All Forum Posts by: Scott Kelley

@Brent Kiger it’s been a while since I’ve seen this thread but I’m glad t see your recent reply.  I’ve actually taken my RE broker test for WA and am working toward this idea of becoming a property manager now, in addition to my growing RE business. Things are moving forward!

Thank you all! I'll definitely need this with future  sales.

Austin, I did live in the house for more than that so I'll hope it works out.

Hi all, I have some questions about using the 1031 like kind exchange to avoid some of the taxes I could incur.

I closed on my first home a week ago.  I lived in that house as my primary residence for 15 years.  I have been using it as a complete rental for the past three years and rented a room in it for 10 or more.

I plan to use the proceeds to purchase a new property so I would like to use a 1031 exchange.  Unfortunately I may have already blown it.  I didn't use an intermediary at the time of purchase and the funds were deposited into my account.  Is there any way I can still use the 1031 exchange rules or do I just pay my taxes and buy a new place?

Also, if I do not purchase a new place, can I use the funds to pay down an existing rental property I own?

Any help or resources would be appreciated.  Thanks

Scott

Thanks Miro and Leo, I'm buying the house from them with owner financing so I want to make sure everything is on the up and up.  I'll let you know what they choose to do.  Thank you

Does anybody have recommendations for a real estate attorney in Colorado Springs that will represent my parents who will be the seller of their home?

Hello all, I'm purchasing my 4th home but buying it from family and they're going to finance it.

It's been recommended that we do a quit claim deed and use a boilerplate contract for such.  However, I still don't know the best way to have the financing work to benefit us both the most with taxes, etc.  Does anyone have any resources I should look at?  The house is in Colorado if that affects the info.

I'm happy to follow up with my attorney also but I  wanted to have as much knowledge as possible first.

Thank you!

Thank you all for the info!

Yes, conventional.

Do any of you know much about stock secured loans?

Hi all, I'm trying to make a decision about a downpayment on a downpayment for a 4 plex and I'm hoping to get some input.

The property is $33000 and looks like it'll cashflow $1700/month.  Downpayment at 25% is $82500.  I can come up with the cash but would like to keep that money in other investments.

I currently also have two SFH's. One is my primary residence and one is a rental. This property, and my rental, are in another state from where I reside currently, but I plan to move there eventually.

Are there other legit options that I could put less than 25% down?  Per my bank, it has to be considered a rental property, even if I were to live in it.  Should I look at other lenders?

Thanks for the help!!

Scott

@Adam Rezner I've been looking for "just the right deal" in CS for a long long time. I've gone back and forth between multiplexes and SFH's because the multi's on the market seem pretty hot and never seem to have the cash flow they should. Hopefully we'll both have luck in the area soon. I've looked at Pueblo but I just don't know that area well enough and am currently out of state until I get my next house purchased, then I'll be local.

Nice to talk to you and hopefully we'll each have great luck

Scott