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All Forum Posts by: Lijuan Wei

Lijuan Wei has started 5 posts and replied 12 times.

Post: Renegotiation after inspection

Lijuan WeiPosted
  • 35906
  • Posts 12
  • Votes 0

Thanks. It is a FSBO. I would like to try to renegotiate on it. Just want to make sure that is something people do bring up. And not call it cosmetics 😜

Post: Renegotiation after inspection

Lijuan WeiPosted
  • 35906
  • Posts 12
  • Votes 0

The inspection should the back of the house which the seller added a screened porch on does not have gutters. Can I ask the seller to add them on before closing? Or do buyer normally pay for them? 

Originally posted by @Fred Moskowitz:

@Lijuan Wei I highly recommend that you consult with a CPA or tax professional who can evaluate your tax returns, your rental property sale transaction in 2018, any depreciation recapture, and taxes on your note income. They will provide guidance about how to straighten that out.

Don't try to save money by doing this yourself, it will absolutely cost you more in the long run. 

So if I get a CPA this year. They can still fix anything I didn’t do right 2018? 

Originally posted by @Bill B.:

“Hopefully” your loss was greater than your depreciation recapture or they could easily come after you for that as well...(3.636% of the building value every year it was a rental, so it could be a big number on a long term rental.) if you didn’t declare the depreciation that alone probably would have more than paid the cost of having a professional do your taxes and you still wouldn’t be paying it back if it was a big loss. 

Oh wow I have no idea. I did my tax on turbo tax with there live CPA help. No one mentioned about depreciation recapture. We bought the house in 2010 and lived there couple of years. And then it was sitting there most of the time. Only was rented out off and on for about 3 years before we sold it 2018. We bought it for 104,000 sold it for 90,000. 

Originally posted by @Bill B.:

Ps. Did it figure capital gains and depreciation recapture in there as well?

I was sold last year at a lost. Oh I should say year before last year. Sorry. 2018.  I didn’t do depreciation recapture cause I don’t know how to😜. So now I am just left with the note income and interest to pay tax

Sold my rental house owner financing last year. This year’s mortgage note interested income is $4312. After put it in turbo tax. 700was charged for federal and state tax together. Does that sound right? I feel like that is toooo high. It is like putting my 5.5% mortgage note to only 4.4%....

Post: How do auctions work?

Lijuan WeiPosted
  • 35906
  • Posts 12
  • Votes 0

I found a house listed as auction on zillow and it does have a auction date listed as 3-12-2020. I have no experience with auction at all. Would someone tell me a little about auction? Do I need an agent? If it listed as auction, can I leave a note in their mailbox and make an offer?

When you use BRRRR, what kind of loan do you get? I have been asking different banks and loan offices. They all give me a high interest rate 4.75 or above for business loan after they heard me say it is a investment property. Seasoning time is different 6-12m. But the interest rate is too high to leave any cash flow. Would anyone tell me what do you tell them when you getting a loan for refinance? Thanks!

Originally posted by @Chris Szepessy:

I agree that the house is old. When I sold it, the roof is 8 years. A/C and heating I am not sure the age. But I do know when I let the heating and cooling people come to change the thermostat couple of month before I sold it, I let them checked on the unit. And was told they runs just fine. May be about to be its life span. These just part of the problem that she was telling me. She didn't fix things in a timely manner. That is why they are getting worse. That is what make me worry. I do agree taking it back maybe a better idea. But now she wants to keep it now.... I didn't want to push her too much on this. since I don't want her trash the house before moving out. I think it is better for me fix everything up the RIGHT WAY and keep it as a rental. (I said this because she has been letting her father fixing stuff to keep minimum cost but the result hasn't been good)I did tell her if she keep pushing on the boundaries then she has to move out.  

Originally posted by @Nathan Gesner:

@Lijuan Wei I didn't read your entire post because there's only one good answer: hire an attorney.

Your buyer knows you are inexperienced. They're seeing how far they can push the boundaries instead of taking the agreement seriously. You've allowed it to happen which means there is a very good chance you will continue to allow this to happen or make new mistakes.

Hire an attorney. Make all communication through the attorney. This will let the Buyer know you are serious and they will either straighten up or you can take the property back.

Do this today. 

 Thanks for the advises. I DID get a lawyer to ask advises. It just seems to be once I am done talking to the lawyer, the buyer came up with some different. And my lawyer refuse to answer my questions in a email. So I need to schedule app and get billed every question I ask. I feel like last time I was in the office max 45min, and got billed for an hour and half. This is a family recommendation by the way. I am not saying the lawyer is trying to over charge me. I just don't know if this is what will happen every time I have a question. I did tell the buyer that I am OK take the house back. Cause I think it will only go worse from here. She is telling me she just painted the rooms and have plans to stay there if all possible. I think she just use moving out as a excuse to get me into OKing all her behavior and pushing the boundaries further. I told her that I can let her stay only if she follow the due days and requirements that stated on the contract. If this happen again, we will need to sit down and talk about her moving out.