All Forum Posts by: Susan O.

I was wondering because of the "trader status" if you sell too much real estate if it's better to put the word Apartments or Rentals in the name instead of a generic name

Like Outback Apartments LLC instead of Just Outback LLC so it shows that your 'intent was to hold it long term'. Shows more proof?

This is because I hear if you buy and sell properties often in one LLC you can be hit with IRS 'trader status' making it so you get taxed on short term capital gains ordinary income VS long term capital gains. When you sell even a rental.

This is why we need to be politically active and contact our local city councils and state politicians.  In 2020 the tenants groups will be pushing for statewide rent controls..

https://www.sfchronicle.com/politics/article/Rent-control-back-on-California-s-agenda-with-13688715.php

Her's some rent control study

https://www.nmhc.org/globalassets/knowledge-library/rent-control-literature-review-final2.pdf

THE ECONOMIST 2018

https://www.economist.com/united-states/2018/11/03/rent-control-is-a-hot-button-issue-in-california-again

https://www.economist.com/united-states/2018/11/03/rent-control-is-a-hot-button-issue-in-california-again

The ECONOMIST

Yes he wants to voluntarily take himself off the deed.  He just did me a favor to get me a loan.  

He actually wants to get off the deed.

It's a Tenant in common,

I use the house like it's 100% mine. I pay mortgage, I live here, i pay all property taxes and insurance and utilities.  Mike just wants to get off the deed now that he helped me qualify for the loan.

I'm more concerned about--

1. paying property tax increase

2. any other issues with taking someone off a deed 

Mike asked me to just quitclaim him off of it

I hear that Roth are the best type of IRA or retirement account because taxes might be a lot more in the future. Like right now capital gains is 15-20% but in the future if we turn more liberal or a progressive changes capital gains taxes it might be as high as 40-50% So it's a good idea to do Roth IRA or investing so you don't pay on future gains and get taxed now at lower rates

When I purchased my house I had a cosigner who the bank forced me to put on title of a property.  This was in 2017

The cosigner who's on title now still I wanted to remove

How can I do this just with aquitclaim?

Right now it's Me + mike as tenants in common and I just want to remove Mike from it.   Can this be done in California without triggering a reassessment of property tax or any other negatives?

Mike has not been a part of the purchase besides using his name.  He did not contribute money besides a small loan to this property 

https://www.ocregister.com/2018/05/02/reaming-owners-and-other-renters-with-rent-control/

These things can hurt home owners too because theres less value and more red tapes

 Thanks George I went on E Trade and it seemd pretty simple.  

If I do Roth I pay taxes first then don't pay on the gains right George?

I'd like to do diversification and buy some stocks I only have real estate and no pensions.  I'm scared that I might not have enough for retirement because of rent controls

https://www.mercurynews.com/2017/11/02/rent-control-policy-likely-fueled-the-gentrification-of-san-francisco-study-finds/

Rent control

The city council in Long Beach is passing rent controls.  

They're starting with small controls like special PHRIP inspections and rent caps at 10% and  4-6,000$ rent pay offs and tenant relocation assistance of $4000-$6000

They are waiting to do Single family and once the CA state senant votes on Costa Hawkins in 2020.  This is when the state will be a supermajority super liberal agenda.  They want to do this because rent control gets votes because people like price caps.  Even though price caps result in long term less inventory.  Then theres less affordable housing and only big developers who do luxury apartments.  The state is pusshing out small landlords and small investors like those on biggerpockets and small house hackers

http://www.tenantstogether.org/resources/housing-long-beach tenant union group with big money from unions promoting rent control. They're actually pushing for 2020 full california rent control on SFR and condos too. They're trying to repeal Costa Hawkins and to cancel the prop 13 property tax caps

https://ocweekly.com/rent-control-wont-be-on-the-november-ballot-in-santa-ana-but-activists-press-on/

OC Santa Ana

http://freakonomics.com/podcast/rent-control/

Also see the Stanford study on rent control 

https://www.mercurynews.com/2017/11/02/rent-control-policy-likely-fueled-the-gentrification-of-san-francisco-study-finds/

This stanford study states that rent control causes less affordable housing and less housing stock.  low inventory is due to things like rent control