All Forum Posts by: Scott Johnson

Defer then die  (muuuuuuuch later and naturally) 💪🏻 Great way to pass on tax free wealth to your kids 👧 

HELOCs calculate interest per diem and their rates tend to be in a "range" that's affected by the market (i.e. you have little to no control over how much you pay them over time). An actual mortgage locks in payments for a period of time so that they don't change, and you can fully anticipate with pinpoint accuracy what the payoff will be at any given time using an amortization schedule. Also, it's a heck of a lot cleaner on paper since you can use they amortization schedule to calculate the interest paid each year easily in order to write it off.

That is to say, "What's stopping You from just refinancing it"? You can fina. Lender that'll roll with different durations (10, 15, 29 years, etc...) so you choose what works best for you.

Have you read the tax publication on Like Kind Exchanges from the IRS? Highly recommend that you study the heck out of it so you have a firm understanding of the process. There's timelines involved so it's important to plan ahead.

@Adam Schneider Aye!

@Joe S. Huh? 🤔 

@Ken M. What they do is file the memorandum with only the buyer notarizing it, not the seller. I think that's where the courts are going to tell investors that they're SOL, but that'll be up to the states.

The locations I've seen (and the one I've done) weren't any extensive repairs. We just did what needed to be done to allow for FHA/VA financing. I'm sure there's investors putting more money into those properties.

@Don Konipol Ooooooooooo! That's a VERY good question. Its my opinion that until the courts have decided and the Real Estste Commissions have made rules around it, I don't necessarily believe the broker would be punished because how would they have known? I don't believe the questions of title are taught at length in our real estate licensure courses, so I don't feel like they'd be punished outright. A slap on the wrist, possibly.

When you say commissions are high, can you tell me a little bit more about that?

Are they paying late fees too,@Chris Matthias?

It all begins with one step! Congrats!