All Forum Posts by: Account Closed

Hey guys and gals, anyone know the laws/rules on medicaid qualifications? I have a property that a few sisters inherited, that we're close to agreeing on a price. They're nervous about receiving money that will negatively affect their medicaid status for them and their children. I'm embarassed to admit this, but since I have never been on medicaid, I don't know the income rules and qualifications.

Also, they're nervous about how this will affect their income taxes for 2012. It seems they'd like the money--just not pay the taxes :) I feel the same as them :) If they've inherited this property, can't some sort of value be "assumed" at the new basis? This way they don't show a gain? In truth, it could even lead to a "loss" for them i think..thoughts??

was going to say the same thing Jake Kucheck..we're arguing semantics instead of helping the poster...although this is a cash out refi

Believe it or not, a lot of the older college dorms are built like this..they insulate fairly well...come to think of it, after i moved out of those dorms into a newer apartment, we would have competitions on if you could kick a soccer ball through the sheetrock, throw a baseball, etc. (that's where my sheetrocking lessons began)...never had those problems with the cinder block walls :)

i dont see anything wrong with a personal guarantee..that's pretty standard these days.

any chance to buy the entire property in company name and just rent your space from your company?

hey Dan Inc...didn't know you were on here....curious where this house is?

thanks for all the replies and ideas. yall have given me a lot to think about...i'm meeting with my listing agent tmrw so he can explain to me exactly as he was told..then we can go from there...again, i apprecaite the input, and it gives me some great ideas to discuss with him tmrw :)

this is a new one for me, and wanted to see if anyone else has experienced this, or at least has some ideas... had a flip go on the market, and right away we got a few offers. we're under contract currently, but the backup offer, found out i'm about to start another one just 2 blocks down the road, and have expressed interest at purchasing for the same price before i have even started. i'm not quite sure how to structure this. i don't want them to see the current condition of the home, as i'm not sure if they'll be able to vision the final product, so i haven't given them the exact address yet-just the street. also, it's a little different than new construction, in that not everything will be replaced and brand new. i really don't like the idea of the buyer micro managing the jobsite, and saying he doesnt like this piece of siding or old trim (it's a historic area and i try to maintain the charm by keeping the siding and trim if possible, etc.) any ideas on how to accomplish this?

congrats Daniel Miller i'm happy that bigger pockets was there to help you! hope you stick around :)

thanks James Vermillion...something else...while bank of america was charging me 7 bucks for a cashiers check and 5 for a money order, my small bank doesn't charge for either! that adds up for each closing. :) also, when i had a bunch of rentals and apartments, i would actually drive over to the bank and deposit money each day i collected..on one hand, it was bad scheduling since it's a 30 minute drive each way. however, they would end up seeing me in there about a dozen times a month depositing money...i think it was good for them to see me all the time.... (sometimes, it's good that tenants don't always pay on the first i guess!!) tellers started doing favors for me, i'd stick around and discuss politics, restaurants, etc. the VP started trying to have me buy some of the foreclosures they took back before he listed with a realtor, i met another builder/investor several times there and we chatted a bunch, new lending opened up to me from teh commercial lender the more we chatted and the more he started to loosen up to me..i'm a big believer that the more they see you in a pleasant light, the more you'll both benefit :)