All Forum Posts by: Matt Henshaw

@Dave Foster Thank you for the information.  From my limited knowledge of 1031 exchanges I thought I would run into trouble trying to go down this path.  Thanks.

I have a friend who currently owns an empty 3 acres lot which is zoned for apartment/multi-family housing.  Can I sell a multi-family unit I currently own, 1031 exchange it and use the money to build (new construction) an apartment building?  We would be partnering on this deal.....he buys the land, my money is used to build the structure.  Permissible under the 1031 exchange rules?  Thank you!

@Michael P

@Michael Plaks Thanks!  

I have been trying to do some research on this question..... if I sell some of my single family houses could I exchange (1031) and purchase a storage unit business/property?  Would this be acceptable under the new rules for 'like-kind exchange'?  

I have $100,000 in two separate retirement accounts, a 403b & tradition Roth IRA account. I have been retired for two years and am currently 56 years old. Here are my questions:

1.  Would it be a bookkeeping nightmare to try roll both of these retirement accounts into one SDIRA to purchase a property of about $170,000?

2.  If I was to purchase something less than $100,000 and only use one of these accounts, which retirement account would be best to move into the SDIRA to use?  (from tax purpose standpoint?)

Thanks!

@Dana Vijum thank you for that question.  I do understand and agree with @Brian Eastman and @George Blower regarding the 5% personal usage disqualifying the investment (I believe @Carl Fischer spoke to this previously).  But let me ask this....can one use their SDIRA and purchase an investment and manage it themselves? All maintenance, labor, etc. is completed by outside contractors. This to me would be no different than managing my personal investment choices (stocks/mutual funds) inside a traditional retirement IRA.

I also use NREIG.....as with @Kim Tucker I am frustrated due to the fact I have had multiple points of contact only to see the level of expertise greatly diminish as new employees come on board.  I do have buy and hold properties and I HAVE had a claim when the massive storms came through our area over a year ago.  I was directed by NREIG to take pictures and submit online a quote/repair cost from my contractor (they did not send out an adjuster).  They DID accept the quote and I received my check in a little over a month.  @Trent Kruessel hope helps and let us know what you decide.

@Rich Gabrio Did you ever purchase Jonathan Wolter's book?  What did you think?  Was it updated?

Does anyone have a recommendation of someone who would be a good resource to help setup Quickbooks?

Eric, welcome to BP....your background and knowledge will go a long way moving forward!