All Forum Posts by: Victor Garner

Our tenants of 26 months want to buy the property from us. It's formerly our primary residence, and we would like to sell before the 3 year cutoff to avoid the cap gains tax. If I wait for the tenant to be loan ready, I will miss that cutoff. If I "owner finance" it, is that the same as "selling" it with regards to the Cap Gains tax rules? If not, what kind of contract should I use to recoup that tax hit from the buyer? I'm in Texas, and from what I'm learning a Contract for Deed, Lease to Own deal is likely out of the question. Can I just renew their lease and charge them an upfront non-refundable deposit of 10% of the sales price to protect me in the event they change their mind after the 3 year window closes on me?

Thanks for your inputs!

 Thanks, Corby! I'll check into that.

We put a house under contract that was 75% complete. We planned to keep it as a rental, but someone is offering us a really nice price for it (that's a longer story). How can I "buy" the house and turn around and sell it quickly without incurring all of those lender fees. After all, I'm probably going to pay off the loan before the first payment is due. I don't have the total purchase price in cash, so it seems like I would have to take out a really short term loan, or is there a more clever way to do this?