All Forum Posts by: Andrew Wilson

My brother and I are selling a property that we were gifted from our father.  To avoid capital gains tax, we are planning to invest the proceeds into a new property through a 1031 exchange. I’ve seen different perspectives, but I am wondering if we need to go through a third party company for the escrow account. Costs for this service ranged around $1,000. Do we need to go through a third party company or can we just open a separate account at a bank and have the title company we deal with have them wire the funds directly to the bank?

Triplex
Each unit: 2 bed/1 bath

I made an offer at asking price for a triplex house that currently has two of the three units occupied by tenants.  The seller's agent came back and mentioned that there is a higher offer (all cash - did not disclose how much).  The seller's agent expressed that one of the units is occupied by one of the seller's high school friends and has been living here for the past 18 years.  The seller wants assurances that I would not kick out the tenant (currently on a month to month lease).  Going into the offer, I was already planning to be reasonable with the current tenants - not kick them out, yet raise the rents to ~80% of what current market value is.  The seller's agent is seemingly wanting this assurance in writing in the offer letter.  If I were to include language in the offer, I want to make sure I'm not binding myself to anything for long term or backing myself into a corner.  Any suggestions on how to go about this?  I was thinking I could write something like, tenant can sign new lease for 1 year at $XXX per agreed upon lease.   Any thoughts are appreciated.