All Forum Posts by: Thomas Allt

I would like to know someone's experience on this too... 

Hello Everyone,

I am a newer investor. I have a property in California that was purchase at the wrong time of the 2007-2008 era. Top of market. Dropped the value down a lot. Anyways. Currently the property has about 10k-14k equity in it and want to dump it. Its hard to rent out. 55+ older community, HOA, Bakersfield etc. All bad and was not one of my better decisions in life :) I want to do a 1031 exchange to a house in Idaho. House in California is about 180k Value and the Idaho is 160-165k. Want to take cash in hand and equity from the California house to purchase the Idaho house. These are investment properties. I have and still reading the 1031 IRS rules.

Questions Trying to Answer:

1. Is there anything(Besides the time allowed) that I should be concerned about or look more into?

2. This house in under my mother's name. So when she passes I will inherit it from here and was wondering if I would inherit it with the 1031 still hanging over it or would I get the house in reset mode and all appreciation and such are reset. (This is her question not mine. I am not planning anything:) )

Thank you all for the help!

Thomas A

Thank you. I will for sure look at the blogs.  

Welcome!

I just sold my house in Patterson and moved away from that area about a year ago. I wish you luck in your search!  

Greetings EVERYONE!

I have been on BiggerPockets.com now for about a week and within that week I already upgraded to Pro. There is so much knowledge within this community. Following the advice I already have received from a Podcast. I am here to grow my knowledge, met people to connect with and ask for advice where to gathering resources so I get to the stage of "Pulling the Trigger!" My goal is to purchase Multi-Family homes and use the BRRRR process on them. I do have some resources(Mainly the equity from my Primary Residence), skilled with Excel, analyzing date to make clearer pictures and sweat equity. I am willing to put work into a project. I am a decent handy man but that is as far as I am willing to take it. I have purchased rentals before about 10 years ago, but I was younger and still being pushed to get a job/ career and believed the terrible things they told me. I look forward to meeting as many people as I can and growing with all of you.

Thank you

Thomas A