All Forum Posts by: Emmett Gorman

Thanks for the response, just was curious if this would work as a possible loophole, but yes, would be better to play is safe and hold the property for a while then decide how to proceed from there. 

I like the comment "accidents don't happen several times in a year," makes sense that they would look at my history when preparing the report.

Thanks Dave for all of your help on this question and your responses on other forums that I have read. As a young investor and I'm sure many other young investors on the site, I appreciate you taking the time to explain and walk me through the thought processes of your answers

What I meant to say did come across accurately in the comment "The process would be similiar to a fix and flip, but if the property did not sell it would be used as investment." What I meant was that as a Real Estate investor, I would demonstrate a history of buying and renting properties for investment purposes. Let's say I buy a property that can be used as an investment property but for some reason or another I would not want to keep it in my long term portfolio, could it qualify for 1031 if I were to run it like a traditional rental, (rehab, rent, etc.) but privately shop the property for sale and it sells in less than a year?

I hope this makes sense

@Dave Foster and @Account Closed

Thank You both for the help, it did clear things up for me. While each case is different and I should discuss with a qualified QI before I make any move, it is safest to hold for at least a year to show my intentions where for investment. Then if the opportunity arises to upgrade to a better property, I can sell and take advantage of a 1031 Exchange.

Hello All,

I am not currently in the real estate market (have 1 semester of college remaining) but am trying to do as much research as I can now so that I can hit the ground running once I graduate.

I read "Wealth Preservation Strategy: The Anatomy of a 1031 Exchange" by Joe Cronin and have a question:

1. He mentions how there is no set length a property must be held for in order to qualify for a 1031 Exchange as long as the intention of the property is for investment purposes. So say I have a history of buy and holding rental properties as investments, if I were to purchase a property, rehab the property, and put it on the market and it sells in a short amount of time (lets say less than a year) sell would it qualify? The process would be similar to a fix and flip, but if the property did not sell it would be used as investment rental property until it sold. Obviously with the money from the sale of the property, it would be reinvested into a property of equal or greater value.

Any help of this scenario would be much appreciated.

Thank You All

Hello All,

I am a college student at UW-Platteville. I recently got introduced to real estate investing and have now become engulfed with the idea, reading books and listening to podcasts. I've recently been viewing possible properties to rehab and house hack for my final semester. But, with only one semester remaining in the Platteville area and working the numbers on possible options, I decided that it was not the right time for me to get it.

However, I still want to find some way of getting into real estate and learn with first hand experience. I don't have many credits left to take so I am going to have a lot of free time in my final semester. 

Any suggestions on how I can get into the business without having my own property? I was thinking finding local investor/PM firm that I could intern/work with, what would be a good way to find good people to work with? Any other suggestions/personal stories on what I can do would be much appreciated.

Thank you all for the help