All Forum Posts by: Sharon Wu

Michael, I have the team.  Let's meet virtually see if we are good fit. 

You need to talk to CPA first regarding to the income tax, gifted tax or capital gain issues.  

You might also want to find out when your mom inherited from your grandma whether she notified the county assessor office regarding to the property tax issue before you talk to your CPA. 

@Ryan Espinosa 

Newly passed Proposition 19 will have potentially severe financial consequences for children inheriting property from their parents. If you "purchase" the property, county assessor office usually assess the property value base on the your purchase price.  You can contact the assessor office where your subject property located. 

Thanks for everyone's input here.  I was researching Jack's Land Flipping course and found this post before I scheduled my appointment with their sales.  I know it's probably going to be a big purchase and surely like to know more and prepared about what kind of battle I am getting into.  Hope @Lin Ding @Adam Harrison @Enrique Reyes can come back her to give us more about their insights. 

@Douglas Wells I am a California Realtor.  Unlike the regular house, some land lot they only have APN number, no house number.  Generally speaking, those properties generate error messages without address when they get into the websites, such as Zillow, Redfin, Google map,...most general public search on.  Unless you know how the APN works, it would be hard for consumer to locate the land properties in California, and don't even mention how to find the land owners' information.  One thing I agree with Jack working in real estate industry for more than 20 years is that NOT many realtors know how to work with land.  

I won't do ADU unless I plan to hold it for long time. I'll let the buyer do it.

Typically if you are planning to hold for long term, you should get your return faster than the existing house.  

To me, the good income and no fraud history goes before the credit.  Bad credit usually gives me a good reason to ask for more deposit.  Make sure you check do your due diligence and verify what they put down on paper is true.  And make sure they have the ability to pay you is more important than just having the good credit.  

Oh, no, I am going to miss it this week.  But I can make it next week.  Hope to see you next week. 

Interested!  Would love to join next meet. 

@kevin Moules ,1. Income 2. Depreciation 3. Equity 4. Appreciation 5. Leverage 

They all have good and bad point and everyone have their own different situation. You just need to balance according to your own condition.