All Forum Posts by: Mark Risley

Hey All!

I have been thinking about buying some condos in heavy tourist locations. I wanted to see if anyone has experience with this and some of the pitfalls to avoid. 

Thank you!

Thanks @Jason Bott! 

So basically, once the mortgage company has been paid off with the insurance money the owner still retains the deed to the property? It would then be up to owner to decide if they want to sell the property or not after it is free and clear? Just want to make sure I am 100% clear:)

Howdy!

I am a Real Estate Broker in Colorado. I have a seller that owns a duplex and is considering selling. He mentioned to me that there may be some new tax rules coming our way in October regarding depreciation. Something about basing depreciation on the original purchase amount or something. I have tried to find more info, but have not been successful. Is anyone else familiar with this?

Howdy All!

I am fairly new to the BP community, but am eager to become an active member.

Here is the situation....

I am a licensed RE broker in the state of Colorado. I was chatting with my roofing guy (who owns a Fire, Hail and Flood restoration company) about buying fire damaged properties, fixing them up and flipping them. 

I know most of the logistics in regards to what needs to occur for the future buyer to get financing, insurance etc... The guy I would partner with knows all about permitting and the restoration process... What we do not know is how to go about actually acquiring these properties.

Here is an example: Home catches on fire and causes total loss, owner files a insurance claim, insurance pays lien holder and owner. Owner decides to not move back into the home and move on. What happens to the house? How do we go about finding/buying these properties? 

Thank you so much for any insight!

Mark

Thanks, Jerry! That was a great explanation!

I am not sure why conventional financing wouldn't work for a W-2 employee. My main questions were for people that are owners or non-w-2 employees.

Thanks Guys! I actually did manage to find a bank that will lend to marijuana shop owners and employees. I am still learning all of the details and stipulations, but it looks like a good option.

Howdy Bigger Pockets Community!

I am a real estate broker in Colorado and have had a few marijuana shop owners chat with me about financing a home purchase. Obviously conventional financing will not fly do to the federal regulations on the marijuana industry. Any ideas as far as creative financing?

Thank you!

Mark

Thanks guys! I will pas the info along.

Sounds like they are going to refinance "his" property and keep it as a rental. He has enough wiggle to pulls some cash out to use for the new home, and still have pretty good cash flow from the rental.

Hello BP community!

I have a client that owns two properties and is planning on possibly selling them both and using the money to buy their dream home. 

They are a married couple that both bought their homes before meeting each other. They currently like in "her' house, and his son lives in "his" house. They have never claimed "his" property as a rental on their taxes nor had any type of formal lease. He has not occupied the property two of the last 5 years personally, but his family has. How would this affect him as far as capital gains? Is there a loop hole or something he can use to avoid getting hosed?

Any input would be greatly appreciated!