All Forum Posts by: Robert Weaver

I have checked with two attorneys in fact and they both have different opinions hence my confusion.   One says that Dodd Frank applies to mortgage brokers and loan originators but you have to look at the Georgia statues to see how Georgia  defines those two terms and the other says it doesn’t matter how Georgia defines those two terms.

 Georgia exempts lenders who do this less than five loans a year from those two terms.

I am a partner in a hard money lending business, but sometimes a deal comes along that we are not interested in doing for whatever reason.  Occasionally I will do a deal myself.  In this case, I have a borrower who needs money for one of his many entrepreneurial pursuits.  He has offered to collateralize with a stock pledge across multiple of his companies and his primary residence.  I want to cross collateralize against both, but I am being told that I have to be a licensed mortgage broker to take the primary residence as collateral due to Dodd Frank.  I thought I was ok since the loan was not for consumer purposes.  Who is right?

I sold a rental property recently and have about 250k in a 1031 exchange account as a result.  In the process of looking for new rental properties I found a house that I would like as my primary residence, price is 800k.  Need to spend 615k or more to avoid 100% of capital gains tax.

Current primary residence is valued at around 700k, with 300k in gain.  Is there any way to buy the new residence and convert existing to rental property and defer taxation?