All Forum Posts by: Lori Vines

situation: Friend is considering giving another friend a house, they have no family relation (but are close like family-obviously) ..... before proceeding they're both asking if there is a gift tax or any tax implications that the new owner will 'inherit' with this gift?  Home is in Texas.

Hi Ryan

Have you considered doing a cash out refinance option with that equity you have? Then you can hold the property, lease it out while simultaneously using the equity to help with the purchase in NB area, which is more affordable than Austin.  Win win have your cake and eat it too

Let me know if you have any questions 

Feel free to PM me

@Brandon Hall

Thank you for replying so promptly, yes, with technology these days, I'm not too concerned about distance- I'm more concerned with getting someone who knows what they're doing and will ask me the right questions as I do not know CPA and tax law etc, that's why I'm hiring a professional that is working for me to get me the most tax savings and the right strategies on board for the big picture. My recently deceased CPA owned many many rental properties and worked for the IRS for many many years as well and was great with 'what I didn't know I didn't know' things. My strategy is thus far -I'm a buy and hold type of gal. I found BP last year and have purchased 3 SFR properties since then and they are performing really well. I haven't posted about it on here yet, but I guess I just did :)

Hi BP

I'm looking for a great CPA, investor friendly, in the Austin area (although I would go outside of Austin if it is worth it) preferably specializing in Real Estate, self-employed etc....

Unfortunately, my CPA just passed away.  He was a fabulous human being, taxes and all else aside, and he will be missed by so many.

Under the gun now to beat the Oct extension deadline as I'm sure many of us are.

Please send me your contact information and brief description of your experience and how your referral commission structure works (if you are a Realtor) or your experience with the person you're referring (if you're not) 

I have a client to refer (I am a licensed Realtor)

thanks!

Thanks James!  I assumed so, but this business doesn't do so well on assumptions :) so I'm dotting i's and crossing t's to be sure all is above board and humbly acknowledging that I don't know what I don't know since I'm in unchartered territory for myself.  

Appreciate it!

Texas American is my preferred Title company :), so they are already on my list of who to call first thing in the morning.. they do a lot of commercial at Patton Law firm so I'm sure I'll get some questions answered and I've contacted  a RE atty as well to see what he says.  I appreciate the feedback Kathy and Bill. 

Hi all, 

I have an opportunity to work an owner finance deal for my Seller client.  We have secured a qualified buyer and both buyer and seller have come to terms (price, down payment, int rate, amortization, closing date etc) so my questions lie in the 'how to' technicalities since I've only ever done traditional.  

1) Do I need to find an 'investor friendly' title company to handle this? (We're in Austin, Texas)

2) are the taxes usually paid in the owner financing monthly mortgage payment? (seller prefers it this way so they know they are paid. and the new owner gets their own home owners insurance?

3) Will the title company prorate taxes etc like they do on a traditional transaction??  

Basically, I'm concerned about the 'how to' part of the deal.  I have the parties, the deal, and terms that are agreed on but I'm not sure of the sellers closing costs and I want to put together a net sheet so its clear.  Seller would still pay for owners title policy and doc prep I'm assuming, but since no lender is involved would an investor friendly title company have an atty draw the docs up and/or close it?

Any practical 'how to' advice or best practices is appreciated.  Or people here in Austin that I could talk to that could walk me through the process?  

I'm not trying to flip

I'm a buy and hold gal (for now)

Just wanting to buy without 20% at the moment 

True on the HM, as soon as I hit send I thought.. 'now that makes no sense!' haha

value 200K

their bottom line 190

I'm wanting 180K with no realtor fees like they're selling to me as a FSBO so it still matches their bottom line as that's what they'd get if they sold it on mls

I will have 20% true in the next 60 days but they don't want to wait 60 days...and pay 2 mortgages. I'm going to list it soon but had the thought late last night... wait a minute, there's got to be a way I can get this w/o 20% down etc..  so I put it out here..

trad lender wants 20% plus closing costs plus 6 months reserves plus pay off my IRS so that leaves me cash poor and too uncomfortable..... and it would probably already be sold on the retail market and closed by then..   If I can get in for 5-10% down someway, I could swing the additional equity over the next few months and get the sellers and the IRS  paid off but the timeline is now or never...  and since I've never done anything but traditional.. I'm just putting it out there..