All Forum Posts by: Richard Tyler

Hi everyone. I bought a small commercial property in LA County. The Assessor's Office is doing an assessment on it to determine the new assessed value. They said that per California Revenue and Taxation code, they're asking me to provide them info such as the purchase agreement, rent rolls, etc. to assist them in doing the reappraisal of my property.  In many other counties in California, they don't request this info for the reappraisal of the property. They simply use the purchase price as the new assessed value for the property.

Has anyone ever been asked of this from LA County? What happens if you don't provide them these information? Will they still continue to assess for the new value?  I consider these info be confidential and am reluctant to give all these info to them. Thanks.

I just bought a commercial property in California.  The County is now asking me the questions listed below.  What would happen if I tell the County that there are significant deferred maintenance on the property?  Thanks.

• Was the purchase price $xxx,xxx?  (My answer will be:  YES)
• What was the condition of the property at time of sale? (Poor, fair, average, good, etc.)  (My answer will be: FAIR)
  
• Was there any deferred maintenance? If so, please explain and provide cost estimate
• Do you plan to owner occupy any of the property? If so, which suite(s)? (My answer will be: NO)
  
• Was there any personal property included in the purchase price? (My answer will be: NO)
  
  

I recently bought a rental property under my personal name. I'm the only person on title. Now, I would like to change the title on this property from my personal name into a single-member LLC which I own 100%. On the contract with the previous seller, I have 3 years to file a lawsuit / take actions against the seller if there was any misrepresentation on the deal that comes up within the 3 years after I purchase the property. But if I were to change title of this rental property from my name into my single-member LLC, will this void that 3 year limitation or any agreement I had with that seller?

Thanks Erik for your response.

So the question now would be:  Does anyone know which lenders would do DSCR or Bridge Loan up to $1 million, based on my primary residence's equity and not personal income?  Thanks.

Hello everyone. My primary residence is in California, and I own it free and clear. It should appraise for about 2 million dollars. I'm looking to do a HELOC for $1 million dollars on my primary residence. I've called credit unions and banks. Their max for the HELOC is $500,000 and it will be based on my income. My FICO score is above 800. Does anyone know of any lender that would do a HELOC for up to $1 million dollars on a primary residence and based on the equity alone and NOT based on income? Thanks.

Hi everyone.  I live in California.  I just sold a vacant lot in Oregon that I had owned for 2 years.  I made about $20k in profit in long term capital gains.  On my 1040 form, I have about $30k to write off for my long term capital loss.  My tax person told me that I don't have to pay any federal taxes because I have that write-off.  However, I was told that I need to pay about 8% tax to the State of Oregon for that $20k profit.  

I don't understand why I need to pay taxes to the State of Oregon for that capital gains since I have a long term capital loss on the federal level.  Has anyone here gone through something similar?  Thanks.

The buyer will down 25% for my lot.  The loan duration for the land contract will be for 1 year, at equal  amount of payment per month.  At the end of the 1 year, he will pay me a balloon payment.   The buyer will be getting a construction loan after escrow closing.  So after the closing of escrow, can the buyer start getting permits and build the foundation?  Or does he have to wait until the loan is paid off (a year later) in full to me, the seller, before he can start laying the foundation and then build the house on this lot?  BTW, the site is in Oregon.  Thanks.

Consider this scenario.

The title company handles the sales transaction.  The buyer and seller draft the Land Contract, then signed the Land Contract with notary.   The buyer pays monthly payments to the seller for 5 years, which is the length of the Land Contract.  Within those 5 years, who physically has that notarized Land Contract in his hand?  The seller or the title company?  Who physically transfers the deed over after the 5 years?  The seller or the title company?

Let's say a few years later, the economy tanks, and the price of that property had dropped significantly.  The buyer stops paying the monthly payments and doesn't want that vacant lot anymore.  Also, the seller doesn't want to take this vacant lot back (doesn't want to foreclose on it).  Can the seller still transfer the deed over to the buyer at that time knowing the buyer doens't want that vacant lot anymore?

Thank you, Steven!

Hi, I have a vacant lot that I'm selling FSBO. The buyer is signing a purchase agreement with me, and she wants me to do seller financing for 50% of the purchase price. I've never done a land contract before. Will the title company handle the paper work for the land contract for us after I send them the purchase agreement, and if so, about how much should it cost? If not, does anyone have the link where I can download a general land contract form for vacant land? Thanks.