All Forum Posts by: Miriam Velazquez

Quote from @James Chavez:

The next one will be September 2, 2023 from 3:30-5:30pm at Progress Brewing in South El Monte. We won't be having one in August. I have attached the link for the next meetup below.

https://www.biggerpockets.com/...

Come join us at this real estate meetup on 9-2-23 from 3:30pm-5:30pm. This is a casual meetup to meet like minded individuals, network, share ideas and some brews. This meetup is especially for those in El Monte, Montebello, Pico Rivera, Downey, Whittier, Rosemead, and surrounding areas, but all are welcome to join.

This will be a recurring meetup that will occur the first Saturday of every month at Progress Brewing in South El Monte, California. So, mark it on your calendar! (PLEASE NOTE THERE WILL NOT BE A MEETUP IN AUGUST)

If you are planning on attending, please click on the "Attend Event" button within the listing.

Come join us at this real estate meetup on 7-1-23 from 3:30pm-5:30pm. This is a casual meetup to meet like minded individuals, network, share ideas and some brews. This meetup is especially for those in El Monte, Montebello, Pico Rivera, Downey, Whittier, Rosemead, and surrounding areas, but all are welcome to join.

This will be a recurring meetup that will occur the first Saturday of every month at Progress Brewing in South El Monte, California. So, mark it on your calendar!

If you are planning on attending, please click on the "Attend Event" button within the listing.

Come join us at this real estate meetup on 6-3-23 from 3:30pm-5:30pm. This is a casual meetup to meet like minded individuals, network, share ideas and some brews. This meetup is especially for those in El Monte, Montebello, Pico Rivera, Downey, Whittier, Rosemead, and surrounding areas, but all are welcome to join.

This will be a recurring meetup that will occur the first Saturday of every month at Progress Brewing in South El Monte, California. So, mark it on your calendar!

If you are planning on attending, please click on the "Attend Event" button within the listing.

Quote from @Daniel Bither:

@Miriam Velazquez

Thanks for the info. It seems like since I am a grandchild and not a child most of what the q&a’s do not apply to me. We currently live in the home. Were you successful in not triggering a re-assessment? If so, how?

I would continue looking into it because they also have the grandparent-grandchild exclusion. There’s a phone number listed on that website 1-916-274-3350 so you can ask more questions. So I was researching for my mother in law who is still living. She wanted to figure out if there was a way around it. I couldn’t figure out anything with the prop 19. Even if we added my husbands name to the property while she was living, it would trigger a reassessment for his half of the property or the entirety if we remove her name from the title. From what I read the only option is to move in after her passing which we will revisit when the time comes. Luckily her house is paid off so I think we can afford to pay the taxes if need be. Let me know if you find out anything else. I was looking into this about a year ago and the rules weren’t ironed out and I couldn’t get much information. Seems there’s more information now. 

Quote from @Daniel Bither:

I have a question about a property transfer and taxes. To sum it up: What I’m trying to accomplish is to gain ownership of a home without resetting the property taxes to their current value.

The story: My Grandparents (the trustor) made a trust and included their 4 sons as the beneficiaries of the trust. My Father (one of the 4) passed away years ago without any changes made to the trust. I inherited his share. I agreed with my Uncles that I’d be able to purchase the home from them once my grandparents passed away, which they now have. I’ll happily pay my uncles their share of the inheritance in exchange for the home at a fair price that we will agree upon. They are all pretty agreeable and want me to have the home, so no real family drama. As long as they get paid (which they will) I think they are open to all ideas in and out of the box.

The property taxes are set based on a 1950’s rate and if they reset, I’ll have to pay thousands more for every year that I own the home. I’d rather not keep the property in the trust as I imagine it would be hard if not impossible to borrow money from the home while it would be in my deceased grandparent’s names. Same for asking my uncles for their signatures on paperwork for any future changes to the property for permitted work, insurance claims, etc.

For any real estate investors, lawyers, title officers, or anybody else…Is there a way to transfer property while not triggering a tax rate increase? Any other tips/ideas?

The details:

Located in California, Los Angeles county.

Held in a trust

The home is the only real asset in the trust.

Small mortgage, about $50,000 owed.

No other liens.

I looked into this previously. So with Prop 19, California made it very easy to trigger the reassessment. From my understanding you can move into the property to prevent reassessment but once you move out, it will get triggered again. They call this the parent-child (intergenerational) transfer exclusion. I put a link to prop 19 information below. 

https://www.boe.ca.gov/prop19/...

https://www.biggerpockets.com/...

Here is a link for next months meetup in May 2023. 

Come join us at this real estate meetup on 5-6-23 from 3:30pm-5:30pm. This is a casual meetup to meet like minded individuals, network, share ideas and some brews. This meetup is especially for those in El Monte, Montebello, Pico Rivera, Downey, Whittier, Rosemead, and surrounding areas, but all are welcome to join.

This will be a recurring meetup that will occur the first Saturday of every month at Progress Brewing in South El Monte, California. So, mark it on your calendar!

If you are planning on attending, please click on the "Attend Event" button within the listing. 

Looking forward to meeting you today. We will be sitting outside with signs on the tables. 

Quote from @Fe F.:

Thank you!! I plan on attending this one! :)

 Great, see you tomorrow!