All Forum Posts by: Jesse Hinaman

The VP of Greater Sacramento Economic Council is a good friend of mine, and he has informed me of negotiations with a large employer that have been completed. They plan to build a campus in North Natomas that will house 2000 employees to start, and expand to 4000. Since the announcement is not public, he could not disclose the company. Obviously, this will be great for demand in the immediate area.

Right on! I set up the event. 3/9/18 at 6:30pm. Click the link for details and to book your spot. 

If you know anyone pass along the event link. We can fit 12 comfortably in conference room. 

https://www.biggerpockets.com/forums/521/topics/54...

Great opportunity to network and meet other like minded real estate investors. Whether you're just curious to learn more about RE investing or you're a seasoned veteran, don't miss a great opportunity to expand your knowledge and network.

@Nguyen Quach, @Jeremy Brown, @Pete Tam, @Tobias Falzone

I have a conference room located in Downtown Folsom we can use. We share the building with Sutter Street Steakhouse. We can use it any evening or weekend. I'm leaning toward Friday or Thursday night. Friday March 9th is wide open, right now. Let's make it happen!

This is a question for all the trust attorneys, CPAs and those well versed in property tax assessment in California.

Fiancés Grandfather passed away. She wants to keep the cabin in the family, but trying to determine the smartest route to payoff the other heirs, lock in the current property tax amount, and use equity in the home as a form of down payment.

The Grandfather's WILL granted the home to her grandfather's 2 sons (fiances uncles) and my fiancé’s mother. The property title was already held by one of her Uncles, and the currently deceased grandfather. Her 2nd Uncle was added to title after the death.

My proposed strategy is for my fiance to be added to title, or transfer title to a trust containing all heirs and my fiancé. What is recomemnded and why?

1. The main objective is to lock in the low property tax assessment. If we avoid a true sale of the property, I'm under the impression the property will avoid a re-assesment. Can this be done by just adding her to title and then quitclaiming the Uncles off title after they are bought out? Or is this where the Trust plays a key factor in avoiding re-assessment?

2. The property is owned free and clear. She would do cash-out refinance to pay off the heirs. From the financing perspective, she will not be using conventional financing so title seasoning is not an issue (looking for any good Non-QM or Porfolio lenders to jump into the conversation). 

3. After the inheritence of the property, is there a step-up in property value basis from a tax perspective after her grandfather's death? If not, would my strategy leave a large potential capital gain in the future if not treated like a sale/purchase?

This is just the start of the conversation, and I know there are additional holes to be filled to better explain the full picture. Appreciate any conversation to help shed some more light on what I am not considering or realizing. 

I get a handful of clients who don't qualify for standard conforming home loan financing. Looking to partner with non-conforming / portfolio lenders / credit unions / private lenders that provide alternative options for qualification that I can refer to. 

One example, client is 2yrs after BK discharge date and looking for a long term loan for single family residential investment property. 30yr fixed / amotized with baloon payment no earlier than 5 yrs.

Thanks @George Blower. Really makes you reconsider hiring W2 employees. Glad I did the research before making this mistake.

Just to be sure, I'm taxed as an S-corp so my partner and I are W2 salaried employees of the company, in addition to being managing members. This still fits within the Solo 401k rules, correct?  

@Brian Eastman Does the Control Group rule work in reverse. If I already have a two member LLC w/no employees (in business for 2 years) and Solo 401(k) plan established w this LLC for almost 2 years, and then I wish to form a subsidiary business entity that intends to hire employees. As soon as I hire an employee with the subsidiary business, am I required to terminate my established solo 401(k) plan with the parent company?

Ok, so I know industry professionals tend to have choice words for Zillow. However, I'll admit, back in the day searching through sacramento properties, and I found myself using my zillow mortgage calculator app when looking at real estate. Don't get me wrong, it's a good app, but was really lacking on all loan scenario's and accuracy. If your a straight and simple conventional loan...zillow could handle the calculation.

After realizing the missing components of Zillow's calculator, I stumbled upon a mortgage calculator app that blew Zillow's out of the water! Can calculate any scenario, automatically factor in VA Funding Fees, FHA Upfront MIP, exact PMI rates based on credit score, JUMBO, refinances, VA and FHA streamlines, affordability calculations, you name it. I pay $50/month to license the service, but can provide it to as many colleauges as I want, at no charge to them. If anyone is interested in downloading this mortgage calculator app for free, you can follow this link from your smartphone (only works on iOS and Android) --> Mortgage Calculator App

If you like the calculator, make sure to post and let others know.

Sorry to break it to you, but you cannot have one existing 1st position mortgage that you put as "subject to", and then get another conventional loan, without paying off the original 1st. Even hard money lender will require first position. You can do "subject to" and record a note for the seller financed portion. Then cash from yourself for remainder or have a private loan from someone willing to be in 3rd position (would have to offer them substantial interest rate incentive to take on that risk). If going this route, you will definitely have a pretty messy title history creating more complications for you when going to refi or resell.