[Donna Ross]

Donna Ross

Jackie:

You answered my ? re: how to buy the fsbo …..but I am confused by your answer…I had thought that you and Jack have been recommending that we DO buy sfr’s that have existing financing on them;
and that by having Seller deed the ppty to a Beneficial trust (?) then assigning the shares of it to me; that we then avoid showing the ppty as a transfer of ownership….
which Does prevent reassessment of ppty taxes and insurance….

From your answer to me; it seems as though I have not understood what you and Jack have been teaching. You are telling me to NOT buy it …..but I had planned to essentially take over the existing first via this technique, then have seller carry the second…..

then have the seller keep same ppty insurance making me additional insured….

At any rate; I am quite confused at this point; because I have been studying/listening to these techniques in how to utililize underlying trust deed w/o triggering due on sale and w/o triggering increase in ppty taxes……And from your answer to my ? in the forum which you answered today; it sounds as though I have completely not grasped the technique.

Would appreciate your further comment to help clear up my confusion.

Thk you.
D

PS> I have never heard of a tax for sellers who want to leave the state. A few of my clients have sold to move away from state; but perhaps they forgot to tell me abou that tax….no one has ever mentioned it in 20+ years I have sold in Calif..but I can call an attorney to ask.

Mostly need to be set straight about where/if I have missed the boat on this entire technique of buying (subj to…-ish)…?

[Anonymous]

Anonymous

If you lived in ANY state except California I would say buy the house.

But I’m concerned that in Ca it would get reaccessed.

You need to find out before you proceed.

Does deeding the property in to a land trust cause a reaccessment?

IN all the other states, houses are taxed according to their value regardless of how long you have owned it
But in CA people can own a $5,000,000 house and only pay $1,000 a year in taxes

No wonder the state is going broke!!!!