All Forum Posts by: Jonn Vidal

Doesn't the current number of units have to be the same for it to be a 1031 exchange?

But yea i wondered is primary residence in one unit allowed where both the sale and the replacement properties are already both 2+ unit properties!

Yea the Eviction Ban is extended yet again till late this year.

Frankly don't see why people still buy / 'invest' in multifamily properties now that local state & fed gov seem in favor of free housing and against small private ownership altogether!

Thus makes sense to invest in single families thus its delivered vacant unless its not the owner lives there.

The whole 'I just renewed the tenants' lease for like 5 years then decided to sell' phenomenon is rampant and a sign of crazy times.

To add, I just called a listing agent with full cash offer while on a piece of LAND for sale and he said sorry, text me, so I did.  Agent simply replied after receiving images of the completed C.A.R. offer and proof of funds (over 1 million $) via text from same #  (also emailed) stating he doesn't accept 'BLIND' offers so good luck! 

Seriously what is going on why are multiple licensed agents acting so shady lately and how is this legally okay??

So what have the Selling and Buying agent said so far as to it being multiple rental units yet 1 fam zoning?

By the way, when you purchased, how many sets of tenants did it come with anyway??

Thanks guys n gals for your helpful expert insight!

 I make only full cash offers only and directly to LISTING agent(s) so it's shocking even with full, cash,10 days close and DOUBLESIDING incentive to Listing agent that's not good enough to EVEN PRESENT the offer --- for whatever shady reasons! Ie today's said 'you didn't see the inside so I won't present' then when I asked for an appointment if it's required to present they just replied they have an accepted offer (yea right).

Will do the OVER asking for future offers to see if it helps and report back; thanks BP!!

Past month have experiencing multiple CA agents once they get POFs for Full Asking Cash Offer reply that they already Have offers over Asking and then cease further communication!

In once instance, found out they used my POFs (over million $) for their own offer cause I contacted the seller directly when it went from Pending back to Active despite the agent telling me they had accepted a full cash offer with short escrow.. and seller showed me my own POFs in her texts after I told her how much I offered and she said she never was presented my offer but the agent offered to buy it for the same amount and with same POFs!

What is the remedy to this phenomenon; file complaint(s) with CalBRE? Is it 'illegal' to not present full cash offer with the excuse that supposedly have other full cash overs over the full list price?!

wow so all those rental incomes are illegal and therefore technically not collectible if they default? yikes lawyer up and have your counsel address the misrep!

Just bout every building i bought or acquired had at least one open code violation without it being a problem at closing table as buyer.

Now am hearing (from prosp buyers, agents) violations MUST be removed before closing on the same properties I'm now re-selling.

Why wasn't open violations a problem then; cause there wasn't a conventional lender?

And anyways, really?l per statutes, or what exactly?? 

NYC

Isn't the NNN part the one that factors in projected revenue?

Commercial rents seem to vary wildly locale to locale  I'd say like $1 - $20 per SQUARE FOOT so ur rent could be anywheres between 900 to 18K /mo total.

but mostly likely a couple dollars per sq ft.

Pretty much every building i bought or acquired had at least one open code violation without it being a problem at closing table as buyer.

Now I'm hearing violations MUST be removed before closing on the same properties I'm now re-selling.

Why wasn't the open violations a problem then; cause there wasn't a conventional lender?

And anyways, really?l per statutes, or what exactly?? NYC