All Forum Posts by: Ari Newman

@John Warren yes, havent closed yet. Seller's health is failing so timing is of the essence and I dont want to delay. There are also close to $40k in tax (& other) liens on the property. I'm concerned that one of the creditors will start foreclosure if I wait too long to close...

I'm under contract to purchase a SFR in Atlanta. The current tenant is owners daughter and has been living in home for 12+ yrs not paying rent. It appears there was never a lease agreement but a verbal of $200 / month. When I take posession, I know that in GA I need to give 60 days notice to terminate. However, GA law says I have the right to collect fair and reasonable rent and that if tenant defaults on payments I can file for dispossession immediately. If they dont agree to sign an Estoppel agreement stating the terms of original rental agreement and they dont sign a new lease with me, What can I do? (Aside from waiting 60 days) My goal is to have them out ASAP and cash for keys hasnt worked so far. Has anyone dealt with a similar situation?

I'm not familiar with all the exchange guidelines.  For example, if I were to sell a property and net $50,000 profit, could I elect to exchange $40K of the proceeds towards a new purchase, pay short-term cap gains on $10K and keep the balance?  Or are you required to exchange ALL the net proceeds from the sale?

thanks

@Rick Baggenstoss Thanks Rick!  Going to DM today?

does anyone know where I could see sewer easements for city of Atlanta properties online?  I've looked at the city GIS maps database but havent found anything there.

Thanks

That's what I thought.  Thanks for clarifying.

Ari

I'm hoping someone could provide clarity on a potential prohibited transaction inside a retirement account.  (For this example, a Coverdell Education Savings Account, CESA)  

I'm basically trying to purchase and then resell a property in a CESA.  The CESA admin will submit the earnest money to the title company, and take title in it's name "FBO...my account".  I'm concerned that if I can't get all the private money I need to cover the purchase, closing, etc. I'll need to do the deal outside of the CESA.  So the question:  Is it prohibited for the CESA to assign the contract to me for 0$ ?  The CESA would need to get the earnest money back at closing, but aside from that, the CESA isn't making or losing any money in this deal. (aside from wire fees)  I know that I can't get it under contract and assign to the CESA, but is the reverse also true?

Thanks,

Ari

Will a typical FHA lender (and title insurance co.) allow title to transfer "subject-to" an option secured by mortgage on the title? If an option or Wrap (secured by mortgage) attaches to title @ closing after the 1st mortgage, does the 1st even know (or care)? What protects the option from other debt being encumbered on the property? Specific language in the option itself?

Ari

Hello,

We are using QB desktop Pro 2017.  Our PM provides a detailed income statement and I'm looking for the best method to post the transactions (gross rents, expenses, etc) instead of the Net we receive.  I've read a few posts on the intuit forum but still didn't seem to find an answer that satisfied me.  Has anyone ever setup a "clearing account" in QB for this purpose?  Basically, this account would mirror the PMs checking account and then net profit would "transfer" to our checking account.  I'm curious to learn how other people document these transactions.

Thanks!

I guess I should mention that the family member is my 70+ yr. Old aunt who lives in Mexico city.  My wife's side of the family is very debt averse as carrying a mortgage is considered risky in their culture. (Ot at least her family) whatever solution I can come up with, I need to be able to sell it in simple terms.