All Forum Posts by: Pixel Rogue

...bump...

@Mike Dymski

We would 'also' be looking at taking an investment property (or two) and use a 1031 exchange to purchase the forever home which would be rented out for the first few years. We have put out feelers in the hopes to find a suitable home (not easy) off-market (harder still) to give some breathing room to support the sale of a 1031 (reverse 1031) so we are not backed into a corner with the deadline.
We have one potential opportunity where the owners would rent back to give them time to find their new place (win/win) though as a forever home we are being picky and not in love w/the one opportunity.

The thought of moving every two years is daunting even if we live in refugee mode for those years.

Portfolio 
-- Property 1:  Townhome purchased 2006 ~ primary residence.
-- Property 2:  Inv.quad purchased in 2006
-- Property 3:  Inv.condo purchased in 2019 (new construction)
-- Property 4:  Inv.condo purchased in 2019 (new construction) ~ 1031 exchange employed
-- Property 5:  Inv.condo purchased 2020
-- Property 6:  Inv.townhome purchased 2020

Likely plan...
A) Exchange Property 2 for a single investment condo (2021/2022)
B) Exchange Property 4 for forever home (rent for few years); may require sale of 3 and/or 6. (2022+)
C) Exchange Property 3 for a smaller investment condo (2022+)
D) Sell Property 6 for forever home (which has been rented for a few years by then) (~2025).  
.  (related question for another thread, best spots to invest proceeds from sale of primary?)

This plan, of course, will vary if that perfect home suddenly appears or never appears, plus the performance of each rental.

Polite bump?

Maybe lost needs to be in a different forum? 

As of this morning the tax office still had nothing. The office investigated and did find a page/title for the properties recorded in February. Had the title company at least made an effort to proactively communicate once or twice a week (even a month) this would have been better but they ignored us straight through. Haven’t heard from them since August 2020. 

Closed two properties in November 2019.
Title got recorded February 2021.

Unacceptable. 

This question is a little broader than 'real estate' as the solution yet looks like a good place to ask. 

We are considering converting one of the investment properties into our primary residence.We might do this once every two years to sell and cash out as we start to scale down. We might use one rental as permanent primary home. 

Biggest question ~ lets say we sell the primary home move into an investment and convert the investment to primary residence, what the some good ways to invest the income generated from the sale of the primary home (ideally in tax minimized conditions.). We are not as interested these days in picking up new investment 'properties' per say ~ possibly open to some type of REIT. Simply moving the funds to a savings/money market/mutual fund account that will be taxed annually on earnings is not desired. Same question if we decide to move & convert every 2 years.

Finally resolved. Required shaking trees at all areas from tax collectors to recorder of deeds and title company....each blaming issues on Covid + each 'other' area. 

This was the job of the title company and they did not do enough and requests for refund are being ignored. Insane. 

Thank you everyone.... Yes, think there was title insurance purchased albeit did not pay much attention never dreaming something like this would happen.

Hate the thought of bringing in a lawyer w/additional costs (these were costly investments already) ~ yet this is what I see as needed.

We closed two properties at the end of 2019. We discovered that the deeds were never recorded in our name when we went on a hunt to locate school taxes. In August title company blames everyone else (including state website being down the day they went to record it) ~ they would have it fixed asap.  November 2020, still not fixed...now getting upset w/the title company (a company I used exclusively for years w/o problems, same agent.) ~ telling me we benefit because 'we have more time to pay the school tax' ~ what? We actually lost the discount rates AND remain at HUGE risk w/o having the titles recorded. Inquired again in December 2020. 

As of today titles are still not recorded and have lost all faith and patience w/the title company.

1) Where are the responsibilities of the unpaid taxes? We have paid the 'assessed' value taxes which are based on non-dwelling space as they were new construction units in builder's name. 
We have had tenants in each unit for a year now, tiny token tax bills because the units have not been recorded as completed and sold etc.

2) How does a customer turn up the pressure in a way that the title company will take notice and respond to prioritize and fix the issue? 

While both closings were nearly identical and same time frame, only one property recorded prepaid taxes which the title company mailed back (August 2020) and there was nothing collected for the second property.

3) We think informing the lender of the problem might help put pressure on the title company, however the lending company of of the most skittish we have ever dealt with and might take drastic measure such as recalling the mortgages or something crazy...what could a bank legally do if they learn the title has never actually been recorded in the name of the borrower? 

Thank you in advance for any insight....

Finally have some rentals in LLC. When it comes time to exiting, what strategies do people use when it comes to use to exist w/minimal tax requirement? Sell property as 1031 exchange to purchase REIT for example? What do people do as they exit and sell off LLC investments?