Prevent Costly Errors #realestateinvestment #shortvideo #shorts #short #realestate

30 Oct 2024 · 1 min

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0:44

Steve D Valentine gives brief seller-focused real estate advice for owners who hold property free and clear. He tells agents to ask sellers what they will do with the proceeds, whether they have a place to grow the money, whether to consider seller financing, and whether they want income or a cash-out. He stresses checking tax consequences (noting rental-use can change tax outcomes), recommends consulting a CPA because closing this year versus next could materially affect taxes (he cites an example of a $50,000 difference), and warns agents about missing timing thresholds (e.g., closing one day before a two-year mark).

Chapters

If you're going into a seller that owns it free and clear and it looks like this, the questions are, you know, what are you doing with your money? Do you have a place to grow it? Right. Have you thought about selling this on seller financing? What does that look like? Are you trying to create income or do you just want to cash out? Right. And sometimes we also have to ask the tax question. Has it been a rental property? Right. So that they know this is where we don't have to be the cpa. But it's like, hey, if it's been a rental, you know, you're going to have some tax ramification. Have you checked with your cpa? When we do this, it's not to. It is to help them, but it's also to show our knowledge. Like, hey, there's some things you need to check because closing this year versus next year could be $50,000 difference. Check with your CPA. There's been. You don't hear much about it. How many agents have allowed their clients to close one day before their two years? Right. Because they're not thinking about it.