All Forum Posts by: Scott Johnson

I would learn a little bit more about contract law in your state. In North Carolina, any contract is a sign unless it expressly states that it's not for whatever reason.

also, don't be afraid to pay the $300 for an attorney to sit down with you and answer your questions about what you're trying to do.

@Tyler Garza  comparable sales. If a property of similar bedrooms, bathrooms, type, and square footage has sold within the last six months, that is a comparable sale. Use three of those to give you an idea of what your property will sell for.

Sometimes, I'll do a quick and dirty comparable analysis by averaging the value values from Zillow, Realtor, and Redfin. Just keep in mind that it's always better to run a comparable analysis.

Are they all in the same county? Some counties have API as that allow you to access their tax records. Easy and free.

These guys have it lock!

I've been doing this for eight years. 💪🏻 it becomes even more important when you get your brokers license.

It'll be important to know how much taxes you're gonna be paying when you sell it. That way, you don't get blindsided with the tax bill next year.

otherwise, sounds like a pretty cool idea.

@Jay Hinrichs Interesting. So the goal would be just to refi at your original basis each time. 

Do you remember what irs publication that's in? Want to study up on that. But yes. Doe and your heirs get it stepped up.

@Nancy Noether

I like @Chris Seveney and @Shiloh Lundahl's concept for a fast sale that you can do a lease option on. Very creative, but solid.

This also may offer the potential for you to keep your other home and rent it out as an asset, but that's between you and the investor who buys your aunts home to subsequently rent it back to you. 

If your aunt isn't in a big rush, another option may be (I'm not familiar with TX law):

- Pay your aunt for a Right of First Refusal (means you get a chance to buy it before anyone, but has to be notarized by you and your aunt and filed at the courthouse)

- Sell your house on or off market. Whichever allows you enough funds to complete the purchase on her house. Listing on the Open Market normally gets you a higher price.

- Get pre-qualified with a credit union/traditional lender while your home is for sale citing the money you'll get from the sale of your current home as a down payment

- Complete the sale your home and purchase of your aunts home in the same day.