All Forum Posts by: Christian Nachtrieb

Hello, I'm hoping someone here can point me to a seasoned & experienced tax professional who could help advise me on the best course forward with my 1031 Exchange I'm in the middle of. Details of my situation below...

My wife & I are currently in the middle of a 1031 Exchange where we're selling a condo in Boston and using the funds to purchase a triplex in Worcester. We're at the point where P&S has been signed by all parties of both transactions, and we've been approved for a mortgage by Salem Five. All is well & good on that front. The issue is that the relinquished property in Boston is held in our partnership LLC, and in order to satisfy the 1031 Exchange requirements, we *MUST* close and take title under the same name on both the buy & sell side. However, the mortgage is not a commercial product and thus requires our personal names be on the title of the acquisition property.

Here is the question I am trying to solve:

If we quitclaim the deed of our relinquished property in Boston to our personal names to satisfy the bank and the 1031 rules... what, if any, tax implications will this have and how do we maneuver that?

Thanks all for your help!

Been working on a deal the last couple months, a small portfolio of student houses. Seller is appearing to be backing out, thinking that he can get more for the houses on the MLS. We already have a purchase and sale agreement executed. What are my options here? I'm awaiting to hear back from our attorney but would love to hear some peoples' personal experiences with situations like this. How long did it take to resolve and are there any things I should be doing immediately to prepare for a potential day in court?

Thanks BP fam,

Christian

I've had luck with condos in the Boston area as my starter investments. They were all I could afford here, but luckily I got them both at a great price (relative to this market) and was able to value-add by improving kitchen and bathrooms. They're all stabilized and cashflowing great even after BRRRR'ing my initial investment $ back. Looking for larger projects now.

The one major problem you're going to run into is the HOA. Make sure it's being run properly and be aware of possible special assessments.

Thank you @Nick Foundas I appreciate it, I'll give them a shout.

Fellow New England property owners,

I have a property in Dorchester that frequently gets water in the basement when it rains. It's a combination I think of where it sits on the slope of a hill and I also think it's seeping up from the ground. Right now there isn't any sump pump, french drain, or de-humidifier of any kind and it likely needs all three. A de-humidifier alone will not solve the problem, I'm talking puddles down there, not just "dampness."

Does anyone have recommendations for a good contractor who can attack this for me? 

Thanks!

If it were me, I'd first check your competition in that particular neighborhood and see what the standard is. Weigh that against cost and potential damage your tenant might cause. I did a BRRRR in Dorchester and the guy doing the appraisal barely noticed I had Quartz. I made sure to mention it but if I hadn't said anything he wouldn't have cared. I would focus on making sure things look new and clean, your safety stuff is updated, working and to code, and curb appeal. First impression is huge.

That's awesome congratulations dude. Just out of curiosity what town was the property located?

@Thomas Burnett Thank you for sharing. Out of curiosity, what software are you using to manage your D4D? I'm trying out DealMachine, and while I actually quite like the interface, I think the sample templates they provide are garbage. Do you mind me asking what sort of flyers you're sending and what they look like? Great work!

Hi Mike,

I appreciate you sharing all of your work and progress, I'm in the same boat looking to start up a high converting landing page. One thing I'm noticing on your site, is that you have spelling errors EVERYWHERE. I would fix that as soon as possible. It literally looks like you hired someone on Upwork that doesn't speak English to write all of your copy. I would also delete the fake / non-review that's there as a temporary placeholder. It's off-putting. 

Best of luck and I'll be checking in on how things are going for you. Thanks again!

Christian 

Hey @Nicolas Beaujean I'm just curious how things worked out?