All Forum Posts by: Craig Jeppesen

It has to be your principle residence where you reside; traveling for work or pleasure has no bearing. Don’t think much into it. If you are going to live in a property you can do a lower down payment. If it is an investment it requires a large down payment. Don’t lie to your lender. It is called fraud.

I have not been threatened suit from a tenant, but a few times by the developer of the neighborhood I live in. He is a bully. I always document our communication and send everything certified mail with him. he has two sets of neighborhood covenants, the ones I signed and live by and the ones in his head. I don’t lose sleep by it but I do make sure I read my covenants any time I am going to do a project. I would only worry about a suit if you did not rent to someone based on fair housing laws.

I believe in owning your personal residence first before investing in real estate, but I also don’t think you guys should be buying anything together until you are married. I would keep saving until you marry and then buy something that meets your needs but where the PMT allows you to keep saving each month for investing. Keep out of consumer debt and keep 3-6 months of expenses in a savings account, use all other money and savings to purchase as many properties as you want and then pay them off by snowballing with all your cashflow. 

Option1 have seller take care of it,

Option 2 take care of mold yourselve after you close by removing Sheetrock, scrubbing mold of any framing, seal with kilz and do a mold test after a few days

Option 3 get more bids

Option 4 have seller reduce price and pay for mold after you close 

Option 5 walk away

Just download the excel template amortization schedule.

@Gustavo Rodriguez Pay off the debt. I would go into super cheap mode and put every penny to get out if debt as soon as you can. Sacrifice now for a better tomorrow. Sell or downsize a car if it helps. The only thing that you could do is purchase an inexpensive duplex with a low down payment and live in one side and rent out the other. This would free up your $1600 or so in rent to help pay the debt down sooner.

Choices:

Sell and pay capital gains now 

Sell with 1031 exchange and defer gain

Sell and invest in opportunity zone

Sell at a loss and pay no taxes( I don’t recommend this unless selling to me) haha.

You can avoid paying capital gains tax up to a $250k gain if single and $500 k if married if you lived in the home 2 out of 5 years.. you also can only take this tax break every two years. It appears one of the homes has only been lived in 1 out of the last 5 years. If that is the case you would have some capital gains tax to pay if you sell at a gain. If you want to avoid capital gains sell the house you have been living in the past four years and move back into the other house for two years and then you can sell that one as well. talk to your CPA with all the details of your homes.

First, I am assuming you are talking about property taxes. Property taxes are based on the county appraising your home. It really has nothing to do with selling it to yourself and to your son, but based on the entire market in your area. A refinance would not affect prop taxes either; the bank is appraising you not the county. The county reappraised your property every so many years based on the entire market in your area.

Now if you are talking about capital gains, you would have a loss for tax purposes but your son wouldn’t have any basis and would have a huge gain when he sells it. If it passes to him when you die his basis will be the higher of your basis or current market value when you pass which is a better deal for taxes.

You could pay with cash or heloc and then do a loan refinance after you own it, otherwise you are being dishonest to the seller.