All Forum Posts by: Logan Kidwill

So here is my situation;

Last year I found and assigned a deal to my dad in order for him to use a 1031 exchange.

I have managed the property over the past year and the plan was for me to buy it with a 20% down conventional loan after the 1 year period passed in order for him to take advantage of long-term capital gains.

I have ran into the following issues with trying to find financing.

1. The loan is too small.

2. Investment properties being too risky.

3. Fees being to high.

So, we are workshopping ideas and the possibility of doing seller financing with him; an interest only loan with a balloon payment after a year so I can own and manage it for a year then sell pay him off and take advantage of long term capital gains for myself. 

The main question is whether or not he can 1031 the payoff of the note when I sell the property?

Any help or advice would be greatly appreciated. 

I have recently found a vacant property while driving for dollars and I discovered that the owner sadly passed this past January. I believe in all likelihood the property is in probate seeing that ownership hasn’t been updated on the public records site. I have been able to find her husband; (who was not on the deed) as well as her children who are in their 40s. I have experience buying one property in a very similar manner this past July but I was able to get that gentleman’s number from a neighbor.

I have used whitepages to try and find the family members numbers and called all of them with no luck. I have their addresses and thought about writing a letter but I remember when my partners grandmother died, she received a bunch of direct mailers that made the family upset so I won’t do that. I have left a letter at the address for next time they check the mail simply describing who I am and that I would like the opportunity to buy the property. I don’t want to push to hard but I also don’t want to give up. Does anyone have tips on what my best next steps should be or tips on the best way to approach the situation.

Thank you for the advice @Luke Trovinger. @Chandler Kimble that would be great, I’ll reach out on LinkedIn tonight and we can get a call scheduled sometime this week, thank you.

I just moved to San Antonio to work for a builder/developer and I’m looking to start investing. Do I first talk to a real estate agent or a mortgage broker to begin?