All Forum Posts by: Tommy Hopkins

Hi @Nicholas Aiola, 

I've got a scenario question regarding taxes on profit for a homestead in Texas.

Lets say a couple buys a home in 2012 for $400,000.  Couple gets divorced in 2022, and wife keeps home.  Couple agree value is $700,000 ($300,000 profit).  Wife refinances and pays husband his $350,000 share.  I think a couple can make $500,000 tax free profit here and all will be fine on the husband's tax return.

The question is in regards to the future. Assuming tax laws currently in place don't change, lets say the wife sells the house in 2027 for $1,000,000 and is still single.

How is the basis effected?  Does it reset in 2022 at $700,000 so she can get another $250,000 profit tax free?

If so, how and where does the $700,000 value get documented?  

Thanks for your help

Tommy

Hey @Cody L. and @Derek Jones ,   I appreciate you guys taking the time to provide feedback. 

I was hoping for leads to specific brokerages that actively operate in the investment space.   

Cody, I'm curious, it seems you may know more about NB Elite than just their existence.  Please let me know more here.  

Thanks again, 

Tommy

Hello, I'm an investor looking for a broker to hang a realtor license in Houston, TX.  

I need broker who is willing to have investor-agents and does not require traditional buyer/seller agent transactions.

Any suggestions appreciated.

Tommy

Hey James, any luck finding a broker to hang your license?

Looking for thoughts on a home that flooded during Hurricane Harvey with Cellulose Wall Insulation.

The Facts:

Townhome unit took on 4 feet of water and sat for 2 weeks (not sure of time line for water height over those 2 weeks, but think it sat for at least 1 week at 4 feet). 

Manditory evacuation while flooded.

This is a 2 story townhome with a shared wall.

Sheet rock and cellulose insulation were 98% removed up to about 7 feet after 2 weeks when owner allowed back in unit.  Cellulose seems to be sticking a bit to brick and studs/nails.  Work done by family not professionals.

Barrier between units is fire board (not brick) and from the looks of it I assume it is far from air tight.

Neighbor on shared wall showed me that he had treated for mold and offered free help to this owner, but she refused.  He was not happy she did not allow him to help as he is also concerned about mold spreadding from her unit to his unit.

Electricity is off so AC not able to run and circulate air.

Concerns:

Unit sat without being sprayed since Harvey  3 1/2 months ago.

Mold spores traveling through out the home that I would never be able to get remove completely.   That is, mold traveling into walls up stairs and attic where there is also Cellulose Insulation.   What if mold travels to neighbors unit somehow?

Obviously it should be professionally checked for mold, sprayed to kill what they can access and I get some cerficication it is mold free.  But that seems to be a spot in time check right now.   I'm asking if that could/should be the end of it.  

It all comes down to risk.  I'm asking just what is my risk exposure to mold here?

Thanks

@Courtney Downtain you are right to be concerned.  While we are in Houston and it does not often freeze, pipes do freeze and burst here.  Check if you have bare pipes in the attic, if you do, get them wrapped with pipe insulation.  Even if you have heat on in the house, bare pipes in the attic will freeze and burst.

@Chris Drumm it depends.  What are comps in the area using for flooring?  

I'm not a lawyer and not giving legal advice  -  I'm not a CPA and not giving finical advice  -  Simply my opinions

@Ike Mutabanna

To find a lawyer try checking on the Texas bar website www.texasbar.com

You can choose specialties such as Real Estate and professionals with an office location near you.

My $0.02 on the Series LLC concept - I read David Willis' books - it seems he likes the use of Series LLC's for asset protection. He also suggests your lawyer and your CPA are on the same page - finding that may be a difficult task.

I ended up skipping the Series LLC route to make things easier for me, my Lawyer and CPA.

If separation of assets is desired, it can be done with multiple LLCs at ~$1200 ea. Put as many properties or as much equity in each LLC as desired. Not really a big deal when you consider how much cleaner this approach is.

Hi @David Thompson,  I realize you may be more commercial than residential but do you know of a company similar to REIS that provides similar data for residential markets?

@Jon Q. the inflatable damn is a great concept, but can only protect a for a few feet of flood height.  I think it was Sam Craven who had used a damn like this to protect a house as Harvey came to Houston, but water went over and flooded the house anyway.