How do I sell the house I'm in and use the money to buy another house?
538189
It sounds like you are in the IDEAL situation for what is called a "contingency" agreement. Put your house on the market and start looking for a new house. If you have no income and the only money you have is from the sale of your current house then you can sign a purchase contract with another seller that says you will close on the purchase of their home contingent on the sale of your current property, which, in regular words, means you can buy their house as soon as yours is sold!!!\n\nThere is also the option of a bridge loan. These are secured by the equity of your current house and gets paid in full once your house is sold. These work well but you have to pay interest on them just as you would a regular mortgage. I would speak with a mortgage broker after you get in touch with a real estate agent!!!!
709679
The only way to reduce the taxes on the gain on real estate is to do a "Section 1031 Exchange".  The only problem is that you do not receive cash.  You received another piece of real estate.\n\nThere is not a way to reduce taxes on the sale of stocks at a gain.
913744
Use the money for a down payment on a house and use the credit score to your advantage by getting a low interest rate. You might consider buying a duplex that has good potential, and then charging over what you owe on the loan. Then you could eventually save up enough money to buy another house and rent it out. \n\nIt's just one idea that has worked for people that i know.
54011
Yes you can. In this instance I would suggest finding someone in your area who buys properties for rental purposes. See if they will talk to you about how they purchase propery. There are a few who constantly buy property with little out of pocket capital. There are also books by Robert Kyosocki, and Cources by Carleton Sheets that do work that can teach you how to do this. \n\nYou can even find small trailer park communities in your area. and purchase them for $1,000 to $6,000 clean them up and resell them at double the price and offer financing with 10% interestes for couples trying to find the first home. you can quickly flip several of these and creat a significent down payment for a home of your choice and just use a bit of "Sweat equity".
1032070
Depends, if you use your profits to buy another house within, I believe, 2 years, no.  Check the IRS website for time limit.\n\nIf you don't purchase another house, then yes.
727610
WE CAN GET LOTS OF MONEY IF WE SELL OUR HOUSE.
359021
A lot of military personnel buy houses to live in when they are stationed somewhere, and then rent them out when they move to a new duty station.  There are rental management companies that can take care of the property for you when you are stationed somewhere else in the US or overseas.  Even though you won't be making much money on the rent, you will at least be building equity on the house.\n\nHowever, if you just intend to buy the house and sell it again in three years, you are exposing yourself to a lot of risk due to fluctuations in the housing market.  only buy the house if you intend to own it for ten to fifteen years.
641815
You can do it, roll the money into a self-directed IRA.  Then you can use the money to buy real estate, however there are alot of tricky rules about this, so read up on it before you try it.  I think you have to be careful not to mix your other funds with the IRA funds, etc.
140311
It may be possible to do it yourself if you're just trying to put a 2nd on, leaving the property in your name [and ultimate responsibility for the current loan], but you're playing with fire regardless. If you're in a 'deed of trust' state [rather than a 'mortgage' state], you should definitely contact an atty. Basically you would need a security instrument [either a mortgage note or deed of trust] and a promissory note [the repayment terms]. You'll need a warranty deed to convey the property if you're truly selling it--the title company may be able to help with the deed. Often, these forms can be obtained at 'old time' office supply stores, but completing them correctly is something else. However, your current mortgage probably has a 'due on sale' clause if you're doing a complete sale, which means that when ownership is transferred, the lender expects to be paid in full. The accounting [the payment split between principal and interest] changes with each payment, so it could be an accounting nightmare if mishandled. So you can see, there are a lot of technicalities here. I haven't even gotten into 'title work,' which the buyer may rightly be expecting, IF you're doing a real sale. You might want to consider a lease-option, which leaves you in ownership while the buyer makes monthly payments to you [and adding to the downpayment over time].
