All Forum Posts by: Walter Diaz
Walter Diaz has started 3 posts and replied 8 times.
Post: Quit Claim deed vs Purchase
- Hialeah, FL
- Posts 8
- Votes 1
Thanks for the reply Mike.
Grannie did pass away :( But about a year before, my mom and uncle had my grandmother ( still a conscious decision maker, but entering hospice) deed the house to them. The house is also paid off. Don't know if this information would change things in your opinion.
Post: Quit Claim deed vs Purchase
- Hialeah, FL
- Posts 8
- Votes 1
Originally posted by @Account Closed:
Originally posted by @Walter Diaz:
My mother and uncle acquired a property from my grandmother via a quit claim deed. Now my mom wants to give the house to me to take over. My uncle wants his half of the equity in the house as a payout and my mom wants to give me the other half of the equity as a large downpayment (I intend to occupy the property) . The question is, what would be the best way to go about this for me. Would it be a better idea to have her transfer tittle to me ( possibly via a quit claim deed) and then for me to get a mortgage on the property and pay my uncle his half of the money. Or, to have them simply sell me the house for 1/2 the cost and then that money would pay my uncle. I am interested to know which would be the better choice to avoid paying as much taxes and closing costs as legally possible.
I am in Miami, FL if that helps at all
Thank you
Some serious tax considerations. "Acquired" does that mean "bought" or "was given" or "inherited"?
If inherited, they would have a new tax basis and little or no taxes (which would be preferable except that means granny died, good for taxes bad for granny) but since you said a Quit Claim Deed was involved it's unlikely it was inherited. So good news, granny is alive and well and generous. However, she may have a tax problem. So, if we are talking a $500,000 house, the tax is some serious change. If the house is $40,000 that's not so bad.
I would guess granny "gave" the property to her son & daughter. (Bad move, taxwise) and now daughter is giving it to grandson. Son just wants his cash out so he can buy a new ukulele. Grandson wants investment or to live in the house.
I would Strongly suggest you get a tax planner or a CPA involved in this one. Otherwise there might not be enough left for that new ukulele.
Post: Quit Claim deed vs Purchase
- Hialeah, FL
- Posts 8
- Votes 1
My mother and uncle acquired a property from my grandmother via a quit claim deed. Now my mom wants to give the house to me to take over. My uncle wants his half of the equity in the house as a payout and my mom wants to give me the other half of the equity as a large downpayment (I intend to occupy the property) . The question is, what would be the best way to go about this for me. Would it be a better idea to have her transfer tittle to me ( possibly via a quit claim deed) and then for me to get a mortgage on the property and pay my uncle his half of the money. Or, to have them simply sell me the house for 1/2 the cost and then that money would pay my uncle. I am interested to know which would be the better choice to avoid paying as much taxes and closing costs as legally possible.
I am in Miami, FL if that helps at all
Thank you
Post: Investor in South Florida
- Hialeah, FL
- Posts 8
- Votes 1
Welcome @Aleksandr Bezgin!
I too just got into the investing side of real estate. I actually just put my first ever flip deal under contract last week so I am a newbie. I am however also a wholesaler. If you would like to connect I can add you to my buyers list so you can see what properties I have that may fit your criteria. All the best!
Thanks! @Lucas Machado
Thanks Curtis!
I will no doubt be looking into that event you just mentioned to me. Thanks for the heads up and for the welcome!.
Hello,
My name is Walter and I am a long time lurker first time poster. I've been reading and researching about real estate for many years and finally I have gotten into the game about a month ago. I have begun wholesaling properties and things have been going pretty dam well so far. I operate all over Dade and Broward county. I am looking to link up with investors, agents representing investors, wholesalers themselves, and anybody with a bit of advice and guidance for the new guy. Thanks!
Hello,
My name is Walter and I am a wholesaler with properties for sale all over Miami-Dade and Broward County. I am looking to connect with Real Estate Agents who have good relationships with investors since I would like to expand my cash buyers list. All of my properties are listed at 65%-75% ARV. If anybody is interested and would like to ask me some questions about what exactly I do and how exactly I do it, feel free to ask me here. I would love to start a discussion about the business and see what you guys think.