All Forum Posts by: Gregory Jimison

Noticed that nothing was posted in my hometown's forum.  Decided to get a conversation going on the opportunities for downtown development.  I'm personally interested in a 15 Story High Rise downtown, it has a lot of potential to serve as a mixed use property.

I've been away from the forums for awhile (working on my own deals) but I would suggest Flynn, Max, Miller, Miller.  They have done a few of my closings, one of which was a 1031.

Can I 1031 a property that I have only held for 9 months? What is the skinny on the "length and intent" and the 2 year safe harbor?

Thanks everyone, sounds like I have to 1031 after all.

My company is in the process of selling a 4 plex that is lumped together with another parcel on a single note. Each parcel has an identical 4 plex.  My thought is, having the entire proceeds of the sale going back to payoff the loan for a release of the deed of trust then refinancing the property after the sale on the other building. I guess my question is, how do I determine the cost basis of each property when they were bought together but sold separately.

Just an update, it does not appear that any action was taken by this individual yet. I have not received a call from the city and nothing is posted to the door. Really appreciate the feedback from everyone on here. Lesson learned, vet your contractors and have your contracts reviewed by legal.

I realize that I am to blame for not doing my homework. Just looked this guy up and he is only licensed for siding/roofing/carpentry and not a GC, is this actionable?

@Robert Leonard His contract was originally for 7 units and he wanted money for materials up front. This was a red flag for us so we only agreed to pay for materials of one unit up front $1450.00 then $400 in labor. We have paid him $2100.00 and it's still not finished. He has not completed any other work aside from cutting holes in our other apartment walks to run duct work. We are obviously not impressed with his performance and wanted to cut our losses. He says he can sue for the contract, which in a text message he states that he was losing money for each job. Idk, don't think a judge would award him any damages, what should I do. BTW he has 100 days to file mechanics lien and 6 months after he files lien to file in court for lawsuit.

Also, I am 99.9% certain he didn't pull permits. I am told gcs don't put permits in windows bc it invites people to come in and steal.

@Jeremy Tillotson he is licensed and I have it on our contract. However, and this was done in haste the agreement was to complete the first unit and we would proceed with the others if it was to our satisfaction. It is still not completed. He has been completely paid for work done and then some but says he can sue us for the contract amount. ( we do not want him doing the work) I really appreciate the reply.

@brandon turner is this one of those expensive lessons?