All Forum Posts by: Daria B.

Hi

What methods do you use to find tenants that skipped out?

They turned in keys and left no forwarding address. There were damages and loss of rent.

One of the local utility companies verified there was no transfer of service. All utility companies don’t do this but one of the local providers will verify if they turned on somewhere else. They just cut it off and didn’t have it cut on in their name anywhere. It’s likely they left the area or got someone else to turn on utilities for them.

Already filed with the court for damages via the attorney. But without an address how does anything go forward for collections?

thanks

 Hi Dave

thanks, that clears it up for me. I’m accustomed to doing properties that I purchased with a loan. I wasn’t sure if there was something I needed to do different in analyzing.

The relinquished property does not have a mortgage so it’s free and clear and all of the net sales will go toward my replacement.

Daria

Hi

Doing my first 1031x. Single family residential to same.

How do i analyze a replacement property for an exchange?

The only cash out my pocket will be the cash I use if I am unable to find a replacement property at the net sales of the relinquished property. And I doubt no one who does an exchange hits the exact amount. I expect to add to the cost of the replacement property. If my net sale is $300k I would likely use cash out of pocket given the range of local sales in my area and need up to $50k to add to my $300k exchange amount. I’ve found a range of properties at $300k and above.

With that said, the metric formulas that use the purchase price, would this be $50k or $350k considering out of pocket was $50k?

Is “purchase price” $350k or $50k when calculating for some of these analysis metrics?

Do I do the same regarding the same metrics such as cash flow, GRM, COC, etc?

COC uses "total invested cash" so is that just my $50k or the $300k + $50k?

And then there is rent to value that also uses “purchase price”.

Cheers.

 Thank you Russell.

After talking to my RE agent he recommended a company they use.  After a few email exchanges with the VP of Business Development (she was on the intro email from my agent) I found they are not versed in the MW506AE form. I kept asking if there was a “title agent” I needed to speak with but she never says. Seems that someone who is VPBD would not be at this level of detail - but I don’t know how they work.

In my research I found:
(1) MW506AE is the application for exemption the comptrollers need regarding a 1031x, and needs to be sent in 21 days prior to closing.

(2) MW506NRS is the withholding exemption.

I think my CPA will handle #2 but #1 is essentially the main form in the whole timeline.

I understand what these forms are and would like to get a title company that is also versed in them and not guess what needs to be done.

My QI already said they will not fill it out and I guess doesn’t have all the information required for it. My RE agent has also said the title should be able to help with the information to ge it filled in.

Any recommendations for title companies I can vet who also have done 1031x in Maryland and would be versed with this 506AE form to give guidance?

cheers!

 It’s not like anyone took interest to answer. I’ve already gotten my resolve for this so disregard.🤷🏽‍♀️

It’s not like anyone took interest to answer. I’ve already gotten my resolve for this so disregard.🤷🏽‍♀️

Disregard. I received the answers that I needed. This is no longer a topic.

Hi

Can I as the administrator of the deceased estate use a PO Box for the administrator address and not my personal address? I would use this on the EIN and estate bank account when opened.

I was administrator for another estate a few years ago, but it was a different jurisdiction with different rules. I used my physical address as the administrator address and was bombarded with a lot of unwanted mail and this time I’d like to keep that separate.

So in general, is this something that is acceptable?

I did call the surrogate probate court, but they had already left for the day and I’ll try again on Monday, but I thought I would ask here as well.

Cheers!

In case anyone is interested this is what I settled on and it was well received. A card can be displayed under the sold sign and a stack in the container beneath.