557999
Your mortgage broker is an idiot, you can't do this with the house you live in, but you certainly can with a residential property you buy as an investment.  You just go to a lawyer, and they will set up a deed (probably a quitclaim) to deed the property over to the LLC.  Then you (or the lawyer) have to file the deed at the courthouse.  \n\nAnyone who has a financial interest in the property (ie the bank) will have to agree to the change in writing, but just ask them, they may not care.  You can actually do this without telling the bank, but then they may find out on their own, and since the loan can be called with an owner change (this is technically an owner change) they will call the loan and put you in a bind, so check with the bank first but again they may not care.  \n\nThe bank could make you fill out a form or pay them more money or something.  In fact if you have a really good loan that they'd like to get off the books maybe they won't let you do it as an attempt to force you to refinance, but you'll just have to use your judgement on what to do here.\n\nNote, once the property is in the LLC you are still personally responsible for the mortgage.  So, if someone falls on your property and sues you, they can get the house (subject to the mortgage), but worst case you will still be liable for the mortgage.  Also if you put several properties in the LLC they can get all the other properties too, so you might want to set up a seperate LLC for every 3 properties or so (and make sure you have adequate insurance) but at least they can't take over your personal residence and assets if the properties are seperated into an LLC.  \n\nAlso be careful to very strictly seperate the LLC's business and your personal business.  If you have your own funds and the LLC's comingling the court may decide the LLC was an alter ego of yourself and not really a seperate entity.  Then there was no point in having a LLC, you are back on the hook for everything.\n\nFinally (didn't mean to write a book here, I just get going and can't stop - sorry) bear in mind that for future properties you will probably have to do the same kind of a deal ie put the property into a LLC's name, but your name will still be on the mortgage.  The bank will not lend you money based on the credit of a LLC with insufficent assets.  If the LLC has enough assets and money (and history) to buy it on its own, fine, but you are years away from there if you just started the LLC's.\n\nGood luck with it.
11768
Try sharing with someone who already has a home. It works out cheaper. Chk out the classifieds for it.
1001748
Invest it in another property and spread the risk
104928
Depends on alot of different things. What is the sales price? Does it need work? What will the house appraise for after the work is done? Are you going to be living in the home while working on it? Are you going to use the proceeds from the resale of the home to finance another home to do the same thing? How long will the repairs take to complete? What is your financial situation? These are all questions I ask my borrowers who are considering this.\n\nLets say that the home needs work, you are not going to live in it while the work is being done, the work will take 6 mons, you figure the appraisal will go up 50K, it will cost you 15K to do the work, and you are planning on using the proceeds of the loan to purchase another home to fix, and resell. Based upon this information I would recomend doing an 1yr option arm, purchasing the home as an investment property. The reasons are this: If you do an option arm (and buy out the prepay at closing) then you will have 3-4 options of how you want to pay each month. Typically the minimum payment is at 1% interest only. With it being purchased as an investment property, you can then do a 1031 exchange on the home and not pay any capital gains on the proceeds of the loan. You will have to use the 35K in proceeds (proceeds - receipts for work done) as a down payment on your next house. However if you want to use the money to repair the next house, then after you do the initial purchase of the second house you would pull the money out sideways (take a second mortgage or HELOC). Now the money you used as a down payment is pulled back out of the home, but is considered a liability instead of an asset, and can be used with out paying tax on it. Now when you sell the second house, you will repay both the first and second notes on the home, and your loan proceeds will be what is left after paying off all obligations. Then you do the same thing.
235810
No.  Mortgages are on specific properties.  You cannot transfer them from one to another.  Sorry!  To be absolutely sure, call your mortgage company, they will be able to answer it for you for certain as they are the ones granting the mortgage in the first place.
1141906
Can you track down your sister?  Maybe one of your relatives knows where she is.  I'd probably try to find her first and talk to her about buying her share of the house.  That would probably be the most straightforward and least expensive route.  \n\nPrepare beforehand.  Take the current value of the house.  Divide it in half.  From that half - subtract the mortgage you paid (if she took all the money), half of the taxes you paid and half of the repairs you had done.  Add what you would have paid for rent to live in the house for that time. (Forget the water bills since you used the water.)\n\nThen subtract what you would have paid for rent during that time.\n\nBased on that figure - decide what you're willing to offer to buy her out of the house.  Start on the low side so you have some room to negotiate but be fair.  If you can reach an agreement here it will save a lot of legal fees and hassle.\n\nOtherwise - see a lawyer.  I'm sure a lawyer would be able to advise you on how to use the value of the house to get the repairs done.\n\nI'm not so certain about getting your sister's name removed from the deed.  Your parents wanted her to have half of their home.  While it's your duty to protect your sister's investment by getting the repairs done - it doesn't seem right that you should take her share of the inheritance.
990834
It's called a bridge loan.  Most lenders can help you.  The risk is obvious if your current house doesn't sell in a timely manner at a price close to what you expect
732763
Do yourself and them a favor, and hire a local attorney to do the paperwork and make the property transfer.  Better to pay a little now than a lot later.  Property interests are governed by a myriad of laws, and you don't know them.