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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: How to keep more of my profit. Posted by sara_CA on October 21, 2003 at 10:22 PM In Reply to: How to keep more of my profit. posted by Sara_CA on October 20, 2003 at 7:19 AM : First of all, this is a great site and a great board. Thanks to Ward and all who posts here. I have learned a lot, and still a lot more to learn. Before I knew about the THT I bought a second home in my own name in April. After I have remodeled I encountered a financial downturn, and I need to pay back the family-borrowed down payment. My lowered income does not quality me for re-financing. So now I must sell. The short term profit will be $45K. I also will have a seasoning issue with the current lender. : : What is the best way to do the sell? : How will putting the tittle in a THT NOW still benefit me in the sell of the property? Or will it? : How to avoid California sales tax COMPLETELY, not just at the closing, but also next April? : Can I take part of the profit out, and leave the rest for another deal? A partial 1031 exchange? : Or, Can I use the profit against the stock market loss from 2 years ago? : Can you tell me where I can find the documents to acomplish each step? : Any and all help is always greatly appreciated. Thank you Damien and Steve for the helpful posts. I bought this Northern California house with stated-income loan, plus family-borrowed down payment. Now with my lowered income I definitely can not afford the monthly payment. Plus the family had a squable. They want their money back. I will sell using partial 1031 exchange. If I can not find a replacement property, I will use the capital gain against my short term stock capital loss from 2 year ago. Will I have a seasoning issue with my current lender, Greenpoint. Is there anything I can do? Do you see any other problems? Or suggestions? Follow Ups: Re: How to keep more of my profit. steve 10:59 PM, 10/21/03 (1) Short duration for loan, buy and selll in 6 month. Not enough seasoning. Sara_CA 10:26 PM, 10/22/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : First of all, this is a great site and a great board. Thanks to Ward and all who posts here. I have learned a lot, and still a lot more to learn. Before I knew about the THT I bought a second home in my own name in April. After I have remodeled I encountered a financial downturn, and I need to pay back the family-borrowed down payment. My lowered income does not quality me for re-financing. So now I must sell. The short term profit will be $45K. I also will have a seasoning issue with the current lender. : : : : What is the best way to do the sell? : : How will putting the tittle in a THT NOW still benefit me in the sell of the property? Or will it? : : How to avoid California sales tax COMPLETELY, not just at the closing, but also next April? : : Can I take part of the profit out, and leave the rest for another deal? A partial 1031 exchange? : : Or, Can I use the profit against the stock market loss from 2 years ago? : : Can you tell me where I can find the documents to acomplish each step? : : Any and all help is always greatly appreciated. : : Thank you Damien and Steve for the helpful posts. : I bought this Northern California house with stated-income loan, plus family-borrowed down payment. Now with my lowered income I definitely can not afford the monthly payment. Plus the family had a squable. They want their money back. : I will sell using partial 1031 exchange. If I can not find a replacement property, I will use the capital gain against my short term stock capital loss from 2 year ago. : Will I have a seasoning issue with my current lender, Greenpoint. Is there anything I can do? : Do you see any other problems? Or suggestions? 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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