All Forum Posts by: Cody Cuvillier

Hey Bigger Pockets Community,

I bought a quadplex in 2018 as an investment property. I bought the property off-market and was able to buy it for $192,000 with 25% down using a conventional loan. My father recently sold his house and my plan was to sell him the quadplex for what I paid. He would use the property as a retirement house hack. 

The property is worth around $265,000 now, which is great for me. However, the way I understand the tax code is that if I sell my father the property for $192,000, then I am essentially gifting him $73,000 of equity. He cannot afford to pay taxes on this amount. I am trying to figure out the best way to sell him the property without incurring a massive tax penalty. We would like the property to be in his name, so he can have all the tax benefits of being a homeowner.

We are also open to adding him to the current deed, so we become joint tenants. Then, we can essentially become partners on the property, even though he will be living on the property and receiving all tax benefits. I am not sure it the mortgage company will have issue with this.

Any advice will help. My next step is contacting a real estate attorney, but I was hoping to save the money with some great Bigger Pockets insights.

Thanks,

Cody Cuvillier

My wife and I have acquired some parcels of raw land in Elko County, NV. We started marketing on various websites such as Craigslist, but we are using generic Google Earth images and plot maps. Many investors seem to be using photographers to take photos of each individual parcel. Our photo game is weak and we know that a great image can attract many potential buyers. Does anyone have a photographer in the Elko area that they can recommend or tips on how to find one in the area?

I came to an agreement with a widow on the sale price of a piece of raw land. However, the property is in her husband's name and she is not on the deed. I called the county assessor, who said the seller would need to complete a mini probate with a state certified attorney. The seller has a fixed income and does not have enough money to pay attorney fees. I offered to cover the fees and subtract the fees from the offer price. I would like to make the process as easy as possible on the seller. Does anyone have any advice or experience for a probate situation like this?

Thanks a lot Jake. I have had the same experience with my single-family notes. I have never been asked about the interest rate. Most of the time the buyers only care about the monthly payments. It is good to know that there are some similarities in the deal structures. 

Hey everyone,

I am trying to get into the raw land flipping game. I have some previous experience with single-family flips, wholesales, and rental properties. With my single-family properties, I always preferred to sell them owner finance (my area had little to no appreciation). The structure of those amortized notes had longer terms and higher interest rates without early payoff penalties. How is raw land financing generally structured? What are the terms, interest rates, etc? I am assuming shorter terms around five years with high interest rates.