All Forum Posts by: Moe Khan

I need to analyze some properties recently sold in the Texas but don't see the 'Sold' value. Where can I find the sold prices of the houses I am in interested in.

Thank you

0 Votes

Dallas, Texas

Quote from @Ramandeep Sidhu:

In a buyer's market, it might be tough to sell land for a big profit. If the land was your primary residence you may be able to get some money out with a HELOC. Just check with a lender to see what the requirements are and if you qualify.

1033 exchange is allowed on land and it is a way to defer paying taxes on the sale of a property by using the proceeds to purchase a similar property within a certain timeframe. I would still consult with a tax professional to ensure that you are eligible and understand the rules. From what I have seen, 1033 exchange proceeds can be used for a BRRRR strategy.

To determine the appraisal value of the land, you can hire a professional appraiser or research comparable land sales in the area.

Best of luck! Keep us updated

Thank you @Ramandeep Sidhu for your insight. The land is not far from you...

0 Votes

San Jose, California

Quote from @Erik Estrada:

Quote from @Moe Khan:

Hello BP Community,

I live in the Bay Area, CA and own a couple of rental properties. A couple of years back I bought a 0.5 acre land with cash for Multi-family construction. At this point in time, I am trying to figure out what should be my strategy with this land since the market is flooded with new properties. I need your help/advice on the following points.

-My understanding is 1033 exchange is allowed on land. Am I right? Is there any specific issue I should be aware of? With 1033 exchange, can owner use the fund for BRRRR?
-How to determine the appraisal value of the land? Is there any website which provides a estimate for land just like Zillow?
-Since we are in the Buyer's market, is it possible to pull out some money just like HELOC (I know HELOC is only for primary residence)?

Thank you for your time,

You might be able to pull some cash with a hard money loan

Thank you @Erik Estrada. will some hard money lender give me loan with land as collateral? or you are referring to high interest loan from hard money lender?

0 Votes

San Jose, California

Quote from @Wesley Myers:

Quote from @Bud Gaffney:

@Wesley Myers what’s the interest rate?

6.25

@Wesley Myers would you mind sharing the details of that lender.

Thank you

0 Votes

Quote from @Daniel Martinez:

seller finance it to another buyer, get cashflow and down payment

Thank you @Daniel Martinez for the response. I plan to buy another investment property and thinking of leveraging this land. Seller financing will be the last thing I would consider.

0 Votes

San Jose, California

Quote from @Sanat Bhandari:

@Moe Khan Some answers:

- Yes, according to IRC, raw land can be used for a 1031 exchange. Make sure you talk to your attorney and CPA about setting up a QI (Qualified Intermediary) account for funds from the sale and the formal filing procedures for the 45/180 day rule (45 days to identify the property and 180 days to close on it). As long as you're using the proceeds from the sale for improved/larger real estate, you should be able to use them

- Talk to a land broker to get an informal and the second most accurate valuation for that piece of land. The most accurate value would be determined by a formal appraisal

- Depends on the lender. Some local banks/credit unions might be willing to give you a LOC against land but you would have to demonstrate solid financials for ATR (ability to repay) since raw land by itself doesn't generate any income (there's exceptions to this though)

Thank you @Sanat Bhandari for the detail info. Really helpful.

0 Votes

San Jose, California

Hello BP Community,

-My understanding is 1033 exchange is allowed on land. Am I right? Is there any specific issue I should be aware of? With 1033 exchange, can owner use the fund for BRRRR?
-How to determine the appraisal value of the land? Is there any website which provides a estimate for land just like Zillow?
-Since we are in the Buyer's market, is it possible to pull out some money just like HELOC (I know HELOC is only for primary residence)?

Thank you for your time,

0 Votes

San Jose, California

Hello BP Community,

-My understanding is 1033 exchange is allowed on land. Am I right? Is there any specific issue I should be aware of? With 1033 exchange, can owner use the fund for BRRRR?
-How to determine the appraisal value of the land? Is there any website which provides a estimate for land just like Zillow?
-Since we are in the Buyer's market, is it possible to pull out some money just like HELOC (I know HELOC is only for primary residence)?

Thank you for your time,

0 Votes

San Jose, California

Quote from @Carlos Ptriawan:

Quote from @Jace Perez:

How hard is it to find a deal that actually works? and are you able to analyze properties on redfin or Zillow and find good deals?

yes, actually better to find one in redfin/zillow because it's all an open book system.
there's deal to flip all these year around especially if you want to keep for 2 years or more.

I guess from many that I shortlisted, 10% makes me interested to contact seller again and from there usually 0 or 1 or 2 that seems 'doable'.

it's really good time to buy house in california this time around

In California? are you even getting positive cash flow here? Which part of CA are you referring to? would you mind to elaborate please.

0 Votes

All Forum Posts by: Moe Khan

Moe Khan has started 5 posts and replied 38 times.

Post: How do I find the prices of houses recently sold?

Post: How do I find the prices of houses recently sold?

Post: Selling land in the Bay Area, CA and using money for BRRRR.

Post: Selling land in the Bay Area, CA and using money for BRRRR.

Post: Portfolio loans, any drawbacks?

Post: Selling land in the Bay Area, CA and using money for BRRRR.

Post: Selling land in the Bay Area, CA and using money for BRRRR.

Post: Selling land in the Bay Area, CA and using money for BRRRR.

Post: Selling land in the Bay Area, CA and using money for BRRRR.

Post: how hard is it find a good deal?