OfflineSo I got in contact with a Real Estate attorney today and we talked for a bit about a few things and one of the things that came up was the state's land gains tax which means that if I buy a property and want to re-assign to another investor I would get charged a land gains tax. This is the states way of discuraging investors. In my target area the land gain tax is .35%
They said if I wasnt making it my residence or the investor wasnt making it a residence. How stupid.
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Im gonna make him an offer he cant refuse
Why would you, as the assignor, get charged the tax? You only have control of the contract and you sell (assign) the right to the contract and purchase of the property to the assignee. So wouldn't just the end buyer be the one who is charged the tax?
"ALWAYS THINKING OUTSIDE OF THE BOX"