All Forum Posts by: Andrew R.

Thank you all for your feedback, I reached out to the QI and my CPA to see what they say.  The capital gains from my 1031 will pay off the 50k and some but I was wanting that to be part of the cash going into the seller's pocket but I may have to pay off the existing mortgage.  I'll let you know the outcome.  

I did: 

Matt Aycock - prattaycock.com - 800-214-6290

Looking for some feedback on a 1031 exchange I'm currently doing.  I just sold my condo and the capital gains are sitting with a qualified intermediary.  The property I would like to buy is under contract and has a mortgage of about 50k with I would like the seller to hold this note (which he's agreed to) however, it seems this would be difficult to do according to the title company.  They've suggested instead, I could file for a 2nd lien on the property so that I have some security when it gets paid off or sold.  Doing this the original mortgage and title would stay in the seller's name.  Just to shed some background this is in the state of TX and the seller is a family member. 

My first question is, is this doable with a 1031 exchange and if so has anyone else in the BP community done this when the seller is willing to carry the 1st note and how did it work out for you? 

Any feedback would be much appreciated. 

@Marlen Weber, great!  I'm sure there are a few recommendations out there in BP community. 

I'm looking for an attorney in the DFW area that can care for my REI needs, any recommendations? Thank you!

Investment Info:

Single-family residence buy & hold investment in Dallas.

Purchase price: $120,000
Cash invested: $13,000

Purchased this using private and cash, currently rehabbing and planning on BRRRRing. Updates coming....

What made you interested in investing in this type of deal?

Good deal that needed updating and want to try the BRRRR method.

How did you find this deal and how did you negotiate it?

MLS and negotiated with agent, offering cash. Motivated seller, according to the agent seller had other buyers but since they were using conventional financing and couldn't get the underwriting finalized.

How did you finance this deal?

Cash and OPM.

How did you add value to the deal?

Currently rehabbing the property.

What was the outcome?

more to come...

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, used an agent (seemed green to REI) so I probably wouldn't recommend.

Investment Info:

Single-family residence buy & hold investment in Dallas.

Purchase price: $120,000
Cash invested: $13,000

Purchased this using private and cash, currently rehabbing and planning on BRRRRing. Updates coming....

What made you interested in investing in this type of deal?

Good deal that needed updating and want to try the BRRRR method.

How did you find this deal and how did you negotiate it?

MLS and negotiated with agent, offering cash. Motivated seller, according to the agent seller had other buyers but since they were using conventional financing and couldn't get the underwriting finalized.

How did you finance this deal?

Cash and OPM.

How did you add value to the deal?

Currently rehabbing the property.

What was the outcome?

more to come...

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, used an agent (seemed green to REI) so I probably wouldn't recommend.

Just closed last week on a SFH, however, I'm certainly making sure there is more than one exit strategy before making any big decisions.

Outside of trying to get a deal, I keep a workout routine early in the morning, I've had one since I was in school, and now with COVID and being older it means that much more to me. 

I was an industrial automation controls engineer for quite some time but made the move to project development with REI as a side hustle. That being said, I would agree that I find many engineers who dabble in REI.