All Forum Posts by: Byron Bohlsen

Understood. So essentially each identification line item is really a transaction and not a property, none of the documentation I have read out there about 1031s make this distinction clear.

Thanks!

@Dave Foster

Thanks Dave, that is making sense.

For my own knowledge, what if your looking at buying 2 independent buildings under one purchase/seller/closing, that can qualify as one line item on your identification page or you need to identify them separately? 

@Dave Foster

I believe the condo thought process/methodology is correct in this case. So for identification I should just be able to use the 3 property sheet, identify the 1 physical address of the building, and not specify anything else, including any ownership percentages etc? 

Thanks.

@Dave Foster Hi Dave, my QI told me to check with my CPA on which form to use... You are correct its one transaction/contract (2 sellers, a joint adventure they had) and I would be purchasing all of the units that is part of the listing.

Would I be identifying the ownership interest percentage as it relates to the overall building, or since I would be 100% owner of the individual units I am buying I wouldn't be specifying percentages? And for identifying I would just put the physical address of the building then? 

Hello!

I am currently working towards buying ownership into an office building structured with an association of individual owners for the individual units. I would be buying 4+ of the units. Each unit has its own tax PID, but the physical address on the PID website is the same physical address for each individual PID, the main building address. I am trying to determine if I should use the 3 property identification sheet, identify the physical address of the building along with my approx ownership percentage of the building based on unit count percentage. Or should I be using the 200% rule identification sheet and list each PID individually?

For bonus points, how would one break this out on their schedule E, list the one property and combine the financials as if it were a multi-family property, or should I be listing each unit individually on schedule E with its own financials? I assume how I identify in the exchange will determine how I file the schedule E.

My impression is that since were are dealing with multiple PIDs I should be using the 200% rule and breaking them out individually, as well as report on schedule E individually. It seems this would make it a lot cleaner and more straight forward if I were ever to sell some of the units. Looking for assistance! Thank you!

Thanks team 

What if there is a strong potential to want to pull equity out before year 10? 

If given the choice between two loans, which would you choose and why? 1.1M loan amount

7 year term, 25 year am, 3.49 percent interest

10 year term, 25 year am, 3.65 percent interest

Both sides of my duplex have brought up this neighbor tenant and the dog running around unleashed and pooping on our lawn. The dog even ran up to one of my tenants (not aggressively but she is still afraid of dogs). 

IMO the tenants are not very approachable so I tracked down the landlord and will be having a conversation with him. 

Thanks for the follow up everyone! 

Hello, 

I have a rental property with a neighboring rental property. The neighbor tenants are leaving garbage on my side and letting their dog **** in our yard. 

Curious if you guys know how this is handled, tenant to tenant, Do I talk to their tenant, or should I try to track down their landlord? Or just call the city and go from there? 

Thanks.