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27 September 2024 | 4 replies
Failure by the Buyer to so notify the Seller and/or Seller’s Broker in writing, within the calendar days, shall constitute an election by the Buyer to proceed with the transaction.As @Nathan Gesner mentioned, an estoppel agreement is a great thing to get but I have rarely been able to convince a seller to get that from their tenants during a purchase and you could put yourself at a disadvantage when bidding on properties by requiring the seller to get this
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30 September 2024 | 12 replies
Now, if you’ve never done this type of development before, let me fill you in: you have to identify and (the jurisdiction will) relocate any human remains before proceeding with construction.
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24 September 2024 | 12 replies
I truly hate bashing a company, but I feel I owe it to save anyone who may be on the fence from wasting $5 -7.5k and months of their life.
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25 September 2024 | 14 replies
Your brother-in-law’s 10% ownership won’t affect your ability to claim this exclusion on your portion.Unfortunately, the option to roll proceeds into another property (like a 1031 exchange) only applies to investment properties, not personal residences.You’re likely eligible for the exclusion, but I recommend confirming with a Tennessee tax professional for any specific state tax issues and to verify your status with overseas residency.Let me know if you need more guidance on this or related financing!
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26 September 2024 | 10 replies
I don't think this is a good idea for the sole fact that you intend on selling after his passing.Once they pass (which I hope is a long time from now), those who inherit the house will benefit from the step up tax basis, meaning the net proceeds could be TAX FREE.
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26 September 2024 | 0 replies
Our plan is to use the loan proceeds to acquire more properties How did you add value to the deal?
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25 September 2024 | 8 replies
I'm hesitant to proceed without legal advice.
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26 September 2024 | 9 replies
After paying the tax, you can transfer the proceeds to your partner.However, Technically you should have filed partnership tax return where he would have recognized his portion of yearly activities and sale at the end.This post does not create a CPA-Client relationship.
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26 September 2024 | 2 replies
Lately I have been hearing a lot about his method of using a HELOC loan and using the proceeds from that as a down payment for multi units.
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25 September 2024 | 2 replies
How would you proceed with this?