All Forum Posts by: Joe Homs

@Ed Ma Why don't you just pull some money out of this property if your intention is to use it to invest in something else?  Living in California, you will lose your very low property tax base if you do a 1031.  Just borrow on this asset and go buy something else if that is your goal.

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@Darrin Kelsey I would check your local meetup groups, but if you can't find one in your area reach out.

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@Ed Ma what is the reason to sell?  If you sell there will be a large capital gains tax due.  If you do a 1031 exchange into another investment you can avoid that.  So back to the question, What is the motivation to sell?

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@Tina Swanson check in with the expert @Dmitriy Fomichenko who can best answer your question.

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@Gerald Demers these are all great questions, and you should reach out to @Dmitriy Fomichenko who is the expert in this field.

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@Ann Baker if that's what they want, then I would say yes.  I'm surprised they are not asking you or sending you some assignment agreement.  That way YOU would be on the hook for the loan.  Again, I would just make the loan payments to the bank and call it a day.  If your worried about it then give them the grant deed.

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@Ann Baker what is important here is the way the property was titled. If the property is in an LLC or living trust, then you are golden. How was the property placed into the LLC with the loan on it and she not be a member of the LLC? Was it taken subject to the loan? The beneficiaries would have full control over the property. What you need to do is hopefully go to the lender's website (that your relative was using to pay the mortgage) and just make payments to the bank. That is all really, they want. They don't necessarily care about any changes. They can call the loan due now that they know, but that is rare. What are your plans for the property? Are you going to sell it, keep it, rent it out?

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@Minesh Patel I may have misunderstood you?  There are two licensees in California.  One is the basic Salesperson license who would need to work under the second (A Brokers License) Yes you need to get a Salesperson license first and there are minimal requirements.

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@Minesh Patel I guess the question for you is why do you want a Brokers license so quickly?  Spend 2 years at a brokerage and you should qualify without the extra expense.  Then when you get it what is your goal?

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@Miguel Hernandez what information are you looking for?  If you are trying to put a deal together then you need to do it before it sells at the foreclosure auction.  You will need to know how much is owed to the bank or anyone else on title that needs to get paid.  You need to make sure there is "Equity" in the property before putting a deal together.  The seller needs to cooperate through the entire process.

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