All Forum Posts by: Tim Jones

Yu,

Thank you for your reply. That is my understanding as well.

TJ

Hello,

I'm looking to understand the difference between an (FHA, VA, etc) assumable loan and a Subject To (an existing mortgage). Thank you for your time and consideration.

TJ

@Alfredo Munoz

We also live in Cali and my wife lived in McAllen! I never heard of the Chinese place so if anyone can give an address I'd love to check it out on our next visit. 

Cheers

@David Campbell,

I have used Equity Trust Company for my family for a few years now. Not an endorsement, just who I use. They have a ton of educational info on their site. I have both Roth and traditional SDIRAs and my kids have the CESA accounts. We have invested in RE, precious metals, and personal loans backed by RE. There's a fair amount of paperwork involved as they are "just custodians" and you direct them as to the investing. The money in the account and the assets purchased belong to the IRA, not you. It's a separate legal entity with it's own IRS rules. Not super complicated but there's some necessary research to be done. It's been great for us and I recommend this form of tax friendly investing.

Best of luck to you!

TJ

Hi James,

Welcome to the BP community! Don't forget to fill out your member profile...it goes a long way in building transparency and trust. Your other post indicated a fair amount of valuable experience.

Happy investing!

TJ

@Charles D.

If you're looking in Merced you owe it to yourself to speak with Araceli Gomez of Property Team.

Go ahead and ask her tough questions, such as: Do I need an agent to buy a new construction home?

I can't answer that question but any agent should sell their services to a prospective client. I've never bought new so I'm a little ignorant in that area. I always have bought ugly homes and rehabbed them. Araceli has been our agent in multiple flips & primary residences.

Best of luck to you!

TJ

You can mention me & BP...she's familiar with it

@Narinder Gill

To tag on to what Darius said, consult a tax person (maybe together) to see what impact is has on the seller. If the ranch is owner occupied, then the 2 in 5 rule applies to them. You could then structure the seller's finance as a 30/3 loan. That gives you 30 year terms w/3 years in which to refi. It would allow the seller to claim sec 121 tax exemption 3 years later when the balance is paid.

Main point being consult a tax professional before proceeding.

Cheers,

TJ

@Kimberly Ingham, 

I recommend that you get a HELOC now while asset prices are high so that you're ready to strike when an opportunity presents itself. You may run into trouble obtaining one during a downturn in housing.

We live on the Monterey Peninsula so we are in the same boat... pun intended!

Cheers,

TJ

Hi Dan, 

Your post caught my eye as I work in the fire service in the Monterey area.  While I have investment/ flipping experience it is not in this area. I'm moving here next week after commuting for several years.  Reach out when you get here and I'll take you around....maybe see some stations.

TJ

@Michael King

Perhaps your overlooking the simplest comparison of all: the human reaction to fear. Also, you ignored the follow up question regarding recent epidemics in the world. MERS in the Middle East, SARS in S.E. Asia, H1N1, etc