All Forum Posts by: Cameron Snyder

Thank you everyone for responding!! @Jon Taylor, the collaterol for the HELOC was the investment property sold 3 years ago (and 1031'd into 3 DSTs)...that's why I'm concerned it's probably not still available even though the bank is saying it is...I see @Dave Foster 's comment that the bank may not extend once they figure out it's an interest in an entity structure presently...so I am guessing I need to explain to the bank what happened and see what they say...

Hi all - 3 years ago we 1031'd an investment property into 3 DST properties. At the time we had a $0 balance HELOC on the property we sold. I just realized the bank still has the $0 balance HELOC open and available for use. Did this HELOC transfer to the new properties or was something overlooked during the sale 3 years ago? Just wondering if I still had access to it, the bank said it's ready to go but I do not want to do anything wrong by the IRS!

@Rob Pecha, thank you so much, Rob! I did not know about DST's until now. I very much appreciate the response!

@Dave Foster, thank you so much, this is exactly answering the questions racing around my mind!  I really appreciate the response.  Would love to connect! 

@Bill Exeter, thank you, very helpful!

Yes, the relinquished property was a rental / investment property, not a flip.

Hi all!  My husband and I are currently selling an investment property with the goal of a 1031 exchange and have some questions around the debt component.  

For simplicity's sake, if the property will sell for $1.5m and there is $500k of debt currently, we are trying to understand our options.  How do these numbers (mostly the debt amount) work If we want to put some of the profit into a syndication and some of the profit into a multifamily partnership (I understand that you need to purchase something of equal or greater value), ie - if we are just a small part of a down payment in a syndication and / or partnership deal, where the total purchase amount is greater than $1.5m and the debt is greater than $500k, are we ok?  

I'll also add that my husband and I are self-employed (last 1.5 years) so partnerships vs. loan vehicles are probably the better bet for us at this juncture.

Thank you!

Hi all!  Expanding our fix and flip business in Bridgeport, CT / surrounding, and looking to expand our list of GC's.  Looking for Investor friendly, reliable, take ownership and easy to communicate with.  We are looking to expand together so only interested in those who want to align with our goals and build a long-standing relationship.  Thanks so much for any recommendations!  

Thank you so much, @Brian Pulaski !  We have found another contractor and the numbers all make sense now.  I very much appreciate your response and insight!  So many great ideas from this group.

@Don Petrasek - thank you for your thoughtful response and encouragement!  Your second point is a great way to look at the situation and I completely agree with you.  We are learning volumes every day from this first experience!  Thank you!

Thank you, @Chris T. !  Appreciate your response!