All Forum Posts by: Nick Johnson

Originally posted by @Shaun Weekes:

Originally posted by @Nick Johnson:

Originally posted by @Shaun Weekes:

Originally posted by @Nick Johnson:

I am considering selling my duplex in SoCal and taking that money out of CA. I nearly break even on the rent/mortgage but if I am able to escape CA on a 1031, I could potentially be positive cash flowing in the $1500-$2500 a month range on the same numbers. Here are the very ballpark #'s.

Sales price $1.2m

Net $1.1m after sales expenses

Mortgage payoff $800k

If I wanted to do a 1031 on 8-12 SFRs priced in the $80,000 to $150,000 range and have about the same #'s (without adding a ton of my own funds), what are my options for purchase loans? I assume that I can't have 8-12 individual mortgages?

Had some credit challenges last year, thanks to COVID. These are all handled at this point, with no running lates.

FICO around 620 (Experian 641, Equifax 622)

Options? Forget it and don't even try? Thoughts? Thanks so much in advance!!!

I would speak with your CPA first to see what your tax liability is.  Then move forward from there.

 I will be utilizing the 1031 IRS Tax Code. Deferring taxes until a later date (if I choose to exit the properties in the future)

 What if your taxes foot print is very small and you could have 1mm to pay off debt and purchase homes.  Just another option to explore Sir.  Take care and have a good one.

 I have a large tax footprint on this one. I have zero interest in paying those taxes. I have nearly no debt to pay off. 

I am hopeful that someone here is able to actually attempt to answer my question. 

Originally posted by @Shaun Weekes:

Originally posted by @Nick Johnson:

I am considering selling my duplex in SoCal and taking that money out of CA. I nearly break even on the rent/mortgage but if I am able to escape CA on a 1031, I could potentially be positive cash flowing in the $1500-$2500 a month range on the same numbers. Here are the very ballpark #'s.

Sales price $1.2m

Net $1.1m after sales expenses

Mortgage payoff $800k

If I wanted to do a 1031 on 8-12 SFRs priced in the $80,000 to $150,000 range and have about the same #'s (without adding a ton of my own funds), what are my options for purchase loans? I assume that I can't have 8-12 individual mortgages?

Had some credit challenges last year, thanks to COVID. These are all handled at this point, with no running lates.

FICO around 620 (Experian 641, Equifax 622)

Options? Forget it and don't even try? Thoughts? Thanks so much in advance!!!

I would speak with your CPA first to see what your tax liability is.  Then move forward from there.

 I will be utilizing the 1031 IRS Tax Code. Deferring taxes until a later date (if I choose to exit the properties in the future)

Thank you Kevin. I updated my post. I ran my scores a few minutes ago. 622 Equifax and 641 Experian. So I guess I am in the right ballpark to move forward?

Can I have that many individual loans? Or would I need some type of portfolio loan? Or what are my options?

Yes I am ready to move away from appreciation and into the cash flow model. CA makes me crazy. Thanks for taking the time to reply to me!

I am considering selling my duplex in SoCal and taking that money out of CA. I nearly break even on the rent/mortgage but if I am able to escape CA on a 1031, I could potentially be positive cash flowing in the $1500-$2500 a month range on the same numbers. Here are the very ballpark #'s.

Sales price $1.2m

Net $1.1m after sales expenses

Mortgage payoff $800k

If I wanted to do a 1031 on 8-12 SFRs priced in the $80,000 to $150,000 range and have about the same #'s (without adding a ton of my own funds), what are my options for purchase loans? I assume that I can't have 8-12 individual mortgages?

Had some credit challenges last year, thanks to COVID. These are all handled at this point, with no running lates.

FICO around 620 (Experian 641, Equifax 622)

Options? Forget it and don't even try? Thoughts? Thanks so much in advance!!!

I am considering selling my duplex in SoCal and taking that money out of CA. I nearly break even on the rent/mortgage but if I am able to escape CA on a 1031, I could potentially be positive cash flowing in the $1500-$2500 a month range on the same numbers. Here are the very ballpark #'s.

Sales price $1.2m

Net $1.1m after sales expenses

Mortgage payoff $800k

If I wanted to do a 1031 on 8-12 SFRs priced in the $80,000 to $150,000 range and have about the same #'s (without adding a ton of my own funds), what are my options for purchase loans? I assume that I can't have 8-12 individual mortgages?

Had some credit challenges last year, thanks to COVID. These are all handled at this point, with no running lates. 

FICO around 620 (Experian 641, Equifax 622)

Options? Forget it and don't even try? Thoughts? Thanks so much in advance!!!

@Josiah Jenison

Interesting concept. Not quite what I am looking for though. Thanks!

Thank you Chris Bodden! :)

I am looking to 1031 out of California in about 36-48 months (due to some very specific savings platforms that I am using). Ideally I would like to flip into 8-14 properties all with a similar closing date per 1031 rules. I'd like to go about 50-50% in each state (TN and FL) at this point. Between now and then, I'd like to watch a few TurnKey providers that work in both states to watch their progress, business practices, client success, etc. I'd like to end up buying from one company that services both states. That's the main drive for my question. Long term due diligence on one company that I hope would be able to earn my future business in both states. Not short term for sure.

Specifically, I am not looking to initiate any transaction. I am simply looking for the name/names of any TurnKey company/companies that operate in both Florida and Tennessee. If such a TurnKey provider exists.

I have had posts deleted 3 times over the last 2 hours without any explanation of how to fix the issue at hand. BiggerPockets is where I first learned of "Turn Key" type investing. Are we no longer allowed to ask about Turn Key providers here on BP? If we are, which is the correct forum? I most certainly would like to continue my relationship and growth with BP. Thanks in advance and happy investing everyone!