All Forum Posts by: Derek Bunyard

I'm looking for experienced note service providers for seller-financed loans. If you've had a good experience with one, please share your referral.

Appreciate your help!

Does anyone have lender contact recommendations for DSCR loans in WA? I'm purchasing a 4-plex.

Hi Amanda, 

Thanks for sharing your story.  It sounds like you've learned a lot in a short amount of time. I'm an investor in the Seattle area.  I'd love to know more about the mastermind group you joined if you're open to sharing information about the group.  Thanks.

Hello BP community,

What are the tax consequences of paying off a line of credit that was used to purchase another real estate property?

Here’s an example of what I’m hoping the BP community can help me answer:

Property A

Selling price = $1M

Cost Basis = $400K (purchase price + capital improvements)

Debt = $500K

• * 300K (1st) & $200k (LOC)
  • ** $200K LOC was used to purchase Property B, not for capital improvements

1. 1.  If property A is sold and the profits are used to purchase a new property – call it Property C (via a 1031 exchange), what are the taxable gains for property A?

1. 2.  If the gains are $600K, but only $500K is available for 1031 exchange to purchase Property C, would the investor be subject to capital gains tax on $100k?

@Keyana Buckner I’ve purchased 3 properties in Kirkland, Redmond, and Woodinville using Seller Financing. Sellers who are willing to carry paper in the Greater Seattle area rare, but they're out there. Ask a title rep to give you a list of properties in your desired area(s) that do not have a mortgage. Get the list and go door-knocking or send letters to the owners to let them know you’re a ready and willing buyer.