All Forum Posts by: Wesley Hoover

@Dave Foster and @Michael Plaks, thanks for the great answers!

What would you say the percentage of CPAs out there are familiar with REI and using these strategies?

I am currently reading the Loopholes of Real Estate by Garret Sutton, and a question I have popped up. If I am purchasing property B using the gains I have from selling property A, does all of the gains acquired have to go into the down payment or could they go towards repair costs? For example: If I sold property A for $130,000 and bought it at $100,000, could I break up the $30,000 into property B? Put $20,000 down to purchase then the remaining $10,000 towards a new HVAC or roof?

@Michael Plaks

I have the seller's best interest in mind. We are negotiating the best options for both parties here.

Is there a tax deduction/protection strategy for a 67 year old to hold a note on a capital gains tax? For instance will the seller pay less in taxes on the income he makes from 3k a month as opposed to a bulk payment of 500k? With a yearly salary of 400k a year already.

I have a seller who is looking for 575k on a property, but he only wants it in cash. I have a buyer who is willing to go 500k 10% down, 30 year 5% APR with a 5 year balloon loan. The seller will be getting more than what he is asking. He is older and doesnt want to wait 5 years to get his money back. What is a good financing strategy to meet in the middle here?

Okay BP, so I have a situation where I have an estate under probate and a motivated investor who wants to buy it. He told me he will pay 15k for the property. The attorney requires I pay for an appraisal with my own money and that in order to purchase the property I have to pay 100% appraised value. The appraisal came through at 6,500. I want to simply have the buyer buy it from the court for 6,500 and charge an assignment fee of 5k. Do I need to put that into the buy sale agreement with the court? or can I just keep a seperate contract between me and the buyer? Also, if anyone could send a link for buy-sell as is contracts or assignment contracts please send it my way!

@Mike Cumbie

Thanks for your help. Do you think suggesting an offer price based off of the appraised value through the county records? Or should I just suck it up and buy a legitimate apprasal on all three properties?

@Mark Pedroza

Thank you for the info. So for my situation, would you recommend I personally pay for an appraisal and is an offer of 100% appraisal value really necessary in order for the court to approve the sell?

I meant to say contract in the title.

I have an attorney holding 3 properties in a probate situation. I have an investor interested in purchasing all of these properties at once and wants me to get them under contract. The attorney will not agree on a contract until an appraisal is done and says that he will not agree for anything less than 100% of the appraised value. Is this normal? Who should pay for the appraisal and when should I get a contract?