All Forum Posts by: Hailey Brown

Hello - Does anyone have any multi-family development underwriting spreadsheets they could recommend or have used? I have found a few online and before I pay for them, I would like to see if anyone had any recommendations. I have a piece of land in south Florida that is zoned multi-family up to 24 units and I am looking to possibly develop it. 

I am looking for a real estate attorney to look over a contract for me. I am not sure if this is the right place to post this, but if anyone has any insight please feel free to comment here or send me a personal message. The contract is in California, but I am not sure if that matters. Thanks! 

@Dave Foster ok great, thank you. It has been about a year and a half since the 1031, so I should be good.

Ok one more question for you 1031 guru's @Michael Skoczylas @Dave Foster - Am I able to do a cash out refinance on a 1031 house?

@Michael Skoczylas ok good to know! thank you! 

@Dave Foster @Michael Skoczylas  Ok, yes that is what I have figured out from the 1031, I was the only tax payer on the property that we sold, so the exchange is only in my name. Which is all good, except it looks like she just dropped off of everything. Do either of you know how expensive the process is to get her on the new titles? 

@Michael Skoczylas I was reporting all of the income. It was in my name and her LLC. I am going through all the documents now to see where her LLC fell off and its kind of hard to tell.

@Michael Skoczylas What do you mean by tax partnership? and tenants in common? neither of us ever lived in the property, it was just an investment. I was claiming the rental income on my taxes only. 

@Bob Norton @Dave Foster Thank you both very much, this is very helpful. It is good to hear that this can be fixed. Definitely a learning experience for me as well, even though I hired professionals to do their job, I still need to double check. 

Hi all - I have a question that is most likely for tax specialist's and attorneys, but I thought I would see if anyone here has any insight. 

I sold a property with a partner and we put the money into a 1031 and bought two additional properties. The 1031 company only transferred my name onto the new properties and not my partner (we should have caught this but we didn't until it was already done). Its basically like she just disappeared off all of the documents. My partner is a good friend of mine and so we just assumed it was fine and that we would work it out through a side contract or something like that (probably not the smartest idea - rookies here). But, now that taxes have come around, because the 1031 was never put in her name, she is getting taxed for the capital gains on her portion, which defeats the whole purpose of the 1031. I have a few questions:

1. Is it possible to have the 1031 exchange company/title company fix this? 

2. Will this make the 1031 invalid for me? 

3. IF we were able to get her back on the paperwork, would it affect the loan I have?

4. Another option is to buy my partner out if we cannot get her name back on the documents, doing this would I eventually pay capital gains on her original profit from the first sale? even though she is being taxed on it now? 

Any insight or pointers in the right direction would be greatly appreciated! Thank you in advance. 

Hailey