All Forum Posts by: Andy A.

I recently did a 1031 exchange. My CPA says I have a mortgage boot situation, but I would like to double check with the experts in this Forum.

Here are the numbers for Relinquished property:

Adjusted Cost Price: $354K

Selling Price (FMV): $431K

Loan Balance: $357K

Here are the numbers for Replacement prop:

Purchase Price (FMV): $441K

Cash paid: $119K ($55K from the relinquished prop sale + $64K additional cash into the deal)

Loan: $331K

My CPA says I have a mortgage boot of $27K, which is the difference in loan amounts of Relinquished and Replacement properties ($357K - $331K).

Is he correct?

Calling all HM, PM lenders interested in funding this unique investment opportunity near San Francisco. Its a high end rehab near San Francisco. 180 deg views of Golden Gate Bridge, Bay Bridge, SF downtown from nearly every room of this property. Purchase + Rehab = $5.5M, ARV = $8M, 6 month turn around. If you have a loan product that can cover most of the purchase and rehab cost (preferred atleast 90%), please email me or call me and I can send an Investment Summary for this project.

[email protected]

(925) 364 4345

I will attend. Missed the last one, but won't miss this!

If you are looking to purchase a performing note, I have two to sell in Dallas. $55K & $45K, both performing, pay 15% per year. Contact me for details if interested.

Andy

[email protected]

925 364 4345

If you are looking for a performing note in Minneapolis area, I have one to sell. Its a first trust deed on a property. $85,000 face value. Pays 15% per year, or $1062.50 per month. Contact me for details if interested.

Andy

[email protected]

(925) 364 4345 

Hi:

I am looking to rehab a 8-unit prop in Sparks. Swapping single pane windows with dual pane, exterior painting and other minor cosmetic repairs inside a few units - flooring, countertop etc. Does anyone have any contractor/handyman referrals?

Thanks,