All Forum Posts by: Ben Cochran

@Dave Foster thanks for that information!

Isn’t there a provision with a 1031 that allows the proceeds from your sale to be split and used for multiple “like kind” investments?

Would a food truck/trailer fall under the “like kind” investment property umbrella?

Again, with a few months to go before the sale, I’m trying to research all options on leveraging this money correctly, within the time frame I’m going to have once it closes.

In about 3 months I'm selling a property that will profit about $345k. I'd like to leverage this with a 1031 exchange into a new brewery startup. Although not a 1031 expert I have a general understanding of the process and timelines involved. That said I do have some questions. And yes, I will be enlisting a QL very soon.

The brewery startup will be about $1.5M whether I buy a building and build out, or buy a small piece of land and construct a building on it. An SBA loan will be utilized although I'm not sure how much at this moment.

Trying to figure out the best way to leverage the proceeds from the 1031. Can I take a portion of the proceeds and purchase the land/building and use a portion for the down payment required by the SBA (I believe 10%)?

Perhaps there's a creative solution that I haven't considered yet. Thanks!

@Joe Splitrock thanks Joe. Pro rating the carpet was something I hadn’t thought of.

@Steve K. That’s great advice. Would you be able to recommend a local NoCo attorney that could handle the legal paperwork if needed?

@Charles Carillo thanks. Yeah I think locating an attorney is the best way to go about this.

@Theresa Harris that’s a great question but I suppose I really don’t care if she “abandoned” them unless it would help my case if it goes to judgement.

@Nathan G. Thanks! I do tenant screenings and inspections every six months. She was a great tenant for several years but with 6 months left on the lease, she moved out, didn’t notify me, continued paying rent on time but left her two teenage boys (15/17) in the unit alone and they treated it like a bachelor pad and trashed it.

So my tenants trashed one of my rentals and moved out. Carpets were soaked in pet urine and engine oil. Countertops were damaged. Fist sized holes in every room. Doors ripped out of the wall and left the house full of their stuff. I’ve taken plenty of pics to document the damage. I spoke with the tenant and she admitted in a text that she knew she’d be forfeiting her deposit due to the carpets not being able to be cleaned.

All the damage has been repaired. The total is roughly $9k before subtracting her deposit.

My question is how do I present the bill? Do I just mail it to her new address or should I have it written up by an attorney and have it served?

Just purchased a live-in flip. Plan is to be here at least two years (Capital gains tax) and update the place. Looking for a good website or software to help design my kitchen and bathrooms remodels. There’s plenty of local designers but I’d like to do this myself if possible.

@Wayne Brooks great to know!