All Forum Posts by: David Miller

Check Texas intestacy (meaning "no will") statute - it should govern how title passed and to whom it passed. If Texas requires a deed to be recorded to transfer title from a deceased's estate, then you may need to take some curative actions to clear up title. Either way, you need an attorney and title counsel to guide you on what you need to do to get clear title. Depending on the terms of the purchase agreement, this may or may not be a seller obligation.

Peter Forrest it is unfortunately too late to do a 1031. The 1031 qualified intermediary must receive the funds directly at closing - if you or your entity receive any funds, you lose the opportunity for nonrecognition of gain for those received funds.

From an equity standpoint, as an equity only investor in a syndication your liability should be limited to whatever money you invest regardless of whether the money comes from you individually or through a LLC. I have an investment partner that provides equity through a LLC that has holdings in numerous entities. For tax purposes, using a LLC may be advantageous - talk to your tax professional. A lot of it depends on what you want to do with the capital and when you want to realize a taxable gain.

Abel Curiel not sure about the laws in your state but a partition of a SFR typically results in an order to sell the property (often by a third party appointed by the court). An actual partition is impossible. Given the sale is considered distressed, the sales price will be low and combined with the costs of the partition (which will likely include the costs of the third party appointed by the court), your equity gets eaten up. I had the clerk tell a client of mine going through a partition in NC , "you have picked the most inefficient way known to man to sell property." Unfortunately, sometimes it is the only way to force a sale.

Patrick Philip You need to know if the original loan has any prepayment penalties (which are often 5% of the loan amount in the first year) which can eat into equity. Realizing this type of rapid appreciation (or "forced equity" as some might call it) often requires a distressed or very poorly managed asset where a buyer can quickly and efficiently add value, raise NOI and convince a lender to finance the asset at the higher value. Doing all of that in 3-12 months would require a lot of skill and some really strong lending relationships.

Jake Schachle at Ball & Minor in Fuquay-Varina.

I would recommend Jon Anderson at City of Oaks Law if you are purchasing SFR.

North Carolina is an attorney closing state. Find a good closing attorney first - they will have relationships with a lot of title companies.

Craig J Eiland PM me - I can put you in contact with several brokers who focus on MF in the Triangle. David

Contact a real estate attorney. Have them check the title to make sure there no problems. You should also consider getting a survey.