All Forum Posts by: Hen Ley

Wondering if you can sell an investment property that's in a SMLLC (with the intent of doing a 1031 exchange) and then for the new purchase, buy a property that you own personally? So, the primary residence would be sold to the LLC to then be used as an investment property.

@Greg Dickerson, Thanks, that was kind of my thought as well-

I've heard of people inviting several contractors over at the same time to provide estimates.  Is this considered acceptable or does it make it too awkward for everyone?   I live in a small town and so there might be many familiar faces to one another, but it seems efficient!  And I also don't want it to appear that I'm intentionally forcing them to bid against one another...

@Jeff Kao, Thanks so much for forwarding the thread!

@Natalie Kolodij, Thanks for the insight!  I'm familiar with the 2 year tax advantage, but sometimes other variables haven't made the option of holding something that long a viable option.  Also, despite using verbiage like 'us', 'our' and 'we', I'm actually purchasing something on my own, so even if I held it for two years I'd only be eligible for the 250k exemption...  Boooo!

I have never heard of the partial exclusion, so I'll look into that.  Thanks!

@Natalie Kolodij, Thanks so much for your reply.  We anticipate flipping it in less than a year- would you still advise personal names?

We are looking at a live-in flip and want to make sure we're able to write off all the improvement expenses when we sell it. Is it best to have the property in an LLC or our personal names? I wasn't sure if we'd be able to deduct all the improvement expenses from our profits if it's in our own names-

We are looking at a live-in flip and want to make sure we're able to write off all the improvement expenses when we sell it. Is it best to have the property in an LLC or our personal names? I wasn't sure if we'd be able to deduct all the improvement expenses from our profits if it's in our own names-

@Art P., Thanks so much for the response, much appreciated!

I'm looking at a potential owner carry purchase- With this type of lending agreement, when does the title transfer? Does it transfer at the beginning on the closing day when documents are signed, or does the seller continue to hold title until they receive a balloon payment/ are paid in full?