All Forum Posts by: Matt Shields

There is no tax owed for up to $500,000 for those who file jointly and $250,000 for single filers. This only applies if you have lived in the residence for two of the past five years.

You could 1031 exchange to a like-kind property out of state, but I don't know if a loan for a primary residence would affect this. Good question. I would call a 1031 intermediary about this. I would also recommend talking with a CPA before any transaction. Good luck. 

Finding good contractors has always been difficult, its the hardest part of this business, and with new home builders working again they are sucking up a lot of the quality people and driving up prices. Good luck!

I think HUD still has a "first look" or right-of-first-refusal program for some local governments, and nonprofit organizations to purchase foreclosed homes. National Community Stabilization grantees will be notified when a property becomes available and will have the first opportunity for purchasing the property.

Also, HUD homes are sold through auction during a bidding period. Have you checked to see if bidding is underway? https://www.hudhomestore.com/Home/Index.aspx Have you contacted an agent to let them know you are interested in the property? I believe that a HUD approved broker is required to bid on HUD homes. As always, seek professional advice. Good luck!

Welcome. I'm a real estate broker/investor in the Phoenix area. I have rental property and have been flipping for about five years. I've pulled back from flipping this year because the wholesale prices are now nearly as much as retail and the margins are too slim. I shake my head seeing what people are paying for wholesale properties in this market, they are losing money before they even start. There are a lot of HGTV and seminar people flooding the flip industry, and it will take awhile for them to lose their money and for prices to adjust. If you need any help just let me know. Good luck!

 If you don't believe me, the next time you see an airline pilot ask them. Unless they were military, which doesn't pay much better, they started out making next to nothing and living in crash pads. You have to put in your dues and build your time until you can get a good job at the larger airlines.

I would have to disagree. HUD has guidelines for service animals for people with disabilities under the Fair Housing Act. If HUD finds reasonable cause to believe that discrimination occurred you will be brought into an administrative hearing where HUD attorneys will litigate the case against you, or the Attorney General will file a suit and litigate it against you in Federal Court. If guilty, you will be ordered to pay damages, and the maximum first offense penalty is $16,000 plus attorney's fees and court costs. In addition, the person with a disability can also file suit against you. Disabilities now make up about half of the fair housing complaints. Be sure to check out the link below. The government issues financial beatings to landlords they find violating fair housing laws.

https://www.hud.gov/sites/documents/SERVANIMALS_NT...

Be very careful of service animals and fair housing law, the fines are harsh. But do I understand that the disabled person lives in a different state than where the animal is housed? Generally, you cannot prohibit service animals, but in this case, it doesn't sound like the dog is actively working. It's the disabled person who is protected by law, not the dog, and the disabled person doesn't live there. An eviction would depend on local law and what the lease says. I could be wrong or just lying to you, so be sure to talk with a local real estate professional before you do anything. 

https://www.hud.gov/sites/documents/SERVANIMALS_NTCFHEO2013-01.PDF

A few questions. Did your inspection mention anything about illegal construction? Is the construction not up to code or just not permitted? Have you spoken to your agent about the misrepresentation? 

BTW I had to look up what an RSO zone is. I'm so glad I don't know about those!

 Hah! Begining regional pilots barely make minimum wage.

Ahhhh the glamorous life of a commuter pilot! I have friends who are airline pilots who had to go through the hell of commuter airlines and crashpads while building time. I'll ask my pilot friends what they think. 

BTW - For those that believe that all airline pilots stay in luxury hotels, when starting out many new pilots fly for crappy commuter airlines making low wages and staying in "crashpads" sleeping on top of each other while overnighting.