All Forum Posts by: Christian Luong

Hi all

I completed a 1031 exchange in 2021 (sold a SFH family and purchased 3 properties) and I am looking for a tax professional to help me filling the 8824. Filled out a worksheet but I would prefer a professional to take a second look.

Does anyone has a recommendation?

Thanks a lot!

thanks all for those answers

Hi everyone,

I plan to sell a house and do a 1031. Are there any tips to avoid out of pocket expenses? Ideally I'd like to find ways to pay for expenses without having to pay from my own

- $12K roof repair before selling: looks like I cannot use the proceeds to pay that off or else it will count as a boot. Am I right?

- buyer asks for a $10K seller credit - will it be taxable and part of the boot?

Thanks

Hi there

I was about to list my house for $549,000 (Northern Virginia) on redfin. House is in decent condition (new roof). Tenants mentioned they were interested in buying and sent me a pre approval letter for $510,000. They will not be ready for the next 2 months because they need the down money

I am trying to navigate the pro and cons

Pro

- Saving on commissions like Seller agent 

- anything else?

Cons

- not a fast deal: market can change in two months and deal can fall through

- possibility making less money selling to tenants than listing on the market 

- anything else like risks etc?

Next steps

1) Home appraisal - buyer wants one, but what if it comes at much lower than $510,000

2) Buyer agent - Buyer wants a agent - shall I pay a flat fee? and how much shall I offer?

3) Real estate attorney - I need to hire one

4) Title company 

5) Anything else?

Thanks a lot :)

Hi there

I am looking for recommendation for a property manager for a SFH rental in Herndon, Virginia. Former property manager has retired. Good tenants, living there for several years, and I want to keep them happy and property maintained

Thank you

@Wayne Brooks I haven't signed any document (purchase agreement) with the buyer and at the same time house price has increased $30K - I am willing to pay the agreed commission to the real estate broker but I want her to finish negotiating the price/selling the house/getting the paperwork ready

Thanks for all answers and apologies in advance for any dumb questions  as I am a newbie

- My real estate agent and the broker are the same person. She is hospitalized and I have gotten her daughter information. Still no answer from the broker.

- The listing agreement is expiring end of this month (12/31/2020)

- Property was to be sold to the tenant AS-IS with a discount ($30K for roof repair and others) using a 1031 exchange

How could I move forward?  Can I send to the daughter agent something like a agent release form and go ahead with the sale? Shall I let the listing agreement expire?

I need to get moving with the roof repair or transfer that responsibility somehow


Thanks 

I have checked that already and there is no one

Thanks Catherine for your reply

Hi all

I found myself in an interesting situation:

Background:

- Rental property (SFH) is located in Northern Virginia and tenants are interested to buy.

- I get representation from my property manager as a real estate agent in Feb 2020 (signed agreement expiring Dec 2020). Commission is set to 3% because buyer is already found

- tenants agreed on purchasing the house as is ($30K worth of repair: roof, wood) for around $435K. Est house price is $460K at that time

Situation:

As of March 2020, there is no news from the real estate agent. I learned from second sources that she has had a serious surgery and she is recovering in a nursing home. I tried to contact her daughter but no answer . House is now estimated at around $500K.

Since a large portion of the groundwork from the real estate agent have been done (finding buyer and negotiating a price), how would you move forward? I still have an agreement signed with her expiring in Dec 2020

Thanks