All Forum Posts by: Adam A.

We just completed a 1031 exchange last month, sold a rental property that was titled in my personal name, ended up buying two rental properties for cash as replacement properties in my personal name through the 1031.

We are now wanting to do a cash out refinance to get our funds out of these two homes, but to do so we are needing to add my wife as the sole borrower for the cash out refinance.

Will adding her to title on the replacement properties (or having her take on debt off these properties) cause an issue with the 1031 that we did, or create a tax liability on the gain we deferred? Am I able to transfer sole ownership to her without complicating the 1031 or creating a tax penalty?

We file taxes jointly and will still intend on keeping these properties as long term rentals. My plan is to keep my name on title, but not on the mortgage, but if I am able to transfer ownership to her without issue I may opt to do so.

Hi everyone, I've recently got a bank owned two unit duplex under contract in Gulf Shores Alabama. Plan is to occupy one unit as a vacation/second home and rent out the other unit as a short term rental. All the lenders I have talked with are treating this as an investment property instead of a Second home and are requiring us put 25% down. We are hoping to find a conventional lender willing to lend at 15% down that may need to portfolio the loan if Fannie Mae won't allow for duplex second/vacation home properties. We're not looking for any hard money lending or rates that exceed 5%. Any one have any suggestions or good contacts in Alabama?

Hi,

I am in search of a spec builder that works the Cobb county area of Atlanta on one off lots. We have located a piece of land we would like to demo the existing structure on and build a 3000-4000 sq ft home for around $90-110/sq ft for a luxurious finish. Would like to find a builder that already has floor plans in place for us to pick from. Any recommendations? 

Tyler Merrell please send me your contacts I'd gladly explore the options and are still seeking affordable builders for inexpensive construction my email is adam at locationlocationlocation.com

No luck as of yet. Hard to come by apparently. 

Hi, we are searching for affordable new construction options in the Metro Atlanta area. Does anyone have any recommendations for a low cost modular or prefab home builders that service Georgia? We're looking to build basic no frills vinyl sided 1200-1800 sq ft inexpensive spec homes to go on one off lots. Prefer to keep costs in the 50-70/sq ft range.     

Thanks for the idea @Mike Cumbie we've done cash for keys many times, but not cash for entry. I have mailed the tenants a letter asking for them to call me for a financial incentive to view the units, hopefully they will contact me in the next few days. If they are willing to I'll probably be able to obtain bank financing which would be ideal. 

I'd still like to find a back up hard money lender in the 6.5-9% range with minimal points. 

Bump

Curt Keels 50% LTV is a little low, but we could make it work. I would hope the terms are attractive if you're a qualified borrower putting down that much downpayment. Please connect me with your source. Derrick Moore please let me know what your manager says ASAP, we have an inspection period ending Monday so sooner is better.

Hi everyone, I've recently got a bank owned duplex under contract in Canton Georgia with two tenants occupying the units. The bank is selling it occupied and I'd be responsible for dealing with the tenants after closing. We're under contract at 101k. Does anyone know of a hard money or soft money lender will fund on a property we cannot get interior access to for a proper appraisal? Out of the many I've spoken with I only found one and that was about 6 months ago and I've lost their contact information. Any suggestions on who I should talk to would be great.