All Forum Posts by: Shannon Bae

Thanks for the reply @Bill Exeter! Obviously, this is your area of expertise so I appreciate the response! Ok, you’ve confirmed what I know and have researched. I cannot figure out how/why the agent AND the lender keep insisting I won’t have to pay tax on the profit above the $500k from Section 121..baffling..

We’ve been told by our real estate agent and by a lender that we can use the 1031 exchange for our primary, however, everything I’ve ever known about the 1031 is that it is ONLY for investment or business purpose, NOT for primary. I’m trying to figure out if there is some loophole or something they may be doing in order to use it successfully on the primary? I keep insisting it’s not possible they keep insisting it is. We’re going in circles and it’s driving me crazy! Has anyone ever used a 1031 somehow on their primary residence? (We are NOT planning to turn the new property into an investment) Thanks so much!

@Raj G. I’m so sorry to hear about your experience..I replied to this thread about three years ago and was pretty favorable to Maverick, Hipster, etc..However, I feel like at this point I have to update my comment and agree that I would definitely not recommend Maverick and while I still have gratitude for Ali’s support during a nightmare scenario, because her company works so closely with Maverick I’m not able to recommend Hipster either. Like you, I found Maverick to be pretty complicit when stuff started to go south as a direct result of the actions of the seller they chose to work with and vouch for. If their seller acts shady and they choose to continue working with that seller then that shadiness should and does absolutely reflect on to them as well, IMO..thankfully, I’ve been able to turn that property around but it cost me a lot of money and a lot of sleepless nights as well..all the best to you and your wife!!

@Tarron B. also, you can type @? and the name menu will pop up..just typing the @ sign does not bring up the menu for me, so I use the @?..Not sure why it works for some and not others..

Hope that helps!

I bought a turnkey in Independence last year..anyone wanting to know my experience and what provider to steer clear of please feel free to PM me. I believe the BP community is all about having each other's back..

@@Ron Quinn Definitely PM me..I just bought a turnkey last year and definitely have a name for your list. I would not want anyone to have the experience I had, especially as a first time investor buying out of state. @Kim Tucker, @Carlos Rovira, @Account Closed, or anyone else looking to buy turnkey in Kansas City/Independence please feel free to PM me as well. 

@Steven Anderson, good to know!

Thanks @Steven Anderson, I've heard that Zillow isn't always accurate with their purchase prices so wasn't sure if that applied to rent estimates as well...

@Eric P. Yes, I completely understand I was not getting the deal of a lifetime but to be honest, as a  first time investor, out of state, I opted for more security and peace of mind. I bought sight unseen, which I know is definitely not everyone's cup of tea, but that's why I decided it was worth it to pay a little more for a little extra insurance. I did research and speak to other TK providers on my own, but in the end felt most comfortable moving forward with Ali, whom I really trusted. I wanted to get a few under my belt with a little safety net. Moving forward, I may choose to go a different route. @Ekaterina Stepanova Phil Alexander is awesome and the second property I just bought was in Indy with Dustin, who was great.

@Account Closed, curious to hear what your experience was and why you chose not to go with Maverick.