All Forum Posts by: Jason Carter

@Aaron Deane 

There are two local REIAs I would recommend joining online. Austin RENC and Investor Underground. Investor underground has a google group that would allow you to search previous recommendations in the previous posts of that group. It also has a facebook page that people will post deals and questions. 

@Meagan M. 

There is a meetup every Thursday at Big Daddys on Burnet & 183. I think they meet at 11:30.

http://www.meetup.com/REALESTATEinvestormastermind...

Homes for the Win - Linda and Andrew are Great Folks.

http://www.meetup.com/HomesForTheWin/

Investor underground 

https://www.facebook.com/groups/1399621720303323/

@Chris Tao

Central Austin Real Estate Meetup. (This is the original BP Meet up in Austin) https://www.facebook.com/groups/616101

995182672/

@Nick Brubaker I'm game. Please let me know if there are any changes in time or venue.

I have a family member who is inheriting half of a property and the other half is being split between 3 other beneficiaries. From what I understand is that the Executor will deed the house through an Executor's Deed.

Question 1: Would this be a Limited or Special Warranty Deed and would this affect the future sale and title insurance? Is there a better way to transfer?

Question 2: What would be the best way to get cash to my family member and let the other beneficiaries take full ownership to live in the home. 

e.g. have the other beneficiaries get a conventional loan or would it be a cash out refi on their part to "pay off" my family member or any other best scenario for getting cash out

Any advice is appreciated!

Originally posted by @Bill Exeter:

@Jason Carter 

If the purchase price of the land is equal to or greater than the value of your relinquished property, then your capital gain would be deferred without the need to complete an Improvement 1031 Exchange.

Thank you for confirming the above. The property that I am looking at has a home on it that is valued at 120k and the land is 170k. So I think I would be OK on the depreciation recapture aspect if I were to teardown and rebuild 2 units to hold. I will verify with CPA and attorney.

Thanks again Bill!

@Bill Exeter  and @Dave Foster 

I had a question about the improvement exchange you mentioned earlier. I spoke with a local QI and he said I would be able to do this without an improvement exchange. He said I would need to do an improvement exchange if for example, I have 100k from the relinquished property and I am buying house/land for 50k and needed to improve the land to get to the value of the relinquished property. So if this information is incorrect and I buy a house/land (at 295k with 100k from relinquished) that needed repair or an addition/tear down, I would need to do an improvement exchange?

I really appreciate your time and input. Thank You, Everyone.

@Jerry Padilla Could I get an unsecured note from private money (not recorded) and then cash out refi to pay the private money? Would the bank or mortgage lender have a problem with the paper trail for the money? Is there an option along these lines?

@Shedrick Nettles  shoot me a message and let me know what type of investments you are interested in.

I was hoping to do a "delayed mortgage" with private money. Property is 295k. I put down 100k and private money supplies 195k to close with cash. From what I have been reading I can do an immediate cash out, with no seasoning, for 70% of purchase price. Does anyone have any experience with this?

@Melissa B.  usually a builder or architect can direct you to a RE consultant. I found my consultant through my architect. 125-150 per hour seems to be a reasonable rate for consulting. RE attorney's are most likely going to charge 200-350 per hour. Make sure to check the deed restrictions with a title company, even though the area is zoned for MF dwellings