All Forum Posts by: Cassandra Brown

Thank you, I will.

I made an offer on an older triplex building and the inspection found that the stairwell into the basement is noncompliant in terms of building code width and stair risers.  It would be almost impossible to fix given the structure of the house. My realtor tells me that is will be grandfthered but I can't find any code sections that say so. I'm concerned about landlord safety liability.   Should I be?

Thanks

Cassandra Brown

I'm wondering how to structure an offer on an exchange property when it is contingent on the sale of the 1031 property.

What contingencies should I include in my offer on the replacement properties?  Should I make the offer to close after the expected sale but contingent only on a pass fail inspection?  What if the 1031 falls through?  I'm confused about when I make the offer and get an acceptance on the replacement property --before I even sell the 1031 property?  So ideally I close  on the replacement property immediately after the 1031 property sale, and I already own the replacement property before I even list it during the 45 day window? 

This is really confusing to me.  I am going to have to exchange for a number of other properties so this is getting complicated.   Any advice is appreciated .

I'm feeling very nervous about trying to complete a 1031 exchange for a property in San Diego county which has not yet closed.  I was planning to buy some much less expensive duplexes in my home town in Wisconsin and perhaps another in Burlington, Vt where my daugher lives; but having had one potential purchase fall through at the end, I'm worried that I won't meet the requirements to put all the proceeds into other property.  The tax bill matters to me in terms of future rental income. 

Could I list the properties that my children own as homes and purchase from them, if it came down to not having enough listed properties actually close?  Using the 200% rule I could list potential properties and then duplicate with properties that I know I could buy (temporarily)--is that a viable option?   Or, should I look into Delaware Statutory Trusts and if so, how would I do that? 

Right now the buyer of my San Diego property has had an inspection and offered an addendum reducing the price based on that inspection--does that mean I can cancel the deal? 

I think this might be too stressful for me...I don't feel I know enough to properly proceed with any of it, but I might already be stuck in the process.