All Forum Posts by: Tyler Brady

Makes sense.. How would I go about starting this conversation with my accountant, being that I can take some depreciation on it? Is there a form or reference I can make to help him know how to do it..

I need to pay off my HM lender.. so it would either be do a HELOC and keep the property or sell the property take a good 100k profit and pay off HM lender then move on.

Looking for ways to keep this property in my portfolio as a long term rental. I asked my accountant if I can deduct anything in the property like depreciation and he said since nothing is in my name tax wise I can't. (Need to double check that) but has anyone been able to take a HELOC out on a subto property they own? Any other advice on this would be helpful too!

 what verbiage would you make sure is in the promissory note? I've only done a promissory note for a private money lender to put them in second position.

@Michael Evans can you explain what you mean? I understand what a balloon is but why would that be a ticking time bomb for a seller finance deal?

@Account Closed not sure on either of your questions. So would you suggest doing a lease option contract with the option to purchase the home after 3 years?

Have a question that may be complicated... so I bought a property sub-to (current mortgage is 458k) I am going to sell the home on seller financing to a retail buyer for 699k. They will put 120k down amortized over 30 years with a 5 year balloon/refinance at 4.5% interest rate. I know how much ill make on the down payment but how do I calculate what interest income ill make monthly/yearly? and how do you manage the end buyer to make sure they do the refinance? I will be using a escrow company that tracks the payments, taxes etc..