- appears more spacious
d. mstr, 2, & 3 bedroom are flexible as where to put window
e. bd 4 has three different places to put the door, depending how you want to emphasis it as bed or office/den
f. bath 2 is most easily accessible to main living area

*worst thing is master entry through dining- no way- entry must be through nook- so juggle around the laundry and wic

2# is not acceptable

3# is ok but not as good as 1#- entry to hall, master next to other bed, great room skinnier, bd 2 & 3 only one side window choice

Speaking as a 'housewife' instead of an investor- I would buy 1# 10 times out of 10- even if it had the master entry through the dining.

I use this knowledge IN ADDITION TO my payment of a professional to do a title search.
If I see a property I am interested in, I usually get on my local GIS/tax/register of deeds site before I even drive by. Knowing how to navigate these sites quickly is invaluable to my investing. (usually less than 10 min per property) In most cases, it will either eliminate a property, or provide valuable information to help in my negotiations.
Just don't use it IN PLACE OF a professional.

If it wasn't three hours away, I would have been there already. May clear the decks and head there on Monday. They haven't even been answering the phone though. Hate to drive 6hrs for a closed office.

In NC, every transaction has to be with an attorney (no escrow companies). Regular transactions are a bottom of the barrel law practice, so you run into lots of one lawyer office mediocrity. I'm not sure that's what's happening here though.

Good to know Raymond. I'll proceed as if that is the solution, and will get that contact if it looks like it might go the other way!