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All Forum Posts by: Eric Noble

Eric Noble has started 5 posts and replied 20 times.

Post: How to sell a house despite lower comps

Eric NoblePosted
  • Lancaster, CA
  • Posts 20
  • Votes 4
Quote from @Joe Homs:

@Eric Noble you're possibly looking at a big tax issue?  Are you speaking with someone who has knowledge of your goals.  As for your principal residence, it sounds like you are in a "Functional Obsolescence" issue.  This is where your home is "Functional," but may not fit for the area.  Example: A two story home in a one-story neighborhood.  Since this is your principal residence, you can shelter $250K per person or $500K per married couple.  

Your investment properties are a different story.  The only way to shelter them from taxes would be a 1031 exchange.  Which means you would have to buy something else in AZ and put in all the money from the sale.  There are other ways to sell the investments like with seller financing (love to discuss) where you can defer your capital gains for a longer period of time.

There are many different was to sell or even keep your homes that you should explore with a professional.

Good Investing...

@Joe Homs - my personal residence includes a pool and guest house, and although everything is a bit dated, there are no comps. It concerns me to base my selling price on homes with no similar benefits. The 250K shelter is sufficient to absorb most of capital gains. I wonder how to market the property in a way which justifies a higher price. I spoke with a local realtor who just shrugged and suggested I take the hit.

I'm leaning heavily toward donating the highly appreciated rentals to a CRUT. In 2020 I spent many hours looking at 1031 options, including DSTs. They are excellent options for accruing investment wealth. I am getting old and want to liquidate everything. A 20 year, single life CRUT make this simple while providing both income for me and a benefit to humanity.

With that said, I would greatly appreciate a consultation if you have time.

Thank you



Post: How to sell a house despite lower comps

Eric NoblePosted
  • Lancaster, CA
  • Posts 20
  • Votes 4

I'm planning to liquidate my rentals and my personal residence - move to AZ. I'm looking for creative options/agent support for my personal residence as it does not align well with the comps of my area.

Thanks

Post: Eviction Service Request

Eric NoblePosted
  • Lancaster, CA
  • Posts 20
  • Votes 4

Agreed Eliott !

I spoke with an attorney this morning. Apparently the moratorium was extended until March 2023 - jeepers... so, in March I give a 60 day notice and eviction timelines carry them until we get (hopefully) to court in June of 2023.

During my consultation, I mentioned I am actively planning to either 1031 this house or donate it to a CRUT. It seems that evicting tenants by selling the house is not prevented during the moratorium.

I have a path forward and will use an attorney to make sure everything proceeds as planned.

Thank you all for your feedback.

Post: Eviction Service Request

Eric NoblePosted
  • Lancaster, CA
  • Posts 20
  • Votes 4

...just to include my sources on the moratorium - I understand there is a second phase, per the article. 

LA County Extended Eviction Moratorium Explained

Post: Eviction Service Request

Eric NoblePosted
  • Lancaster, CA
  • Posts 20
  • Votes 4

Thank you Bjorn for your response. I'll follow up with a lawyer and look for an REI in the area.

Post: Eviction Service Request

Eric NoblePosted
  • Lancaster, CA
  • Posts 20
  • Votes 4

Hi -

One of my properties in Lancaster, CA. is occupied by tenants who have paid no rent since March 2022, and I understand ccurrently there is an eviction moratorium through the end of 2022. I want to be prepared for action in 2023 and would be grateful for any Eviction Service references.

Thank-you

Post: Assessment of 1031 potential

Eric NoblePosted
  • Lancaster, CA
  • Posts 20
  • Votes 4

I am interested in selling 5 single family rentals and purchasing one multi family property. After reading through a variety of resources on similar scenarios I am left with questions about how to construct a viable strategy and where to find an experienced agent who can execute the this kind of transaction. Any guidance would be appreciated. 

Post: LLC and 5 Properties - What Next ?

Eric NoblePosted
  • Lancaster, CA
  • Posts 20
  • Votes 4

Hi - 

Yes, it was hard to get all of the loans - especially the 5th.

The mortgages are in my name, correct. None of the lenders were willing to transfer them into our LLC. My partners and I through personal agreements originally split all of the purchase costs and later the rental expenses and profits - which are managed in the LLC.

Thanks,

Eric

Post: LLC and 5 Properties - What Next ?

Eric NoblePosted
  • Lancaster, CA
  • Posts 20
  • Votes 4

Greetings,

I would appreciate some guidance in developing a strategy.

I've purchased 5 investment properties over the last 4 years. All single family, two or three bedrooms, in good areas. All mortgages are in my name.

At the same time, I created an LLC with two partners. Currently the LLC is used for managing the operations.

My partners and I would like to increase our holdings. One idea is to sell the houses and 1031 our profits into more valuable properties. In this model, we would like to establish the ownership of new properties under the LLC.

Another idea is to refi the houses (they have appreciated ~30%) and use the cash to purchase additional property.

And then there is the third option - to sell and use whatever profits remain.

Thanks,

Eric

Post: 5th Mortgage

Eric NoblePosted
  • Lancaster, CA
  • Posts 20
  • Votes 4

Greetings,

I am in California and am attempting to obtain a 5th mortgage. Can anyone recommend a lender ?

Thanks,
Eric