All Forum Posts by: Calvin Ly

This is getting super frustrating and getting expensive. I just sold a home and another is under contraction to sell. Both times the lenders are pushing well beyond the closing date. First one was suppose to close in June 12th. Instead, the lender (Wells Fargo) asked for two extensions and we finally closed on June 27th. The second deal (lender is Quicken Loans) was suppose to close on the June 30th, then today July 7th, and now its suppose to be July 18th. This is super frustrating because it happened twice on two separate deals. What are my options? Do I have any? How can I prevent this in the future? My realtor is telling he is noticing this quite a bit lately. Is anyone else experiencing this as of late?

Oh when I said the lender asked for an extension, I meant more like dictated the date/s.

Ok Thanks guys! I think I will have my accountant set up my LLC.

Bringing this thread back from the dead-Since it was a good one and I didn't think it was necessary to have multiple threads of the same general topic-please correct me if I am wrong.

Anyways, my question/s pertains to my particular situation that I am facing at the moment. Hoping you guys can chime in and point me in the right direction. I am currently on my 7th house "flip" since I started in Nov 2013. I have been told by two different accountants that at this time not necessary to incorporate (at all). However, I am trying to acquire a loan through a small local bank here in Houston, TX and they are hinting to me they feel more comfortable lending to me if I incorporate (Probably as a Sub S as CF indicated in the quoted text above). I am unsure if this will make or break the deal with the bank as they will not specify. My plans are to do 6-7 flips a year and to start residental rental properties early 2015. I don't know if I am big enough to start looking into incorporating. What do you guys think?

Thank you everyone for your quick replies to my first post! I always build a list of what must be repaired based on my home inspection report. First time I had a buyer request my home inspection, as most just get their own. Just wanted to know everyone's thoughts on this. Thanks again!

As a seller, would you share your inspection report (from when I was a buyer) to your potential buyer? Pros and Cons?

^^Thanks David!

Bill are you saying that you can "down trade" using the 1031 exchange? For instance I am seliing a home for 350K and purchasing a new home for 250K. I can defer 250K and pay taxes on 100K? Is that correct? Can you also PM me the link to the Treasury Regulations?

Does anyone have a recommendation for 1031 service providers in Houston,TX?

Thanks!