All Forum Posts by: Ryan Watson

No, a 1031 is where the money comes out of the old asset, straight into the new asset, never touching the owners hands, thus, deferring the tax.

If it would help. All I'm looking to do with the land is make a truck lot out of it. When I start my contracting business I need a place to park my iron. I wouldnt have a desire to disturb the soil.

Would further testing need to be done if the land was to be passed on to a buyer? Or is the subject simply "dropped" once remediation has taken place?

I sure appreciate all the advice. Thats crazy you aint allowed to atleast take the cashflow out of it, while all the other equity stays put. Ive come to the conclusion that using a self directed route is useless from a money making, cashflow standpoint. If i chose to use the funds ill just take the 40% hit and do what i want with the money, if i was to go that route.

I think it would be much more useful to maintain the 401k while flipping houses, then i can dump 16,500 a year into it from the profits so i can keep my tax bracket low. Its funny they never told me i could put that much in while i was working. Now that I am pushing for self employment, I may actually have the money to make a contribution like that.

Thanks everyone.

Mainly on the topic of ground contamination. After the remediation for the contaminated soil has happened, are there any stipulations or things to watch out for if acquiring said property? Contamination can be any size, such as a heating oil tank to a gas station/small oil company.

Im aware of compaction issues, so in some cases building construction could not happen although there are other uses for such land.

So i take it this is where my accountant would be paying my cash flow out of this after all expenses are paid?

thats the part i hate about this business. sometimes its all got to be a trumped up balloon project just to make a little place to stay.

these properties in question are actually going to the tax sale. there is a huge cluster of them going up. apparently a bunch of people cant jump through all these hoops.

true. i wonder how they would handle something like that? surely they wont make the land owners put in a full 24' two lane road complete with curbs and storm drains just so someone can make a driveway to where they want to build?

you've read my mind. i love my cowboy projects. Geo textile grid and about 8" of stone would tie everyting in just fine LOL

hard to belive that afte 19 hours on monday nobodys got an asnwer. nobody has delt with this situation before?

I've come up on a unique scenario where there are some lots for sale that there is no legal access too. The trick is there is access to it, plotted out public right of way on a map. However in this subdivision they've got a few streets here and there that all dead end. While other streets were never put in off the main drive.

This land is just as raw as it was back in the early 1900's, now over grown with dense forest and undergrowth.

So my question here is, would a landowner with enough skills to cut in a driveway be able to do work on the public right of way just enough to get back to the lot or lots that they own? After all if someone is willing to clear the right of way, there shouldn't be too much bureaucracy in getting the job done.

I can see where a driveway permit would be needed from the main drive, but if you had to run say 50' of the right of way, could you get away with not getting a right of way permit and not being a licensed contractor? Mind you there are no utilities. Like i said, they are lucky they got asphalt, that land is raw, not much to it.

In all honesty i dont see why you could not get a surveyor to stake out the right of way back far enough to get to your lot, and then spend a day in there with chainsaws and equipment and make something happen.