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12 September 2018 | 14 replies
Always use a warranty deed to avoid any issues with the tittle insurance when transferring tittle.Also, Ive recently learned Fannie Mae allows transfer of tittle to an LLC without accelerating the note...Fannie updated their servicing guide to state:Unless the previous borrower requests a release of liability, the servicer must process the following exempt transactions without reviewing or approving the terms of the transfer:· A transfer of the property to a limited liability company (LLC), provided that § the mortgage loan was purchased or securitized by Fannie Mae on or after June 1, 2016, and the LLC is controlled by the original borrower or the original borrower owns a majority interest in the LLC, and if the transfer results in a permitted change of occupancy type to an investment property, such change does not violate the security instrument (for example, the 12 month occupancy requirement for a principal residence).
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7 September 2018 | 14 replies
That law provides exemptions from enforcement of acceleration clauses including transfers on death and transfers to trusts.I would recommend that you request approval from your lender and expect that most if not all will agree as their collateral is really not being undermined since you are still on the mortgage personally, not the LLC.
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8 September 2018 | 30 replies
@Mark Kuster to qualify for the tax-exempt capital gain treatment in OZ's it would have to be a new build or significant renovation and capital gains would have had to been used to purchase the building through a QOZ Fund.
24 May 2019 | 5 replies
If you've lived in the primary for at least 2 years you should be able to exempt the first $500K of profit tax free.
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22 May 2019 | 12 replies
@Tanya S. you know in my office many of the agents will actually have another agent in the office list and price their property, because we realize that we too are not exempt from mispricing our own properties just like a normal seller would.
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29 May 2019 | 4 replies
You can only benefit from this exemption once every two years.
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30 May 2019 | 7 replies
At the very least have conversations on the phone.That being said with new types of securities exemptions 506 (c), Reg A+ and CF now available there are significantly more opportunities to reach new investors who are in return trying to find quality sponsors.
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30 May 2019 | 2 replies
If you owner occupy, you are able to claim homestead exemption that will lower your tax bill.
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31 May 2019 | 8 replies
Now, if taxed as an S-Corp, you may be able to shield some of that income from self-employment taxes, but you'll still have to pay yourself a reasonable salary first -- that salary will not be exempt from self-employment.