All Forum Posts by: Account Closed

What’s the address ? I buy in Fort Worth all day!

Thanks again for the awesome responses guys! Old Republic Exchange is the culprit and the employee who assisted us had been fired long ago. Now they are saying "we are not CPA's" waiving responsibility for a failed exchange. What a bunch of LOSERS!

I believe we are out of the 180 day point and also we used all the proceeds to purchase the other “Like kind “properties. Have to double check with our CPA if the COVID extension may apply. 

Thx you guys for the quick responses. It appears our hired “professionals” are not so professional after all. Looks like we have to eat the tax event ! Ouch!!!

Good morning I completed my first 1031 exchange in 2019 however I am no being told by the CPA we incurred a mortgage boot due to not purchasing a property of similar sales price. 

Property sold $1,200,000

Payoff $700,000

Proceeds $500,000

Proceeds were rolled into the 1031 Exchange and used to purchase like kind properties of different purchase prices one was $225,000 and the other was 275,000 totaling the proceed amount of $500k. 

My CPA is now saying we needed to buy a like kind property of the same sales price of $1,200,000 and we now have to pay the full tax on the 500k which is roughly 60/70k to Uncle Sam. 

Any of you smarter people on here can help me out ? I am about to jump from 30th floor. 

thx!!!

Anyone in here run their business via series LLC ? If so what's the method of

Opening different series ? Assumed name ? Do they need to be filed county and state?

It is easy to pay someone to do it but I want to learn to do it myself. Went to the county today but didn’t understand fully and my time was limited. Would love to chat with ya!

Any help is appreciated!

Hello Bigger Pockets world! Need a some assistance in locating a portfolio lender in the DFW area. I am looking to put some debt on a rental I own. Ideally with the goal of pulling some cash out in a best case scenario. Bought the house cash and all in about 100k. It’s worth 160-170k. Would like to pull 115k out if possible. Anybody using a local bank that is doing 75% LTV? I had a bank from LA, Cali working on it but last minute they changed the terms to 65% LTV and I was not happy. Thanks in advance everyone!

Wow $17,307 to appraise at $131,800! Congrats on the success. The lessons learned are priceless.

What city are you investing in?

@Tracy Springfield I may have something for you in Grand Prairie. Has pool. Clean. Brick. Purchase price is $210,000. Is livable but needs to be brought back from the 70's. Let me know if interested.

I would love some more information from anyone who has had success with receiving a line of credit purchase real estate. I would like to start working towards getting one however I am unsure which option would be easiest. I really am striving to find a company that won't require the standard W2 and tax returns. Anyone complete this recently?

Thanks!