All Forum Posts by: DJ S.

@Bill Exeter  et al.

After reading these, I'm curious how 1031 applies to my situation. I've setup an appt with a new cpa (if the interview goes well) but I am curious what the BP community thinks?

I am planning on doing a 1031 on a 2010 sfh purchase next summer 2015 (I lived there for 11 months before becoming an accidental landlord/investor).

I want to use the "total revenue" from the sale (after paying off lender) to :

1. buy another sfh home (and move in) 
2. buy a duplex/multifam (and move in) and rent out other unit(s).
3. buy another sfh home (and move in) and save the balance cash in the bank.

4. buy another sfh home (and move in) and use balance cash to rehab before move in..
5. buy a duplex/multifam (and move in) and rent out other unit(s) and save the balance cash in the bank.

6. buy a duplex/multifam (and move in) and rent out other unit(s) and rehab before moving in, and finally save the balance cash in the bank.

Are any of the numbered above hypothetical scenarios possible/legal for 1031?

Note: I added all these extra scenario that the "total revenue" can't purchase..but what if...

Thanks.

Thanks the welcome and tips.

@James Wise 

@Elizabeth Colegrove 

@Joshua Dorkin 

@Dmitriy Fomichenko 

Got it. 

Seems as though the @ drop down only works when you are colleagues. I'll figure it all out soon :-)

Alright folks,

I finally have my Ice Breaker Post on BiggerPockets - to you Josh and Brandon

I've invested (VERY slowly) in real estate via MLS purchases since 2011 . I also managed the tenants myself. I recently moved for work and because I was in between IT contract roles (hired a property Mgr), I decided to fill my time with real estate meetups and potentially buying an HVAC business. At these meetups I networked and learned about 401k to invest in real estate. Rather than pay someone to link all the information, I decided to google Self Directed IRAs in September and thats how I discovered BiggerPockets . So far I've consumed the first 70 of the first 90 podcasts (high to low) in 2 months while I've shadowed a flipper, knocked on doors, networked etc to get my feet wet.

I want to extend a great gratitude to the BP community,

BENEFITS TO ME (not an exhaustive list):

1. Getting from A to B in Discounted RE Investment without paying almost $4000 for courses to link the steps.

2. Understanding Self Directed & Solo IRAs - Thanks @Dmitriy Fomichenko

3. Understanding Trusts - not completely yet :-)

4. Exposed to the 4-Hour Workweek - currently on page 11 @Joshua Dorkin

5. Came to conclusion on getting my RE License in the near future (Show23 @James Vermillion and others who gave reasons to get a license.

6. Purchased J Scott's "Flipping Houses And Estimating Rehabs" on BP to build confidence on potentially re-habing and flipping or holding a wholesale acquisitions. ( I did do a lil rehab on the 2nd duplex in MN)

DISADVANTAGES:

1. NONE

2. NONE

3. Did I stutter...I Said NONE.

Thanks Josh & Brandon. Thanks Everyone on the forums.

Now lets get cracking on this :-)

Hi @Chris Christianson,

I lived in MN for 15yrs and just moved to NC in early summer . I lived mostly on the Mpls and Brooklyn Park area so I rarely went to St Paul (Mpls v St Paul beef...jk) but I did school at St Thomas on Summit Ave. 

From your Summit Hill & Grand Ave mention, I looked up St Thomas distance from Summit Ave & Grand Ave (10mins away) on google maps.  I also looked up Summit Hill and Grand Ave and its 4 mins away from St Thomas university.   

I also know MaCalester College, William Michell Law school are close-by (within 10mins) so depending on how strongly your lease and property management is, I think you will do just fine.

So what I'm saying is you may be able to get Professors, College Staff or FT grad school hopefully - avoiding discrimination obviously.

I also lived in a duplex in NE Mpls (Columbia Heights) and it was quiet (long winter - kids came out in summer to play on the quiet streets) but very close to Central Ave.  So I got a lot of calls for potential tenants because it is 15mins from downtown and close to bus lines, restaurants and businesses (on Central)

Per rent, I'd check out www.rentometer.com/ and that will give you an idea on what you can rent for.  

Best Of Wishes.

DJ