All Forum Posts by: Nicholas Creahan

It would be for another investment property. am not too fond of the fact that my HOA is damn near 400 a month. If I can move that to another property or two, that would be ideal! I see you are a Broker in SD, so I will send you a PM. Thank you!

 Lauren, thank you so much for your thoughtful and informative response. This is beyond insightful, I will definitely consult my tax guy! 

I bought it under VA years ago. We met out there and I have not lived there in over 7 years, so that exemption does not apply to us. That would make things a bit easier haha. Are there limits to the amount you can 1031 or am I thinking of the tax exemption of selling a primary residence with those numbers?

Hey all, I am not looking for legal advice, but just general information. I own a condo in San Diego with about 300k of equity in it. I bought this as a primary residence years and years ago, before I met my now wife. I am wondering if we were to sell, does her name need to be on the title of the home so we can use the 1031 amount of transferring up to 500k as a married couple even though she is not on the title or deed? I do not mind adding her to the deed, because the juice is definitely worth the squeeze, but is this allowable? 

Cheers,

Nick

Hey BP community. 

I am selling a small multi family in Cleveland and I got the purchaser agreement from my realtor and there is a “Novation Clause”. I’m not sure what that is… I did some mild research and I’m unclear how it differs from an assignment in wholesaling? I have a lawyer that I’ll pass stuff through, but wanted to ask here as well. Questions I have regarding moving forward: what are the risks of me agreeing with this clause? If they put into contract, can they back out if they cannot find a buyer? They said they are purchasing, but then the agreement states they can change the contract if both parties agree. Just confused, thanks! 

Hey all, I need some advice. I bought a small multi family about a year and a half ago. I am wanting to sell to buy closer to home. I have a buyer wanting to buy the property subject to my existing loan. I understand the concept and I talked to a lawyer for advice. It seems the two options are: 

-Land trust

-title/ deed transfer

With the title transfer, I fear of the Due on Sale Clause. With the land trust, it’s not as inciting to the investor since it doesn’t necessarily give him ownership, which I understand his view point. Has anyone had any mortgage company exercise the due on sale clause or am I overreacting? It just seems as a seller I definitely take more of the risk of selling in the chance that the buyer defaults. Thanks for any information. 

Hey community. I have a deal I need some clarification on financing options. As it sits, it is a triplex with an oversized garage. Am I able to finance with VA/FHA while fixing up the garage and then at the year mark renting out the garage conversion with STR? I know there is an understanding having it be your primary residence. Thanks.

Nick

Really? My realtor told me that, and not that I don’t believe him, I was just confused. Do you know why that is? Thanks for your input!