All Forum Posts by: Tim Aiken

I have a house in Bellville and I would like some help on deciding to fix and rent or sell the house, so I may need an agent to discuss the options,  looking at a timeline of 1to 2 months before the house could be listed if that is the best direction.  

Thank for the information, my concern was the capitol gains tax, I would like to buy the other person out for their 1/2 of the property and was not sure how to factor the capitol gains tax in the deal, I think offering them 1/2 minus the 9% may make good sense in this case, 

I am looking for information on a inherited home and the cost to sell the home, what are the strategies that could maximize the sale, 

cost to consider like taxes, or other,

currently 2 people will own the home, 1 wants to keep the home for short term 2-3 yrs, the other wants the house gone as fast as possible,

Home is only needing cosmetic work, all systems and roof has been replace within last 2 yrs,  

I may not be asking the correct question since I have not faced this situation before, 

All responses are appreciated, 

Quote from @Steve Lopez:

Thank you all for your great feedback!  Honestly, I am just trying to make a move this year and finally purchase something.  I have been hesitant all my life, and i feel like i need to make a change in the positive direction.  

These first steps have me on shaky legs, I'm just trying to navigate and find a good path.

Thanks

Steve, it seems you are in a similar place as I am, I am in NC not as expensive as CA, I am not looking to touch my 401K or IRA for the simple reason I have a retirement strategy that is going in the right direction, I would prefer to work a 2nd job before touching that money.

Quote from @Tony Pellettieri:

Hey Tim, my name is Tony and I just started investing in the Charlotte area. The way I acquired much of my knowledge was by listening to books on audible. Bigger Pockets has quite a few I could recommend and many more depending on what you're interested in focusing on. If you have any questions about the metrics of your property, I'd be happy to take a look and see how you might be able to change your "no cash flow" situation with either your current property or an additional one. Best of luck!

 Anthony thanks for taking the time to respond to my post the cash flow issue will not be resolved until my brother who lives at the house is not able to care for himself at that point then I will have a decision to make on this property, my thoughts were can I consider the house a business expense for tax purposes or do I need to consider it as personal property for the taxes.

New to BP and looking forward to learning much more about making money in Real Estate, I have 1 house in Royal Oak no cash flow this is a family house that I maintain for a impaired brother, I am 50% owner at his passing I will be splitting the house with 2 other brothers, they will receive 25% each I the remaining, currently I live in Mount Holly NC with a house with good appreciation, Now I am interested in looking for a rental. 

Investment Info:

Single-family residence other investment.

Cash invested: $10,000

Family Home no cash flow, I am 50% owner of the house and I maintain the house, ( taxes, insurance, repairs and utilities) for my impaired brother that lives in the house until, he passes on.

What made you interested in investing in this type of deal?

This was an agreement with Family,

How did you find this deal and how did you negotiate it?

Family asset

How did you finance this deal?

No need

How did you add value to the deal?

There was no value assigned.

What was the outcome?

Still own the house

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

No

I have been interested in investing in Real Estate, I am now in a situation that may be the right time, but a bit out of the ordinary,

I live in North Carolina, I have mortgage on my house, with the passing of my mother I am now 50% owner of a house in Royal Oak, MiMy disabled brother lives in the house and will stay until he passes, I manage the house including all bills, repairs, and taxes, he does not pay rent and is not expected to do so, so my question is should I consider this a real estate investment even though there is no purchase or rent, can this be a tax advantage? or other step to me stepping into becoming a real estate investor.