All Forum Posts by: David Morgan

Can you 1031 a property (SFR that is willed to my brother and I by our parents who owned house free and clear) into a syndication for an apartment complex?

Thanks,

David

Hi David,

The first question is when did you inherit the property? If you recently inherited the property, you may have received a step-up in cost basis and may not need to consider a 1031 Exchange. If you have owned the property for quite sometime, then you will likely have a taxable gain to consider.

You and your brother are likely treated as individual owners for tax purposes so you could sell the property and each of you could decide whether you wanted to cash out and pay the taxes or defer the taxes via a 1031 Exchange.

The short answer to your question is definitely yes. The TIC or DST are considered Qualified Use Property and Like-Kind Property for 1031 Exchange purposes.

Thanks Dave,

Great info.

What exactly does TIC and DST stand for.

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Originally posted by @Brandon Hall:

@David Morgan are you sure a 1031 is the appropriate vehicle here? Generally speaking, you receive a stepped up basis when the property is passed to heirs, meaning if you sell it soon after, you will incur a minimal tax liability.

What was the value at the time of inheritance, how long have you held, and what is the value now?

Thanks for the response. Just so I understand what you wrote, you are saying there is a window of time where heirs could sell a property WITHOUT paying capital gains? How long of a window do you have? I am unfamiliar w/ the "step up basis" and will have to research that.

My parents are alive and well right now. If we do inherit their property, I want to know what my options/opportunities are.

I'm learning something new all the time!!

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Hey Dave,

I have a question for you.

Can you 1031 a property (SFR that is willed to my brother and I by our parents who owned house free and clear) into a syndication for an apartment complex?

Thanks,

David

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I have read it. Great book for anyone wanting to get into Apartments. I really like how he explained the steps you need to take in preparing to sell the property. Don't forget to check out his free stuff on his website. He tells you how to get to it in the book.

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I would lean as much of the free stuff as possible before joing ANY program. Do tons of research. There is so much free material out there it is ridiculous!! Besides, if you learn all the free stuff and still want to join their program, you can hit the ground running with all the free knowledge you already acquired and maximize your money/time with Rich Dad.

2 Votes

Originally posted by @Blake C.:

@Scott R. is right. I have looked at Mls everyday for 4 years. Unless you are talking about the occasional HUD house, there really isn't killer deals to be hard there. Or at least, I'm not great at finding them. May be if you are going to shoot out low ball offers on stagnant listings, that would probably work if you can Find aomeone that's willing to do that. I've found that chasing my own leads through word of mouth and buying from wholesalers and burned out investors is a lot easier and more effective here. If you have some experience and know the market you, might look for a less experienced realtor that's willing to show more doors and write more Offers.

Thanks for the info Blake!

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Originally posted by @Scott R.:

you don't want an agent.. Not in this market, 95% of deals don't hit the mls.. What are you looking to do?

Thanks Scott. Are there a ton of owner finance homes?? We are looking for homes to wholesale Lease Options.

Thanks!

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Thanks Loren and Lindsey!!

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Hey BP,

Any investor friendly real estate agents out there?

Thanks,

David

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Hello BP,

We are looking to get into the Amarillo,TX market and wanted to see if there are any Amarillo agents here on BP. If you are an investor friendly agent, reply and we can talk about want we are looking for.

Thanks,

David

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All Forum Posts by: David Morgan

David Morgan has started 5 posts and replied 41 times.

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Post: Any Investor friendly Amarillo,TX Real Estate Agents??