All Forum Posts by: Franklin Marquette

Thanks both! @Michael Plaks do you offer 1 on 1 consultations?

Hello,

I own a property with some friends as tenants in common. I am the only one who lives there to oversee the renovation we are doing. It is classified as my primary residence and is under a primary residence loan. If we sign a TIC, will it likely ALWAYS, no matter how simple, be interpreted by the IRS and therefore disqualified for a 1031? OR is there some form of simple "1031 safe" TIC agreement out there? I am fine just going forward on trust because theses are close friends but if we can have some form of TIC agreement without risking losing the ability to 1031 upon sale, I would like to get that in place.

Thanks!

Franklin

Thanks! We aren't doing a TIC because it may disqualify us from 1031 but the ownership % will all be clearly listed on the deed. Any issues anyone can see with that?

Hey all,

I have a property that I own as tenants in common with a few friends. I am the only person who lives at the property. It is classified as my primary residence. I am there basically to oversee the renovation and then I will move out.

Anyways we plan to get a second lien to find some of the renovation. My mortgage broker has told me that generally her second lien lenders do not allow non-occupant co-borrowers on the loan. Is it sketchy / any red flags to not have all owners on the loan?

Not sure if it matters but my US Bank 1st lien only has 2 of the owners (myself and 1 other) on it. This was done because the US Bank loan officer did not think it was necessary to have all 5 owners. 

Just want to make sure I am not making any big mistakes here. My attorney today told me that this is a huge red flag and is extremely uncommon, but according to my mortgage brokers and US Bank loan officer, and own personal experience, it is extremely common. My attorney could just be wrong.

Would appreciate any insight the community has. Thanks!

Not sure if anyone has any information on this but as I have continued to chat to folks around LA this does seem like it is allowed BUT still carries the significant risk that a mid-term renter stays in the unit and becomes a squatter / stops paying rent  OR stays after 180 days and then under LA RSO does become a protected tenant.

Would love to hear experienced perspectives if available.  

I am replacing the front fence, sliding gate, and pedestrian gate on a Spanish Modern rental in Los Feliz. My initial thought (because I have a metal guy) was to just do black metal modern slates (see photos of the metal fence / gate style that I was thinking of below).

Have recently thought that a wood-look may be more warm, natural, and inviting (and match the natural terracotta tile roof).

Does anyone have any recommendations for fence materials that mimic wood that are (1) durable and (2) cost effective for a rental property? Should I just stick with metal? If so, why?

Thanks!

Appreciate the note, thanks Rick!

Thanks both!

Thanks @Account Closed

Thanks Marc!