Takako Smith
1031 Ex Move into upleg and pay myself rent to comply w rules?
11 April 2017 | 22 replies
The two units that you rent out would be reported as rental property and the one unit that you live in would be reported/treated as your primary residence.In the future, when you sell the triplex, the two units that you rent out could be structured as a 1031 Exchange transaction and the one unit that you live in as your primary residence would fall under Section 121 of the Internal Revenue Code ($250,000 tax-free).
Ken T.
Looking for a CT Broker to hold my license
8 April 2017 | 1 reply
I'm in the hunt for someone to hold my license, I will not be active in CT and I will be transferring my license to New york where I am active.
Leland S.
Would you sell fsbo to cover flip losses?
10 May 2017 | 21 replies
When we do our numbers we account for everything- realtor fees, seller assist, construction, holding costs (6 months), taxes, transfer taxes, disposition fees etc.
Andrew M.
Does Detroit deserve a second look
11 April 2017 | 22 replies
Detroit is actually one of the biggest international crossings in the world.
Luke Naccarato
Property Title Deed Transfer
9 April 2017 | 2 replies
What is the best way to transfer the title of the property from my name to my LLC?
Miguel Vasquez
Should I open an LLC per property? Why?
9 April 2017 | 13 replies
@Miguel Vasquez usually a conventional loan has a clause saying that they disallow the same condition of the loan to be transferred when you transfer the property to a different "person".
James Defazio
1031 exchange question
10 April 2017 | 7 replies
Sign Listing Agreement to sell relinquished property.Sign Agreement of Sale with Buyer.Retain 1031 CORP. as your Qualified Intermediary (QI).1031 CORP. prepares documents and provides closing/escrow officer with instructions.Closing takes place and proceeds are forwarded to 1031 CORP. and placed into exchange deposit account.The 45-Day Identification Period and 180-Exchange Period begin.Identify replacement properties to 1031 CORP.Sign Agreement of Sale for new property and use exchange proceeds for deposit.QI provides closing/escrow officer with instructions and transfers exchange funds.Replacement property is acquired and exchange completed.
Jeff Morris
Setting up company/corporation
11 April 2017 | 8 replies
Real estate typically held in LLCs since they have relatively strong asset protection, ease of transferability, and default to flow-through status for tax purposes, which can be more favorable for real estate investing.Corporations, have ease of transferability, but taxation is generally less favorable.
Yaro L.
Extending commercial lease - NJ
10 April 2017 | 3 replies
As for re-drafting and signing a new lease in its entirety I believe the original lease which was transferred over at closing to my corp name should hold up well if we simply sign a new extension. ( I guess i can check with my attorney).
David Flanders
Self Directed IRA Setup
12 April 2017 | 8 replies
@David FlandersWhat you seek is not really achievable within the framework of the IRS rules.If the IRA purchases the property, then a non-recourse loan must be used.Once purchased with the IRA, a property may not be transferred to you or an entity you control, so that you can then arrange for debt-financing in your own name.Your only option would be to find a private lender willing to lend to the IRA at a more aggressive set of terms than a bank.