All Forum Posts by: Michael Dang

We've used Securitas1031 in the past. Very knowledgeable and can explain the process very clearly.  I wouldn't hesitate to use them again.

http://www.securitas1031.com/

@Jason Fang Did you every invest in the Galena Park property?  If so, how it going?  I'm interested in this area as well.

Independence Heights is in a transition.  Overall, long term view I believe the area is worth it. 

Hi All,

I sold my first property which had a mortgage.  What is suppose to be reported on the title company's form 1099-S in box 2?  Is it the selling price of the property?

Shouldn't it be net price?  Selling price - outstanding mortgage principle - selling costs

I just want to avoid paying taxes on the selling price of the property when I actually only received a portion of it minus all the costs and mortgage principle.

Cheers,

Mike

Thanks for all the replies.  I email TREC and this was their response.

"Michael Dang,

There is not a particular order.

 Christina Johnson
Customer Service Representative
Reception & Communication Services
Texas Real Estate Commission
Texas Appraiser Licensing & Certification Board "

Hi All,

In Texas, do we have to take the 6 real estate licensing courses in a particular order or is it flexible?  In other words can I take courses out of order? 

I was considering taking physical classes, but open to online as well.

Mike

Hello,

Did a search on BP but didn't see exactly an answer for this question.

My parents have a property under my dads personal name. We are doing a 1031 exchange on a property we are selling to purchase a retail plaza property. My parents have a trust setup with both of them as managing members. We would like to setup a new LLC with my parents trust as a member of the LLC. This new LLC would own or be titled with the retail plaza we're purchasing. There will be no financing or loan involved.

Is it allowable sell a personally owned property then use those funds to purchase a new property titled\owned by the LLC within a 1031exchange?

If not allowable, would you recommend purchasing the retail plaza under my dad's name then quit claim or deed it to the LLC?

Cheers,

Mike

@NA Ragsdale

What did you find out in your research?  I'm just like you and just starting the adventure.