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Re: Construction Loan - Texoma Property - Advice needed [Re: TexasBlonde] #13334018 11/06/19 06:17 PM
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Originally Posted by TexasBlonde
All I know is Grayson County has one of the highest tax rates in the state and I would do all I could to keep it is the trust that has a low tax rate.

It's in OK.

Re: Construction Loan - Texoma Property - Advice needed [Re: pacertom] #13334033 11/06/19 06:41 PM
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Originally Posted by pacertom
Originally Posted by Happykamper
You could take a home equity loan out on your existing home, 80% of the value, that would give you some money to get started on your new home, where about are you on Texoma ?


Cartwright, OK - Oak Hills estates is the subdivision - View from the deck.

[Linked Image]


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I am do east of you near the north end of Preston Point, taxes are ridiculous, OK may not be so bad, nice view


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Re: Construction Loan - Texoma Property - Advice needed [Re: pacertom] #13334057 11/06/19 07:12 PM
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OK property taxes are minimal (compared to TX) so I wouldn't let that get in the way of things. If you want to keep the land in the Trust, with respect to the construction loan, you might be able to do a ground lease with the Trust, have the construction lender just take a ground leasehold mortgage (they'll have to do a SNDA with the Trust so they would take over the ground lease if they foreclose), and handle it that way?

Lots of options but have to understand what it is you are trying to accomplish, and the priority of same.

Re: Construction Loan - Texoma Property - Advice needed [Re: pacertom] #13334058 11/06/19 07:13 PM
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Re: Construction Loan - Texoma Property - Advice needed [Re: pacertom] #13334064 11/06/19 07:29 PM
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pacertom Offline OP
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Appreciate the responses. One thing I wasn't aware of when writing the original post was the taxes in OK...They are much lower than I had assumed so that's 100% not in the way of moving forward.

The best way to get a construction loan for a property that is willed to my wife and currently in my FIL's name is the main issue now. We will likely go the co-borrower route with my FIL unless there's a better way.


A MAN WILL NEVER GO TO HIS GRAVE WISHING HE'D FISHED LESS!!
Re: Construction Loan - Texoma Property - Advice needed [Re: pacertom] #13334151 11/06/19 10:05 PM
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There's some nice swim beaches in that area. Just be careful not to drink and drive in that area. OK cops like to set up sobriety checkpoints right by there.


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Re: Construction Loan - Texoma Property - Advice needed [Re: Chris B] #13334176 11/06/19 10:51 PM
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Originally Posted by Chris B
There's some nice swim beaches in that area. Just be careful not to drink and drive in that area. OK cops like to set up sobriety checkpoints right by there.


Good! A couple of months ago one of my friends was killed by a drunk driver from Cartwright - he was driving northbound on 69 South. Don't drink and drive in ANY area.

Re: Construction Loan - Texoma Property - Advice needed [Re: Fishin' Nut] #13334215 11/07/19 12:04 AM
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Originally Posted by Fishin' Nut
Once the house is demolished, you will only pay taxes on the value of the land itself. When the new house is completed and you get your Cert of Occupancy, the property will be reappraised for the next taxing year. That's how it worked when I built my last home in Texas.


That's where the problem with property taxes will occur. The new home will be taxed at its real value. Then you add the true value of the property.

The reason the taxes are so cheap is because nothing has changed in a long time.


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Re: Construction Loan - Texoma Property - Advice needed [Re: pacertom] #13334289 11/07/19 01:57 AM
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Dont know a thing about oklahoma property tax.

Re: Construction Loan - Texoma Property - Advice needed [Re: bassfishinglawyer] #13334405 11/07/19 04:05 AM
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Originally Posted by bassfishinglawyer
Originally Posted by Chris B
There's some nice swim beaches in that area. Just be careful not to drink and drive in that area. OK cops like to set up sobriety checkpoints right by there.


Good! A couple of months ago one of my friends was killed by a drunk driver from Cartwright - he was driving northbound on 69 South. Don't drink and drive in ANY area.


Couldn't agree more....That exit next to the Dollar General, I can see how an elderly or drunk person could get on the highway going North. There are always 2-3 State Cops right there on Fri and Sat nights.

And I have been through 2 of the checkpoints in the last 3 years. They set up on a country road in front of the old Nafies Steakhouse - Wendy's catfish area right in front of West Burns run....Very careful not to be under the influence up there and driving.

Anyway...back to topic. Will talk to the CPA and attorney tomorrow or start a TFF go fund me campaign smile


A MAN WILL NEVER GO TO HIS GRAVE WISHING HE'D FISHED LESS!!
Re: Construction Loan - Texoma Property - Advice needed [Re: pacertom] #13334426 11/07/19 04:53 AM
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I can see my house in your snip lol


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Re: Construction Loan - Texoma Property - Advice needed [Re: Scagnetti] #13334478 11/07/19 11:30 AM
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Originally Posted by Scagnetti
Originally Posted by Mike@972
In my humble opinion, I think you should be more concerned about protecting your $300,000 investment rather than postponing a $5,000 tax bill that will eventually hit you at one time or another.

In short, I would not improve the property until it's transferred into your name. I would not assume a seamless transfer of ownership at a later date (especially if there are other family members involved).

Just my two cents. Good luck to you either way.


Best advice yet

I don’t understand why people want to further complicate what potentially might be an already complicated situation

^^^This. It's not yours until it's yours.


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Re: Construction Loan - Texoma Property - Advice needed [Re: John175☮] #13334483 11/07/19 11:40 AM
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Originally Posted by John175☮
Originally Posted by Scagnetti
Originally Posted by Mike@972
In my humble opinion, I think you should be more concerned about protecting your $300,000 investment rather than postponing a $5,000 tax bill that will eventually hit you at one time or another.

In short, I would not improve the property until it's transferred into your name. I would not assume a seamless transfer of ownership at a later date (especially if there are other family members involved).

Just my two cents. Good luck to you either way.


Best advice yet

I don’t understand why people want to further complicate what potentially might be an already complicated situation

^^^This. It's not yours until it's yours.



wouldn't a family trust pretty much already put it in his name, along with the other trustees? sort of like a suppressor trust, anyone listed is considered an owner.


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Re: Construction Loan - Texoma Property - Advice needed [Re: pacertom] #13334486 11/07/19 11:50 AM
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I would not dump my money/loan on a property not free and clear in my name.

The Trust owns the property. Not sure a bank would loan a dime for a property in a Trust unless the Trust was taking out the loan. What's the collateral? The existing house that's not in the trust? Sketchy.


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Re: Construction Loan - Texoma Property - Advice needed [Re: WAWI] #13334491 11/07/19 12:00 PM
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Originally Posted by WAWI
Dont know a thing about oklahoma property tax.


Don’t let that stop you from chiming in. All the other experts have.


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