Monday, January 4, 2021 / by Stephanie Cornacchione
If you own an investment property, here’s how California’s new rent control law affects you.
If you own an investment property or are thinking of purchasing one in the future, how does California’s new rent control law affect you? To answer that question, there are a few key details about this law you need to keep in mind.
First, it imposes a 5% maximum increase—plus the cost of inflation—to rent costs on an annual basis. In recent years, property owners were able to increase their rent cost anywhere from 5% to 7%.
Second, this law doesn’t impact mom-and-pop owners. In other words, if you’re an individual owner of a single-family residence that’s not held as an LLC or corporation, this limitation probably doesn’t apply to you. It’s more intended to control larger investment properties like apartment buildings.
“If a tenant’s lease term expires and they leave the property on t; ...
Tuesday, December 1, 2020 / by Stephanie Cornacchione
What are the benefits of getting a VA Loan in San Diego? How does one start the VA Loan process and how can I get Help? Jack and JR go through the biggest benefits of VA Loans in San Diego and how to make sense of the home buying process. CA DRE #01144967
Monday, November 9, 2020 / by Stephanie Cornacchione
If you’re thinking about buying a home that needs some work and you want to use the bank’s money to pay for it, we’re going to show you how to do that today.
Believe it or not, you have a lot of different options when it comes to getting a renovation loan. FHA, VA, and conventional products all have renovation loans as an option. There are a lot of different ways to go about getting one, but they’re structured similarly.
However, the process is the same for all of them. First, you find the property you want to renovate, then you go out and determine what kind of work you want to be done on the property and how much that is going to cost. You will then submit those quotes and the purchase contract to an appraiser, who will appraise the property based on its completed condition.
“FHA, VA, and conventional lenders all offer renovation loans.”
Once that happens, the bank will fund the loan to complete the purchase and set aside those fu. ...
Thursday, October 1, 2020 / by Stephanie Cornacchione
“How can I transition from my current home to my next home without juggling two mortgages or ending up homeless?”
That’s been a common inquiry from my clients lately, so today I’d like to share five ways this can be done—three of which are traditional, while the other two aren’t as traditional.
One traditional method for transitioning between homes is to market your home for sale until you have an interested buyer. Once you do, make sure your contract stipulates that you’d like to stay in the home after escrow is closed. This allows you to carry equity from your sale to the bank and bolsters your purchasing power when you’re making an offer on a new home.
The second method is to market your current home while also searching for and purchasing a new property all within a matter of days— also known as a concurrent close. This, of course, would mean you’d have to synchronize the purch ...
Monday, September 7, 2020 / by Stephanie Cornacchione
If you’re thinking about selling an investment property, you’ll want to avoid capital gains taxes. Here are three ways you can do that.
If you’re a real estate investor and you’re looking to sell a property while also minimizing your capital gains taxes, here are three different solutions that you can explore:
1. A 1031 exchange. This refers to the U.S. tax code that allows a homeowner to sell an investment property and transfer the equity to another one without incurring a tax. It’s a pretty straightforward and commonly used option.
“A charitable trust will allow you to control your assets as a trust manager.”
2. A Delaware Statutory Trust. A DST is less common, but a great tool for homeowners who have an investment property and are looking to end their obligation as a landlord and minimize their risk and exposure. A DST is an entity that has been set up for a large-scale investment where that homeowner can transfer t. ...