All Forum Posts by: Brandon Sok

I am looking to purchase a package of properties in Ohio. The owner is interested in owner financing but has questions about the tax implications for him and how the gains would be handled.

Details: 

• 2 parcels
  • 1 single family home (worth approx. 80k) has 60k in equity
  • 1 duplex (worth about 100k) owns free and clear
• Wants to sell both as a package

Lets say I offer to buy for 170k with following terms:

• 20 Years at 5%
• 5k down

What will he pay on capital gains each year? What other details pertain to his tax liability?

Thanks!!

Welcome to BP! My wife and I are about to close on our 1st investment property and it'll be an owner occupied duplex in Cedarville.  

@Brian Person I connected w/ your dad on another post.  We currently live in Xenia and were looking around at various properties there as well.

My wife and I are soon going to be closing on our 1st deal.  It is a duplex and we'll be doing a live in flip on the bottom and renting top.  It's a college town and we've found renters for the month following the closing date (expected to close in next couple weeks).  We are needing to make <$7000 in repairs but would prefer not to use our reserve cash.  Cash won't problem 2 months from now.

Ideas for financing repairs/materials or finding ways to delay payments for a few months?

@Ariel S. What plan did you all put together? My wife and I are in a similar situation. We're trying to find a way to use little out of pocket cash for repairs on the duplex we currently have under contract. Thanks!

@Carly Young Doug Root in Miamisburg is really good.  He is an investor and works with multiple investors.

My wife and I are looking at doing a live in flip then renting.  Interested in a single family or a duplex.  If you're a cash buyer I think Xenia is a good market to add rentals to a portfolio.  Discounted houses can be found and renters seem to be plentiful. 

@Mike Creswell @Randy Person Drake Dr and the surrounding neighborhood is a great rental market! 

A co-worker of mine owns a single family rental property that is currently occupied with a long term tenant. He is open to the idea of Seller Financing. I have a general idea regarding pros and cons but would love insight into the actual process and steps that I need to take to pursue this type of deal.

Resources regarding drawing up terms and contract offer?

How do you analyze whether it is actually a good deal for you as a buyer?

Any help would be greatly appreciated. Thanks!

A co-worker of mine owns a single family rental property that is currently occupied with a long term tenant.  He is open to the idea of Seller Financing.  I have a general idea regarding pros and cons but would love insight into the actual process and steps that I need to take to pursue this type of deal.

Resources regarding drawing up terms and contract offer?

Books/Podcasts?

Any help would be greatly appreciated.  Thanks!

@Account Closed, @Mark Nolan, @Dmitriy Fomichenko, Thanks for the greetings and advice! I've been listening to the podcasts for the past month or so and find them to be very helpful.