All Forum Posts by: Jose De La Macorra

Hello,

I had a new build property under contract and had it identified as a 1031 exchange. The end date was supposed to be August, then moved to September, now end of October, and today they said it wouldn't be completed until April 2023. The 45 day to identify a property has passed and the April date is past the closing date to 1031 this property. Do I just incur that liability by having to pay taxes from the sale of my previous property? Since this was out of my control is there some leniency to choose another property and still close under the terms even if the date to identify a property has passed?

Any help is greatly appreciated!

@Michael Yeung

I use a cheap Blink cameras in my flips ($20). It automatically sends my phone a notification if there is any movement in the house.

The camera has a speaker you can access through your phone. I was able to successfully scare away but not catch someone who broke in. When I got the notification I went into the app and saw someone had broken in. I immediately called the cops and then went back into the app to scare them away.

It worked. Nothing was taken or vandalized. It also uploads to the cloud.

Got contacted from a David Schultz. Too many red flags, I haven't done further research but I would put money that this is 100% a scam. Be aware!!!

@Richard Helppie-Schmieder

Hey Richard who generally “run” or “create” the meet ups? It seems like theres enough interest to get a bi-weekly meeting set up. There should already be a group for meet ups I would think.

Hello Everyone,

I’m a fairly recent graduate working full time at the moment but looking to start investing in SFM or MFH. I have some cash and have been reading/learning the whole process. To start of does anyone have or can recommend me an agent who works well and understands investors which I can get on a mailing list to receive and look/evaluate offers?

I’m constantly looking on Zillow, Realtor, etc but would like to start working with an agent and if anyone can recommend one in Dallas or would like to provide any general tips those are greatly appreciated.

Thanks and Happy New Years! Looking forward on closing on a deal before Summer 2021 or sooner just looking for a deal I like!

@Shawn M.

This older gentleman is trying to make a win win situation with someone so he doesn’t leave his home to a bank, so he doesn’t have to sell his house a move which is the last thing he wants to do. If he lives 10 years I get a house that will be worth $300k for $144k and be helping someone out, also would be getting a stock portfolio that now is worth 25k in 10 years could be doble at least.

Of course I would keep doing my digging talking to a lawyer. I don’t see this situation as a “I hope this guy dies ASAP”, I see it as a win win. I am helping this guy and he wants to be helped and in return could be a great investment. Also $1,200 a month isn’t going to change my way of living a whole lot.

Just some thought.

@Jeremy Isaac

He is an older New York guy who doesn’t believe in giving the house he’s been living for 30 years to a bank. I will keep doing my due diligence and keep digging.

I found a very interesting deal which I have posted in another thread. I believe you can find it through my username if you want to read about it, but if anyone has a Real Estate Lawyer/attorney in Texas they know/use I would highly appreciate it.

I live in Dallas so if he/she are from Dallas awesome. If not no worries.

Thank You BP!

@Henry Lazerow

If I go forwards he would add me to his will and make ir irrevocable. I would also be put as an irrevocable deed or trust to the house. A lawyer would also make a contract that goes with the deed or trust. I have not talked to the lawyer but he/she would better give me an understanding on this case!

@Pat L.

He is on Medicare not Medicaid. I believe that Medicaid is the one that could go after an estate to recoup the expenses after death.