All Forum Posts by: Susan K.
Susan K. has started 23 posts and replied 191 times.
Post: THE Thread on the Final GOP Tax Bill - Q&A
- Real Estate Agent
- Palm Beach Gardens, FL
- Posts 199
- Votes 124
Here is a link from National Assoc of Realtors which I think explains the changes quite well.
Post: What is your morning routine?
- Real Estate Agent
- Palm Beach Gardens, FL
- Posts 199
- Votes 124
7:00 am wake up
7:05 let dog out
7:10 drink water
7:15 eat food
7:20 check MLS # 1 and MLS # 2
8:00 check zillow
8:15 check emails
8:30 check BP, check news, etc.
9:00 go work on rehab at flip house. Sounds exciting huh?
Post: Is Wells Fargo Evil?
- Real Estate Agent
- Palm Beach Gardens, FL
- Posts 199
- Votes 124
The taxes should have been paid at closing, not after. The title company would have had all of this on the HUD when she bought it from the bank, so something is weird. Taxes are very black and white when it comes to closing on a property. This is not something that is dropped on you "later". Something is very off with this.
Post: Real Estate License
- Real Estate Agent
- Palm Beach Gardens, FL
- Posts 199
- Votes 124
I took mine online, that way you can do it as your schedule permits.
Post: whats the best way to find property owners info?
- Real Estate Agent
- Palm Beach Gardens, FL
- Posts 199
- Votes 124
Google and Facebook depending on exactly what you are trying to find out.
Post: GOP Tax Plan - IRS Section 121 update?
- Real Estate Agent
- Palm Beach Gardens, FL
- Posts 199
- Votes 124
Jared,
I Think we need to wait and see exactly what they end up passing. I only know what I read from the Florida Realtors Association article that came out.
Post: GOP Tax Plan - IRS Section 121 update?
- Real Estate Agent
- Palm Beach Gardens, FL
- Posts 199
- Votes 124
Originally posted by @Jared Hazard:
Susan,
Can you help me understand these changes bases on my current situation? I am a aspiring developer in the Bay Area and bought two homes in fast succession as I realized they had great value add opportunities.
Home 1 - Purchased January 2016...lived there until April of 2017
Home 2 - Purchased in April 2017, Currently live here but was going to move back to Home 1 for another 9 months to sell it with our $500K exclusion and then reinvest the proceeds to do a large addition on Home 2.
Under the way the Senate plan was passed, it appears that I will be able to maintain the 2 of 5 year requirement on both houses? I believe you stated that below, but you noted that a "seller with a contract in hand by midnight on Dec 31st would be safe". Wouldn't this be for a BUYER that has a contract in hand that wishes to sell their property in two years instead of five? Maybe I'm just reading this wrong. The text from the approved Senate Bill states "(2) EXCEPTION FOR BINDING CONTRACTS - Paragraph (1)(in regards to the changes of 2/5 to 5/8) shall not apply to any sale or exchange with respect to which there was a written binding contract in effect before January 1, 2018, and at all time thereafter before the sale or exchange." Seems like this is a Grandfather clause for current owners, but I don't understand when is says "and at all time thereafter before(??) the sale of the exchange".
Anyhow, seems crazy to think that all these people that are gearing up to get their properties on the market after two years would be told they'd have to stay another 3 or be taxed heavily. I sure hope this rule is grandfathered for current homeowners! Thanks for any insight!
Jared
I Think we need to wait and see exactly what they end up passing. I only know what I read from the Florida Realtors Association article that came out.
Post: Mail Away Closing does the seller have to wait to receive money
- Real Estate Agent
- Palm Beach Gardens, FL
- Posts 199
- Votes 124
I would have the buyer wire the funds. The title company can verify with the buyer's bank that the wire has been initiated. You can also ask the title company to hold the keys until you receive proof that the buyers have initiated the wire at their bank. If the buyer initiates the wire in the morning then the funds should arrive at the title co a few hours later or at least the same day. Unless they are dealing with some stone age bank the wire should only take a few hours at best.
I had a funding delay once because the closing was on a Friday and the buyer waited to late in the day to initiate the wire. So the transaction was funded on Monday. Since then I try to avoid Friday closings, because if there is a glitch then you have a weekend to wait it out.
These out of state buyers should have also received a preliminary HUD (closing statement) via email so they know the amount needed for the wire. Unless they do not use email which would be rare these days. So really no need to delay funding on their end as long as they have the correct amount to wire.
Post: Where would you invest for multifamily in South Florida?
- Real Estate Agent
- Palm Beach Gardens, FL
- Posts 199
- Votes 124
In North Palm Beach county if I could find a "deal."
Post: GOP Tax Plan - IRS Section 121 update?
- Real Estate Agent
- Palm Beach Gardens, FL
- Posts 199
- Votes 124
This is very unfortunate for my "live in flip" strategy. Guess I'll have to learn to live in a place for longer than 2 or 3 years. My in-laws think we're nomads. lol