All Forum Posts by: Jon Simmons

First, thank you @Dave Foster, @Whitney Nash and @Jeff Copeland for your replies. I'm grateful for your experience and knowledge on this subject.

I wasn't thinking about the deed post-sale - that's a great suggestion if we need it. My wife and I file our taxes jointly - the insights about the taxpayer vs. deeded owner (not sure if that's the correct term) sounds like the 1031 will potentially be less complex than I had initially imagined. EG, I will hopefully be able to include my wife in the 1031 with little adjustment - TBD, but I'm hopeful.

I am starting conversations with qualified intermediaries, and I feel more prepared to ask questions with the above insights in mind.

Thank you all

Jon

Hey all, I was hoping for some advice on how to get something started:

I'm hoping to sell a single-family investment property in San Antonio, and do a 1031 exchange to get into multi-family investment properties. The issue I'm having is that currently my name only is on the title of the SAT investment home, and I'd like the 1031 to include my name and my wife's name. As far as I understand, the rules of the 1031 mean that you have to transfer the names on the title exactly (IE you can't add a person to the 1031'd properties). Is this correct? And if so, how do I go about added her name to the title in a way that is in-line with lender and 1031 policies?

Not asking for exact legal advice, just hoping to get a place to start the process. I've found something called warranty deeds in Texas, and I'm not sure if that's the correct vehicle for what I'm trying to achieve. If there are real estate lawyers out there who could help with this, I'd love to talk.

Thank you! My first post on the forum after lurking for a while, excited to be jumping into the conversation. 

Jon

Hi @Alan Frisk - my wife and I are looking into STRs in the Austin area (Driftwood, Dripping Springs, Wimberley, others) and are curious how your research is going around Elgin? Another option we were exploring was Lockhart - to your point, do occupancy rates and cap rates in those areas merit serious research? Thanks!