All Forum Posts by: Stone Jin

Hi all,

I'm trying to determine the best way to move property (owned outright) from me to my wife.  I have 10 conventional loans and can't acquire more, she however still has less than 10.  We had a child, she became a stay at home mom (thus no more income), and we want to purchase a few more.  I want to move the properties so the cash flow shows as income for her.

Wanted to see what the community thinks is the best way to move these properties.

Quit claim from me to her

Warranty deed from me to her

Open up LLC with her as sole member and quit/warranty to LLC.

Thanks in advance

I'm wondering if this is possible?

My mom recently bought a condo that we are going to try to flip. We want to put the profits from the sale into a 1031 and have her buy an investment that I currently own. I owe roughly 35K and worth about 130K. Is it possible to do this and if so can she purchase the property for what I owe?

Thanks in advance

Thanks guys for the info.

Jeff~ I really appreciate your input, I haven't thought about a lot of the things you point out. Could you provide some reasons as to why the owners are sueing each other? I understand sueing the developer or builder but fail to see why they would sue each other.

In general I see the condo markets as a low cost to entry into investment. Since I recently started working for myself, I'm not able to get a loan so I've been looking at cash deals.

The current deal I'm looking at is a 1bed condo near ASU for under 40K, the rent for it would be near 750 a month. I'll post the details in the "is this a good deal section" later but I'm just doing the math and cashflow looks really good and tempting. I will now go back to rethink my long term strategy.

Cheers!

Stone

Hi all,

I'm looking to see what your thoughts are on condo conversions that never fully sell out. The complex is then managed as rentals and for sale. I'm looking at REO of individual units within larger complexes. Are there any pros and cons to purchasing these? Competition against the management company on rentals? Are the HOA fees fair since a portion of units are still owned by the management company? This is in the PHX market and I'm seeing a lot of properties that fall in this scenerio.

Thanks

Stone

Thanks for the suggestions. I do have a sign on my window, but since it doesn't directly face the street I don't get any action off of it.

The sign is posted on a realtor like wooden structure in front of the community just outside the gate. There are trees there that really block the sign is I put anywhere else. I think you guys are right and that I need to put it behind the gate somehow.

Any thoughts on tamper proofing the sign? Currently the phone number is handwritten, I was thinking of buying stickers or spray painting the numbers on the sign to make it more difficult to mess with.

If I were to get a camera and catch whoever is doing this. What can I do about it?

Thanks in advance

Stone

I have a couple rentals and a not so nice part of town. The units are in a great gates community, but the surrounding areas are questionable at best.

Anyways... I have found my sign messed with 3 times, this first time they rubbed off my phone number, the second they threw my sign in the gutter and last offense they changed a number on my sign.

2 Questions: Who do you think is doing this? What can I do to make this stop? The rentals are about a 30 min drive from my house and I can't go there daily to check if the sign is up.

Please help

Stone

Beachbum,

What service do you use to pull credit? The service that I use told me that they cannot disclose the actual credit scores to me since I'm not a financial institution or something like that.

Thanks,

Stone

I agree with everyone else that you should try to do the PM. I was nervous at first, but now I realize all I do is check the mail and cash the check.

Good luck man.

Hi All,

I recently bought a property for myself. As part of the financing I had to sign an affadavit that states it will be my primary residence for a year etc etc.

However my gf just asked me to move in with her. What are my options on this? Can I rent it out even though my year is not up? My loan was a homepath loan, not sure if that's significant. Has anyone else faced this diliemma?

Thanks

Stone

I recently purchased a property and I have lumpy carpet. The inspector and realtor told me I can just re-stretch it and not need to replace it. I have around 800 sqft maybe less. A contractor quoted me $3 a yard.

Does that seem reasonable? Ballpark ~ how much should this be?

Thanks

Stone