All Forum Posts by: Scott Wolf
Scott Wolf has started 43 posts and replied 1797 times.
Post: Advice for new landlord
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
@Bryan Sims, if you lived there for 2 of the last 5 years, you can sell it and not pay any capital gains on the gains you made. You say it didn't sell. Why not?
Post: How would you split a flip?
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
Originally posted by @Steven Skinner:
@Scott Brewster - I'm a little confused on who's taking ownership of the property, as well as the terms you're using to describe those involved. You mentioned teaming up with two others, totaling three people, but then asked about a 50/50 split between the lender and the contractor. Also, where the terminology comes in, if you're serving as a private lender that would typically imply that your name is not on the deed, rather in lieu of that your interests would be protected via a mortgage or Deed of Trust, depending on your state. So firstly, who is going to take ownership of the property?
This is spot on, and exactly what I would have asked.
It sounds like you'll be buying the property all cash, and the contractor doing the renovations. If that's the case, you're bearing the brunt of the risk, with a lot of the reward to the contractor. Will they have any skin in the game, or will the be paid for their work like any other normal job they would take on?
Post: Actionable Steps to Getting My First Deal
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
@Maryanne Cameron, during the purchase process, your attorney typically chooses the title company (in NY), and during a refinance, the bank allows you to shop for title insurance. You should 100% call get other quotes. I just quoted on a $550K refinance in Brooklyn and my firms fees are $1,800 less.
Post: 1031 account company needed?
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
@Account Closed mentioned.
Post: ATTN BP: - THE SEARCH NEEDS TO BE FIX
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
@Lesley Resnick I agree 100% the search function on this site is very subpar.
Post: Newbie Brooklyn, NY Wholesaler
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
@Pier Villanueva, you can do a closing without an attorney in NY, but it's near impossible, as we (the title company) can't offer any legal advice. Also, happy to intro you to an attorney if you need one.
Post: Refi from Private Money to Conventional
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
@Justin Lee, why not get financing in the LLC name?
Post: 2/5 Rule for Sale of Two Properties While in Military
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
Originally posted by @David Pere:
@Scott Wolf yeah, it is one of my favorite real estate benefits for service members. Super powerful given how much a home could appreciate in 15 years!
Unreal benefit. Should be shouted from the mountain tops!
Post: Thinking of possible lending hurdles for my next house-hack
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
@Ryan Cleary, call a loan officer. I can connect you with one if you need some help. But from my understanding, FHA has limitations about distance from your job, so getting an FHA loan before moving down may be an issue.
Post: 2/5 Rule for Sale of Two Properties While in Military
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
Originally posted by @David Pere:
@Sharon Li @Scott Wolf that is correct, as long as you were moved away from your home due to PCS orders, and are still serving in the military, there is a 10-year extension on the 2/5 capital gains tax ruling. Happy to introduce you to a tax professional who works with service members if you would like more information on the specifics as I can't recall which section of IRS code addresses this.
Wow, that's some powerful knowledge. Sharon, did you leave property one due to PCS orders? If so, seems like you can hang on to it a bit longer. And I'd def take David up on his offer for the tax professional.