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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Eenee, meenee, minee, moe......... Posted by matt swearingen on August 12, 2006 at 10:22 AM In Reply to: Eenee, meenee, minee, moe......... posted by Ward-CA on August 12, 2006 at 7:53 AM Thanks for getting back. I'm sorry about the message board I wasn't thinking. Now as far as the EPA goes, when I get the grant deed and then sell the property what are the tax consequences as far as capital gains since I'm not the original owner. In other words what to her numbers should I include into my Net Equity Worksheet. My next question is I may not have enough money to give the seller cashto get another place and for repairs so in the event that I don't should I do a a hard money.....or should I just purchase the home using aResidential Purchase Agreement(RPA) for say....$300K and then give the difference to the seller (approx. $30K) and use the remainder to do repairs and then sell it. And last, since I'm an agent would there be a conflict if I sold the home (saving on listing side) with the EPA deal? Thank you so much for your response gentlemen. Regards, Matt : Matt, : So, you have several choices to make money out of this deal. I know of many people who'd love to have that problem. : The least complicated or involved one seems to be choice #3, so I'd opt for that. : : Hope this helps, : : -----Ward------ : P.S. The whole point of a discussion board is to have a PUBLIC place where we can just read and learn from the discussion of others. If we go off the board to discuss amongst ourselves then the board just degenerates to an electronic message pad. : : ================================ : : : I have a deal. Here's the info. : : Have an appraisal already done. $400K : : Prelim done. 1st for $244K : : LTV=61% : : My question is that since the foreclosure sale isn't even scheduled until Nov. Would it be best to: : : 1. Just buy the property through a new loan at $300K and give the remainder to the seller at close of escrow.Then sell it and get my money. : : 2. Do a hard money loan to pull some cash out. : : 3. Just do a equity purchase contract and then sell the property. : : I'm just a bit confused as to which way to do it. I also heard that if you need a quick close to just do a hard money loan as long as the LTV is there, which in this case it is. : : If someone could kindly email me their suggestion to mattismyagent@sbcglobal.net that wouldbe great. : : : : Thanks : : Matt Follow Ups: Re: Eenee, meenee, minee, moe......... watchdog 11:07 AM, 08/12/06 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Thanks for getting back. I'm sorry about the message board I wasn't thinking. : Now as far as the EPA goes, when I get the grant deed and then sell the property : what are the tax consequences as far as capital gains since I'm not the original : owner. In other words what to her numbers should I include into my Net Equity Worksheet. : My next question is I may not have enough money to give the seller cashto get another place and for repairs : so in the event that I don't should I do a a hard money.....or should : I just purchase the home using aResidential Purchase Agreement(RPA) for say....$300K and then give the difference to the seller (approx. $30K) : and use the remainder to do repairs and then sell it. : And last, since I'm an agent would there be a conflict if I sold the home (saving on listing side) with the EPA deal? : Thank you so much for your response gentlemen. : : Regards, : : Matt : : Matt, : : So, you have several choices to make money out of this deal. I know of many people who'd love to have that problem. : : The least complicated or involved one seems to be choice #3, so I'd opt for that. : : : : Hope this helps, : : : : -----Ward------ : : P.S. The whole point of a discussion board is to have a PUBLIC place where we can just read and learn from the discussion of others. If we go off the board to discuss amongst ourselves then the board just degenerates to an electronic message pad. : : : : ================================ : : : : : I have a deal. Here's the info. : : : Have an appraisal already done. $400K : : : Prelim done. 1st for $244K : : : LTV=61% : : : My question is that since the foreclosure sale isn't even scheduled until Nov. Would it be best to: : : : 1. Just buy the property through a new loan at $300K and give the remainder to the seller at close of escrow.Then sell it and get my money. : : : 2. Do a hard money loan to pull some cash out. : : : 3. Just do a equity purchase contract and then sell the property. : : : I'm just a bit confused as to which way to do it. I also heard that if you need a quick close to just do a hard money loan as long as the LTV is there, which in this case it is. : : : If someone could kindly email me their suggestion to mattismyagent@sbcglobal.net that wouldbe great. : : : : : : Thanks : : : Matt Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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