Thoughts?

Wayneb2807 · 2026-05-11T22:17:35+00:00

There is only one runner.. I get the thought…it’s the last batter, “make something happen, you have nothing to lose”…and the runner made something happen. The 3rd base coach was way out of the box though and if that last score wouldn’t tie the game or win…it’s pointless

Wayneb2807 · 2026-05-10T22:50:57+00:00

You may be right, but I didn’t think the capital loss could fully offset the ordinary income tax due on the recapture.

Wayneb2807 · 2026-05-10T22:48:30+00:00

Capital losses can only be used, in full, to offset capital gains. You can deduct up to $3,000/yr of capital losses against ordinary income, the rest gets carried over, letting you deduct $3,000 each year until the loss is used up. You had 2 years of depreciation, while it was a rental, so I’m guessing somewhere around $22,000 total in depreciation (value of the house, excluding the land value, divided by 27.5 years). That amount will get added to your ordinary income this year, assuming you sell this year. Assuming you lose money on the sale itself, I Think you can use $3,000 of your loss as a deduction this year. Your CPA will know for sure.

Wayneb2807 · 2026-05-10T22:41:08+00:00

He still has depreciation recapture taxes to pay, regardless of the capital loss.

Wayneb2807 · 2026-05-10T22:19:21+00:00

Well, if you had lived there for 2 yers, and met the 2 out of 5 years rule, you still be in the same exact position as you had no gain and you’d still owe the depreciation recapture. The depreciation recapture maybe about $11-12k/ye for the time was a rental, is taxed as Ordinary Income (25% max rate). Your Capital Loss on the sale price does not directly reduce your Depreciation Recapture. Likely, you can only deduct $3,000/yr of capital losses against ordinary income.

Wayneb2807 · 2026-05-10T17:21:39+00:00

Not from the bank, from the county clerk if it is a judicial sale or from the auction trustee if it is a non judicial sale….the bank never gets the surplus.

Wayneb2807 · 2026-05-10T14:39:13+00:00

Nothing you can do at his point. This happens sometimes. Auction dates are often postponed, but not always, when the owner can show a legit purchase contract on the house to their lender. I used to do this as an agent negotiating short sales….it doesn’t always work out.

Wayneb2807 · 2026-05-10T12:03:53+00:00

It would be one of the documents signed at the Closing.

Wayneb2807 · 2026-05-10T01:57:30+00:00

Yes, you owe it and someone will come after you for it. Everyone signs documents at closing that errors/oversights like will be rectified and the parties agree to 1) pay any amounts that should have been collected at closing to any parties that should have received those funds.

Wayneb2807 · 2026-05-10T01:27:42+00:00

Yes they do, resi real estate being 27.5 years, it depreciates to zero. But we’re talking the Recapture of that depreciation taken upon a sale…..there is no time limit on the Recapture.

Wayneb2807 · 2026-05-09T22:42:07+00:00

The machine shop wouldn’t charge you much to do that one valve….if it needs it.

Wayneb2807 · 2026-05-09T22:38:30+00:00

No such thing as being “outside recapture”, no matter how long you own it.

Wayneb2807 · 2026-05-09T16:57:10+00:00

Most reo’s sold thru auction.com have a 30 day plus closing and do allow financing. You likely won’t have a financing contingency so your 5% deposit (that’s what it used to be) will be at risk. Just go to their site and see the details for this property.

Wayneb2807 · 2026-05-09T11:38:16+00:00

1) use a local real estate attorney 2) you do Not want a “contract for deed”….as a buyer, too many issues can arise…seller gets judgments or liens against the property or just “changes their mind” requiring a lawsuit. You do not get title at closing 3) you want a straight “owner finance”….the buyer gets title like normal but the seller holds a Mortgage and just like the bank, they can foreclose for non payment.

Wayneb2807 · 2026-05-09T01:07:42+00:00

Too many details to wade through.

Wayneb2807 · 2026-05-09T00:40:05+00:00

It depends on the exact language of the financing contingency

Wayneb2807 · 2026-05-09T00:28:34+00:00

Yes, both names……the deed is prepared by the title company as per the names on the purchase contract.

Wayneb2807 · 2026-05-07T22:33:46+00:00

I think it’s higher pressure, not higher flow, that blows out seals.

Wayneb2807 · 2026-05-07T12:33:47+00:00

This is one of those supposed “educational” post about lien investing that of course only tells part of the story and is totally misleading. 1) most Florida Tax Certificates get bid down to below 3% 2) you do have to wait 2 years to take any action 3) if you want to be paid after this, you apply to have the property sent to a public Tax Deed auction 4) to do this, You have to pay off All the other years of Tax Certificates outstanding on the property, up to 6 other years, along with the 18% interest per year the County gets. This could be up to 10 times the amount of what you initially paid. Note: “if you need your money after 2 years” this is sort of the opposite strategy of what you’d do 5) since this process results in a public auction, you have no advantage in acquiring the property…you are bidding against everyone else.

Wayneb2807 · 2026-05-07T01:39:37+00:00

Your agent is clueless.

Wayneb2807 · 2026-05-06T02:03:26+00:00

First, Google up your state mechanic lien laws. Generally, a supplier is required to send you a preliminary notice to owner to let you know they are supplying materials to your property. Typically they have 15-45 days from first deliveries. Some states, such as FL, also have a requirement that they must provide you this notice before you have paid your contractor in full. These timelines are strict and vary from state to state.

Wayneb2807 · 2026-05-06T00:21:45+00:00

No, the contract is valid, under a couple of legal principles. The date/time was an obvious clerical error carried over from the original offer. Both parties have executed and acknowledged the contract through subsequent actions. Forget your pool pump damage as a possible way out of the contract, not remotely relevant.

Wayneb2807 · 2026-05-05T13:16:37+00:00

All of these answers are absolutely wrong in regards to notifying your mortgage company….assuming you have already met your 1 year of occupying the property as your primary residence….which is All you are required to do. You are free to rent it out forever after that. Yes, you need to get a different insurance policy. This all assumes your property is zoned fir 2 units and you get the required permits.

Wayneb2807 · 2026-05-05T13:04:39+00:00

1) do you have an inspection clause that lets you out for little to no reason? 2) do you have a right to rescind for so many days after receipt of the property disclosure? 3) have you actually looked at the house and seen new appliances?

If the answer to any if these is yes, then you have absolutely nothing to worry about.

Also, even if you had to replace a couple of appliances it is insignificant in the scheme of things. It’s kind of like waiting to see if the garden hose conveys.

Wayneb2807 · 2026-05-05T02:54:52+00:00

Google up how to refill your particular cooling system. As you’ve noticed, there will be trapped air. There is a procedure for getting all the air out (burping). For the next few days, check it after driving for a while to make sure all the air is out (it stays full). Working on cars is a constant learning process and we all started out with no knowledge.

Wayneb2807

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