All Forum Posts by: John Nguyen

Thank you Nicolas, Jeffrey Kops and Satyam Mistry. Sorry for late responding due to the "shelter-in-place" in the Bay. Please PM if you are in certain markets that have jobs/population growth. We could discuss further. Hope everyone doing well and hanging there during this tough time.

Hi Nicolas,

Thanks for reaching out to me. Could you send me some inventory (off market and est. ARV, rental rate).

Thank you

Greetings BP Community!

“Locations, locations, locations!”There is no opportunity for me to invest in the Bay Area where I live. “70% rule and 1% rule, 10-12% C-O-C Return, etc. are inapplicable here. I am lucky enough that my rentals are cash-flow positive. My investing journey is limited to the price range and associated cost for investing. It's time for me to take steps to learn-and-do out of state. Here I am to reach out to BP community for network, education and final "executed plan and action" for BRRRR or flip and/or both in SFH and Multi-units for cash flow. I'm interested in Portland, DFW, Austin, Tampa, Orlando, Jacksonville, Midwest, etc. where there are job/population growths. Looking forward to connect with you all have the same interests/goals and someone live in above locations because locals know best. “Locations, locations, locations!”

Hello, BP Community This is my first flip. Looking for suggestions of contractors/investors. I’m out of town and locals know best. I will be in Dallas next week and I would like to network. Please PM. Thank you

Michaela G,

If I get smaller mortgage, I might have to pay tax of mortgage boot. In my case, cash boot or mortgage boot wouldn't make any different. If I could get both properties for total of 480k (120k down payment and 360k mortgage), that is perfect scenario.

Thank you very much for your help.

Milton Rivera,

We changed the list of properties twice before the 45-day period. We made offer for 3 properties but we was only able to acquire one and the market value $225k < $335k (sold property). Well, learn as we go and be better to prepare for next transaction.

Thank you for your help.

I apologize for late response due to family matter.

Thank you all for your help. This is my first one so I just worked with any company that was referred to me. I wish that I knew these in details so I won't have to fail. My QI said that we both have to be in the same loan and be on title for both properties. I have thought like you mention that I would rather have one of us purchases one house, "so for that exchange 100%  of the gain associated with that half would be deferred". 

Now, that we are only able to purchase 1 identified property for 225k < 335k - sold property. Thus, it failed completely. 

Another question that now I do not have to hold this identified property for a long period of time right? List it or flip it? 

Thanks again Dave.

Hello everyone, 

Hope if anyone could help me with this situation.

First-timers doing 1031 exchange. My brother and I sold a rental property for$345,000 in August 10. Purchased at $220,000.

Sold               $345,000

First Mort      $163,000

HELOC $47,000

Selling Cost     $15,0000

Net Proceed  $120,000  (50/50 split )

Each has $60k in separate 1031 exchange fund. We were able to identify 2 properties (A & B). 

Property A - listed at $229k and in contract at $225k - solid deal with loan $169,000 and total down payment is $56k ($28k comes from each of our separate 1031 exchange fund)

We are both in the loan and title for property A and B per QI instruction.

Property B - listed at $275k - missed the opportunity - backup offer at $265k) (almost no chance to purchase it)

What happens if we can not purchase property B? What tax consequences on each 30k remaining in each of our 1031 exchange.? What tax estimate on cash and mortgage/HELOC boots?

Any solutions to defer tax?

Can we buy any other properties with remain fund?

How long do we have to hold new replacement properties before doing another 1031?

Thank you very much BP Community!