All Forum Posts by: Elizabeth Goff

@Dave Foster Thanks for the reply. The escrow company is telling me they can't do it outside. I'm clear on the tax stuff and am more interested on how the payment to me is reflected on the HUD. And to be clear, this is the replacement property -- so the one I am buying. Let's say the purchase price + closing costs allowable in 1031 = $100k. My credit for taxes/rents/deposit is $3k. In a normal transaction, I would just pay the seller $97k. But here, my 1031 QI needs to pay the $100k, then $3k goes to me and $97k goes to the seller. How should this $3k payment to me be reflected on the HUD?

I am closing on a replacement property for a 1031 exchange and am unclear on how to handle credits back to me.  The credits include security deposits, prop tax liability and pro-rated rent.  I don't want them to reduce the purchase price as these expenses are not allowable in a 1031 exchange, and I want to maximize my use of funds.

I am not getting good guidance from my 1031 firm (and can't get in touch with my accountant at the moment) so I'm wondering if anyone has experience in this topic. How does this get specified on the HUD to keep it legal? From my view, my 1031 firm needs to pay the total price of the house + allowable closing expenses, and then credit the monies need to come to me. Would rather this all go through the escrow company vs having a separate payment between me and the seller (unless this can be handled by the escrow company as well).

I would cover at least with 1" of crushed gravel, it cleans things up nicely... and a gold color vs a grey would bring some life vs the grey concrete.  You (or tenant) could add raised beds or big pots on it if so desired.  You'd probably need to create a  border of a 2x4s or something in the front to hold the gravel but that's a pretty easy fix.

Great thread!  

My question is.... my income is combined business consulting and real estate income....  Since "service" consultants can only participate if under the $157k mark, I believe, what happens if it's "mixed" income and over the $157k threshold?  Can I still use the asset calculation (based on my real estate holdings) or am I out of luck since a greater portion of my income is from consulting?  Need to know how hard I should work, ha.

Also, is there consensus on what line is being used for the income threshold?  AGI or after standard/itemized deductions?

@Doug Wade I am about to close on a duplex in Cleveland --- what are the new laws??  Can't seem to find via google...

Agreed that those fees seem in line.

Curious about these fees that came up in two contracts on my desk (nothing similar with my other two PMs in CA and TX).  Anyone seen anything similar...

- "Finder's fee" if tenant ends up buying the house .... the one in Detroit is $1000, the one in Cleveland is 4% of sales price (?!)

- Contract termination: one month's rent if terminate contract while keeping the tenant (Cleveland)

@Bob Collett  Thanks for the recommendations.  And also looking for an appraiser if you have any leads!  Again, wants someone who knows Ohio City as it values seem to vary much from street to street....

@Bob Collett  Thanks for the recommendations.  And also looking for an appraiser if you have any leads!  Again, want some who knows Ohio City as it varies so much from street to street....

I am looking for a thorough inspector who is used to dealing with out of state investors, as well as an appraiser who is familiar with the Ohio City area.  Any recommendations?

Please send info to [email protected]

Thanks much