All Forum Posts by: Josh Deno

Lauren Speidel Dave Foster thank you for clarifying. It feels like I may have a mess on my hands. Yes, none of this has ever been explained to me by my QI. When we were at the closing table going over things they said I had only 90 days to close (not 180 days), and I'm thinking these people have no clue. My CPA says I will get taxed on my capital gains of 40k and I will lose about 10-12k to taxes. Based upon what we make with our W2. I am thinking about forgetting the 1031 and taking our money. As of right now we would have to buy multiple properties, and we aren't finding any good deals. I would like to get more of the laws down and systems in place on one building. Before getting all spun around by buying 2 or 3 properties, and buying something that wasn't a great deal. I have been thinking we need to look for something that needs to be Improved, and buy a wholesaled multi family and improve it with my own cash, then refinance and repeat. My hands are in the air at this point. What happens if I don't find anything after 45 days? Will they just give me my money, and I'll be out the initial $800? And of coarse, pay taxes. I won't pay taxes on my equity, correct? We should have started posting to BP long before we sold the property. Lindsey Deno Thank you all!

@Lauren Speidel We have already sold the property and prior we spoke with our CPA and he told us to do the 1031. We are on day 20 of our 45. The title company is the intermediary and they advised that we use their attorney for the 1031 and for every little question we have they want us to come in for $265 hr. Do we have to prove that we bought the land for investment purposes? For all IRS needs to know we "intended" to develope the 15 acres, correct? 

@Dave Foster

Dmitriy Fomichenko Thank you for the links, it reminded me I need to get my keyword alerts set up!

Sorry, It was a land purchase purchase that we were planning to build on. We sold 18 months later for a profit. And yes we are able to use a 1031.

Michael Beeman Thank you sir. Yes, all of this is very crazy. Only 6 months ago we were thinking about building a custom home. Something that would of been a huge liability for us. Without the BiggerPockets community, a few of Brandon Turner's webinars, and the podcasts and Set For Life, we would have been building that house within the next couple of years. They have a good thing going, and make it very easy to find information without paying some guru. House broke, working every chance of working overtime as I could, and working as a service electrician would have made an old man out of me quickly. Now I feel like I could retire from it in 5 and only work because I wanted to. We are very excited to really get the ball rolling. Thanks all

@Troy Luster @Aziz Raji Thank you

Thank you @Gilian Gegawin I've already learned a lot from this community, and looking forward to learning more.

@Andy Rumple Thank you, you would think so, but are finding that we are going to have to search outside of the MLS, which we are trying to educate ourselves on. @Dave Foster Thank you! We may be in touch if we have questions regarding the 1031 exchange process

Hi BiggerPockets Community, my name is Josh Deno and I have been hiding in the corner for a few months browsing, listening to podcasts, and reading as many real estate books as I can. I am an electrician by trade, and stumbled upon this website when my wife and I were considering 'downsizing' to a smaller mortgage(future rental) as we prepared to build our dream home on 15 acres that we bought at auction in Dec 2015. Let's just say that this website and community was a complete life changer, and after much thought, education, and discussion, we just 'flipped' that 15 acres last Thursday. After a glimpse of what life would be like with a half million dollar mortgage, we decided that was not the path we wanted to take in life. We currently have our profit from the land in a 1031 Exchange and are now seeking rental investments(single and multifamily) in the greater Lafayette area as the first step to our REI journey. This is proving to be a little more difficult than expected as we are still trying to understand Lafayette's market. We definitely want a rental by the end of 2017, and looking to build up more rentals as quickly as we financially can.

We are looking forward to meeting other investors in our area and working with some of you in the future!