All Forum Posts by: Chase Shank

Hey I just used my VA to get a HUD prop. The process is pretty slick, make sure you have a good broker though. The only hang up you may run into is the appraisal. Since it is bank owned, they WILL NOT make any repairs to the house. And you are "not allowed" to make any repairs yourself. The VA won't approve the loan if the house is not up to their standards.

I am selling a flip and expecting a 40k profit. Here's what I want to know:

Can I do a 1031 to acquire a property for 130k, using the full 40k for a down payment. Then pull 70% of that back out via refi without having to pay the cap gain?

Sweet! Thank you both for your input!

Great!

One last thing. Can I purchase property in different state? i.e. sell in VA and buy in ID

Awesome, thank you! The two properties can equal up to 200% of the original homes value, correct?

I'm a little confused with the 1031. Can you split the proceeds from a SF home sale into 2 down payments on properties of equal or greater value? Or is it limited to a SF for a SF.

Thanks!

Alright thank you all for your input! 

Chase

Transferring a property purchased in your name to an LLC. How does this work?

Okay Michele, thank you! I'll check that out. I am meeting with a management company on Monday and I'm sure they will have a pretty good idea of how it works in this area. 

The current owner is paying the bill. But that shouldn't matter once the lease expires and it's time to renew the lease.