Question by mother of 3: What is the best type of construction loan/permanent financing?
My husband and I are 30 and 31 and have 3 kids. We’ve owned our home for 7 yrs and owe 65K plus a 40K equity line. We have no other debt except our 2 car loans. Our house is now worth at least 130K as is. We are having plans drawn up to add a second floor with our own money but would like to know the best place to get a construction/permanent financing loan for the addition. Our credit scores are 787 and 740 and my husband makes 65K a year and I make about 30K working from home. I’ve heard some online banks have great rates or would it be better to go with our mortage co. (WAMU) or the credit union we have our 2 car loans and equity line from? **Plus, there buy more about my husband is a General Contractor and will be doing most of the work himself. Will that affect the payouts? Thanks!
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Answer by ccccccccdddddgggggrrrrwwwsszcvbn
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Question by TexasFlipper: House flipping w partner- the loan is on me only. 1099 or deed to partnership to share the taxble income?
We are in a Texas general partnership. Best loan requiered that only one of us be borrower. We want to split income AND bulid income history for the partnership (so it can get its own loans later), viagra so it needs to be the seller when we flip. 2 options I have found are deeding to the partnership pre-sale or puting the partnership on the closing statment to get 100% of proceeds and issuing a 1099 to it from me for all the proceeds. Deed seems cleaner but worried about due on sale clause in mortage. Thanks for any suggestions!
Best answer:
Answer by hithere2ya
Anything you do thru the partnership builds the reputation of the partnership. Sometimes you may have to personally sign until such time as the partnership stands on its own. However in a general partnership everything flows thru to the general partners.
If your lender is in agreement you can transfer the deed to the GP as you’d have had to personally sign anyway and that will not change. But if your partner wants some of the glory he also should sign the note with you. My partner and I sign all notes jointly. Anything one does thru the GP obligates both partners anyway.
IF you are intent on “flipping” you need to know that there are rules on buying houses that have been sold that were held less than a certain time period to discourage such practices. FHA and VA loans (the majority of home sales) will not approve a mortgage on a home being flipped under 6 months. You run the risk of not selling in a short time and a slowing home market. If you sell a property in less than a year you are paying taxes at your regular tax rate. If you sell after holding for a yr and 1 day you are taxed at 15% as a long term investor. See a benefit here?
I suggest that you make some long range plans to include taxation and financing. There always is a plan- one you make for success and the one you fail to make that is an automatic plan to fail.
Good luck.
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