All Forum Posts by: Brian O.

I am looking at around 17k in taxes if I don't do the exchange -
I am working with the bank and showing them all the contracts that I have on the property to see if they can recast my loan and pull out all equity beside the expected gain- getting all final offers tomorrow at noon.

I guess that I should not have been so aggressive in paying it down.

my goal is to just take the gain and buy two properties that equal the 275k that I am expecting to get -

Spoke to a 1031 agent here in Atlanta today and he has given me some ideas.

Hello All,

In Nov 2011 I purchased a empty lot in a high end neighborhood for 175k.

I am in process of selling the lot (bidding war going on now) I have 4 offers at 260k so I will have a solid ROI on this deal. I am looking to understand more on 1031 exchanges. The property has a balance of 30k . Do I have to use all proceeds from the sell of the property to acquire my next investment property? I figure I will have about 220k or so in cash. But only about 90k in profit (before I take out carrying cost taxes etc.) can I just use the 90k for the exchange or do I have to use all proceeds 220k towards a qualified property. We are looking to move very soon and would like to take the 130k or so and use it for down payment on our new home.

Thanks everyone !

B

Great to know you to rehabs - I was Raised in East Cobb
went to Walton (so did my wife) we are moving back there hopefully soon (bought 3/4 acre lot in a neighborhood off of Robinson Rd. last year (walton school district) - I will be posting my scenario and situation soon in the other forum I would like to get your feedback.

Thanks !
Small World ...

Thanks Jon and J Scott-

J Scott - my thought is to look in the East Cobb area - where schools are top notch ... I will be posting my current situation soon in the other forum soon - thanks for the welcome.

B

Hello everyone.

I am a new to this site and have enjoyed reading some of the topics posted on the site. I am in my mid 30's and have a wife and 3 kids (kids all under age 6)

My only experience with REI is successfully turning my first home into a lease option 10 years ago. Tenant paid Rent for 2 years never missing a payment and then decided not to purchase (charged a higher rent payment with a little going to purchase price) then painted carpeted and sold the property for 30k more than the option price was set at. I also joined a local REI club a long time ago and never moved and any deals or homes. I am no longer am a member there.

Moving Forward, I would like to purchase 1 to 2 properties a year for a buy and hold
strategy. my goal would be to create an additional stream of income to diversify my current investing. I am not looking to get rich quick I am just looking to build for the future.

I look forward to gaining insight and knowledge of the do's and don't of REI.

Thanks,

Brian