All Forum Posts by: Kate McDevitt

Hello!

I've been rehabbing my uncles house for the last year and I am about 6 weeks away from listing it for him. He just offered to put me on the deed and give me all the proceeds of the sale.  How do I avoid getting hit with massive capital gains?   We will likely sell it for around $700K.  

Both my uncle and aunt are on the deed and lived there for 25 years and there is no mortgage on the house.  

I had it appraised before I got started and it came in at $500K.  My uncle paid $180K for it 25 years ago. 

All help welcomed!

Thanks!

Hello!

I'm in a unique situation in that my uncle has "given" me his old house after he relocated to be closer to his siblings.  He asked me to fix it up and sell it, and then he'd let me keep the profit. My name is on the deed, but I don't have enough money to do what needs to be done.  It was built in 1900, updated in 1970 and never touched again. It's a 3 bed 2 bath on an acre flat plot.  

At appraisal it was worth $500K and it is in a neighborhood where homes that are on a third the size of the lot are going for $800K.

What's the best way to get a loan, about $150K, to rehab his house and get it ready to sell.