All Forum Posts by: Mimi Phan

Hi @Don M.,

Thank you for posting this thread. I am in a similar deal in Cape Coral through Rent to Retirement with the same builder (Delta) so I wanted to share our progress. We closed on the lot in November 2021 and started the construction loan in January 2022. The loan was for a 12-month period as the build was estimated to be around 10 months. However, we are much further behind in construction than anticipated, and the lender just reached to us to let us know that they can no longer continue funding because our loan just expired. We tried contacting Delta but haven't got a response yet on where exactly things are with the construction. Upon contacting Rent to Retirement, we were told by the rep that Delta "cut off" communication with Rent to Retirement and if we choose to continue with Delta Build, we will have to resolve issues with them ourselves as Rent to Retirement can no longer speak on our behalf. We were also told by the Rent to Retirement rep that our lender does not want to continue to work with Delta Build because of the delays. There have definitely more delays for our build than expected, but I am just curious if you have experienced similar delays with Delta? And does your lender have any issues with Delta?

@Zach Lemaster I wish Rent to Retirement would have informed us of the communication issue they had with Delta Build. We were not aware of this at all, and now we feel like we are not getting the support we thought we would get with Rent to Retirement. I am sure we are not the only people experiencing this type of delay/issue. Any advice on how to move forward? Per the Cape Coral permit site, our construction is at the Mono Slab step.

Hi @Shannon Wright and @Rob Duke,

Thank you for your inputs! We'll consult with a real estate attorney about the trust. Sounds like a great way to move forward with helping her managing the property without incurring uncalled-for taxes .

Mimi

Hi Wayne @Wayne Brooks,

Thank you for your input. I'll convey the message to my fiance. His mom is dealing with some personal matters at this time, so she is not in a good state to handle the sale of the condo, and therefore she's relying on my fiance to sell the condo. But if QCD at this time helps with the taxes, then she probably will consider it.

Thank you!

Hello everyone,

I have a question that I hope to get some help with from the BP community. My fiancé has a condo under his name, which he currently occupies as his primary residence. He also has another condo in a senior community under his name, where his mom currently occupies, so it's not an income property.  The senior community condo is owned free and clear, and he said he took title to help manage the paperwork and pay taxes on behalf of his mom, but the equity in the condo belongs to his mom. Now his mom is looking use the equity in the condo to buy a home in a different area. Since the senior community condo is under my fiancé's name and it's not considered a primary residence for him, he most likely will incur income taxes if he sells it. He'd also rather have his mom take title on the next home. My question is - can we do a 1031 exchange to use the equity in the condo for the purchase of the new home so that he and his mom can avoid the income taxes, and then he quitclaims the title of the new home to his mom?

If anyone knows a good real estate CPA in the Orange County (Irvine) area, please let me know.

Thank you in advance for your inputs!

Thank you @Joe Homs, @Jacob Repreza, and @Miguel Castillo for your valuable inputs! I'll check out Keller Williams and H&M Realty Group. 

Joe - you really hit the spot on the mentorship. :)

Mimi

Hello all,

I just got the CA salesperson license this past week. I have a full-time job currently and would just like to use my license to sell and purchase homes for myself and family members. I have two family members that need help with real estate transactions in a couple months (one person wants to sell a condo in Chino Hills  and the other one wants to sell a house in Burbank) so I'd like to get with a brokerage to start getting my feet wet with the ins and outs of the business. I have no prior experience in real estate except for buying my house so I'm looking for a brokerage that offers mentorship and allows for a part-time gig without a lot of fees/costs. Does anyone have any recommendations on a brokerage in Orange County that would fit my needs? I live in Irvine so anything close to Irvine would be great.

Thank you in advance for your inputs.

Mimi