All Forum Posts by: Michelle Meyer

 Hello Sherief, I don't need help anymore, I am working with someone. 

I actually didn't end up selling my rental after all.

 Thanks Julien, I am working with someone now.  Ended up not selling so no need for the 1031 now.  Thanks again

 Thanks for the reply Kyle, I am working with someone already. I didn't realize I had replies until the replies from yesterday.

This was for looking for properties for myself to keep as long term rentals.

 Hello Kyle, I am already working with someone, sorry realize I had replies on my post.  My apologies.

It was for me to look for properties for me.

thanks for your reply

Hello,

I am looking for ideas, I am selling my rental. We are under contract, but with the prospect of a market shift, buyers is asking for a reduction.

I don't want to break the deal, but also don't want to lower the price we are under contract.  

Does anyone have examples where I get the lower amt they are now offering, we close, but I get the remainder of the initial agreed amt after they have built and sold the new house? 

This is a builder and they are looking  to demolish my property and build a new one then sell. 

Any help/advise would be appreciated, I don't think I should leave money on the table specially because I didn't want to sell to start with, but this buyer came to me and now if I don't take their lower offer, my agent is taking 50% of the earnest money, basically they are putting me against a wall and I want to have options to present to them.  I asked my agent to ask if they would be interested in creative financing, but not sure my agent has experience and I certainly only have based on what I hear on videos or read in forums.

Thanks all

Hello,

looking for agent that has done 1031 exchanges and is investor savvy in WA state, particularly around the Tacoma area.

Relinquish property is closing in a little over 3 weeks and I want to be under contract and ready to close a few days after the closing to minimize risks of not being able to meet the deadline.

I want someone that is familiar and has done owner finance as I am trying to say within the amount I am getting from my property sale, but that might not be possible and want to explore the seller of the replacement properties being willing to finance.

Market is slowing down, so I want someone that is not opposed to making offers that make $ sense to me without offending the sellers.

if this is you and  you can work quick with me, please reach out.  Tell me about you and what deals you have helped with and bonus if you are an investor yourself.

thanks so much

Thanks Dave, do you mean "But there is no specific regulation on when that has to be"? 

Would correct it so I can show this to my agent... I feel like I am going to have to educate them on every step of the way, even though I asked if they had done it before.

With that, do you know any good agents in WA state that has done and is knowledgeable about 1031s? not just have done them.  I am a new investor, going from 1 SFM rental, to hopefully small multi family, and have been listening non stop to investor videos etc that give me a bit of info, but of  course can't be sure of things.

Hello,

Buying a property as part of a 1031 exchange, trying to go on contract with closing on the replacement property 2 days after closing of the relinquishing property.  Trying to avoid issues with the time lines of the 1031 that way.

On offers for the replacement properties, does an agent have to disclosed that this purchase is to be part of a 1031?

or is that just relevant, if we were under the ticker of the 45 days to identify? and 180 days to close?

Basically, if for some reason I closed on my relinquishing property and 2 days after, the replacement property does close, not sure why, could we at that time say... "hey we agree clearly on all things and now we have to close within 180 days or else"

my agent is saying it is the law to disclosed we are part of a 1031 and I am worried the sellers might see that and identify potential things they can use as leverage on their favor.

thanks  for your time

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $420,000
Cash invested: $83,000

I bought this house as my home, moving from my 1st home after refinancing to put down payment.

This was at the top of the market back in 2006, 3 years later, almost lost this one and my 1st home.

my 1st house was rented to my brothers and they were living with roommates. jobs were lost and things became tricky.

Started to rent rooms in my "new home" and was able to pull thru.

eventually moved back to my 1st home, rented the house to 1 family and a little over 3 years now, I am under contract to sell and looking into doing a 1031 exchange and I am nervous.

What made you interested in investing in this type of deal?

I wanted to move to this city so my son would go to the best school district in our area.

How did you finance this deal?

interest only at that time

What was the outcome?

I am excited now, after 16 years, but still pretty nervous about selling and going out to find other properties.