All Forum Posts by: Account Closed

The below timeline is not to express any level of happiness or unhappiness. It is there to share the timeline, as I best understand it.

Received an update 2/17/23. Same status as update received 2/1/23.
Ready for underground plumbing.

-Contract January 2022
- >6 months ago Construction permit approved 8/17/22 (not issued until fees are paid)
- >5 months ago Alt Seawall permit approved and issued 9/13/22 (slated to expire 3/13/23, but was informed this will be addressed and shouldn't be an issue).
-As of 2/17/23 update underground plumbing not yet installed, slab not yet poured.

Hey Don,

Same situation here:

-Contract March 2022
- >6 months ago Construction permit approved 8/17/22 (not issued until fees are paid)
- progress chart says waiting for lot to be scraped

Waiting on a reply on why no fees have been paid at all on this permit. Draw 1 has already been paid on my end.

1 Vote

Cape Coral, Florida

Hey all, see a few threads on the issues with the new builds sold by RTR in Cape Coral FL. Haven’t seen much backing from RTR on what’s going on, and had one response from Eric at delta to update us but still awaiting that response. Received a DocuSign that looks to release RTR for them to assist us. Interested in seeing what is actually going on with real time investors involved in this mess…

5 Votes

Cape Coral, Florida

Also, I have not taken any deductions as a Tenant or Buyer since entering the lease option.

Originally posted by @Eamonn McElroy:

We would need to examine whether the lease option was a disguised sale, but in general the holding period for the building sans improvements starts the day title passes to you after exercising the option.

Talk to your talk professional for the nuanced conversation including any wrinkles about the leasehold improvements.

0 Votes

Thank you for the reply. The property needed a great deal of repairs to obtain financing. Which is why I entered a lease option.

Originally posted by @Eamonn McElroy:

Talk to your talk professional for the nuanced conversation including any wrinkles about the leasehold improvements.

0 Votes

Bump

0 Votes

Hi all,

Entered lease option on a distressed property. Rehabbed the property and exercised the option. Seller had gotten a tax lien in the timeframe which took many months for a release. I am now looking to sell the property and am wondering what date the irs would use for capital gains?

The property is a Single family - owner occupied.

Thank you!

0 Votes

All Forum Posts by: Account Closed

Account Closed has started 2 posts and replied 6 times.

Post: First time with new construction: Cape Coral, FL

Post: RTR - Delta Build - Cape Coral FL

Post: Lease option - capital gains

Post: Lease option - capital gains

Post: Lease option - capital gains

Post: Lease option - capital gains