All Forum Posts by: Harvey Levin

thanks for the reply! if the HUD's FMR for the area is $1300, but the current landlord is only charging $750, what's the likelihood that an increase to the 1300 rate is approved?

LOL. @Bill B., no way "everything".  But I do know that the 45 day period is the greatest causer of angst.  @Joshua Jones, if your QI hasnt already given you these tips then take heart.  

1. Treat the 45 day period not so much as an "identification period". but more as an "I gotta get this thing under contract" period.  You can't change the list after day 45 so you need to work as quickly during the 45 day period as possible.

2. If you hadn't closed your sale already you could have used the time before you closed your sale to also search and get under contract.  You can be under contract for your new property before your old property closes.  you just have to close the sale before closing the purchase.  Many of our clients will use the 30-60 days before sale to get their new property locked up.

3. Identify more than three - You can identify more than three as long as the total value of the list is no more than 200% of your sales price.  So if you're buying same price point as your sale you could identify 4 and it could work.

4. If the tax is huge then put a Delaware Statutory Trust on your list as a back up.  These can absorb your exchange and keep the tax deferred.  When they sell in 2-4 years you can 1031 back into bricks and mortar if the market has corrected (another choice of several of our clients).

5. If you hadn't already sold your old property you could have done a reverse exchange as @Jake Andronico and others suggested.  So you lock up your new property before you sell your old property.

6. If you can't find a good replacement then don't turn in a list and pay the tax - no one ever went broke paying tax on profit - it just feels like it.

The 45 days is so real that I actually put an entire section in my book on mitigating timing issues.

 I'm confused, before she passed she knew property had been sold in tax sale and did not redeem thus a deed was issued. Now children can claim after death they didn't know? Only came forth because ejectment notice was left at door.