All Forum Posts by: Mindy Jensen

Hey @Nathanael Jones. You can find a ton of local meetups at www.biggerpockets.com/events

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The Reverse mortgage is definitely not my favorite. I have not dealt with it, so I have no advice there.

If your father is leaving the home to you when he passes, it may be financially advantageous to keep it in his name until that happens. You inherit it at the stepped up basis, meaning you inherit it at the current value - and if you sell, your tax burden is little to nothing. If your dad sells now, he probably qualifies for the Section 121 exclusion so he would incur no taxes. 

Others have brought up the income he is currently receiving and how that would be replaced. If you're planning on AirBnBing the property, that could replace the income, but that's a lot of work, too. 

I think a consult with a CPA would be best, so you can see the tax burden from the different options you have.

I didn't read any of the responses here. My thought is, you JUST signed the lease yesterday. You haven't lost any time, really. Was he the only applicant? I'd go to the next qualified applicant and offer them the property, and refund the entire amount you collected from the first person.

You didn't say which state you're buying in, so this is more general information.

Yes, any licensee who is not an attorney (I don't believe you said that you are an attorney, Zuki) must hang their license under a more experience agent for 2-3 years. 

Every state has different requirements, Colorado is 168 hours of coursework, plus testing, background checks, etc. Some states have as little as 40 hours of coursework, but of course there is still the test to become licensed. It took a couple of weeks after passing the test to get my license sent to my broker. 

Since time is of the essence, I think your best bet is to request a rebate from the agent who represents you, rather than getting licensed unless you are truly interested in working as a real estate agent, again I did not get the impression this is what you wanted to do.

Biden is PROPOSING a change to the 1031 laws. You said he is enforcing this change. Big difference.

Most laws get proposed, then change dramatically before being turned into law. This is another one that will be changed dramatically before being enacted.

@John Stepahn, I get where you are coming from, but what difference does it make if you sign these forms or not? Are you planning on discussing the details of this failed transaction somewhere? 

How much is the deposit and how much does it mean to you to get it back? 

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Actually, Tim's advice was very helpful. It may not have been what you were asking, but it was what you SHOULD know. The landlord tenant laws of the state/county the property is located in can help guide you with regards to rent increases. Some states/counties restrict the amount you can increase your rent. 

You didn't share that it was a month to month lease in your original post. Some landlords are unaware that the lease runs with the property, not the owner. 

Tim was just trying to be helpful and share some things you may not know.

@Jonathan Bell, wholesaling gurus make it seem like wholesaling is an easy way to generate cash. There is nothing remotely "easy" about wholesaling. 

You said you're giving it another shot. What happened the first time?

If you're looking to generate cash quickly, go into sales.