All Forum Posts by: Buddy Holmes

@Auria Styles, I am not the expert here but have just completed a 1031 out of CA to SC.   I have been told by several people (CPA, RE Agent, QI's) that you can certainly do the refi after a period.

The time period however seem to be the grey area.  If the 1031 report and the refi are within one tax year then both are reported to the IRS in the same year and may not be the best of ideas.

The refi is definitely not allowed in the 1031 itself so how far you separate the two seems to be up to you and how confident you might be able to exlpain in an IRS audit.

Cheers,

Buddy

perhaps @Amanda Han, who I have recently listen to her two podcasts might shed more light on this question.

@Auria Styles, I am not the expert here but have just completed a 1031 out of CA to SC.   I have been told by several people (CPA, RE Agent, QI's) that you can certainly do the refi after a period.

The time period however seem to be the grey area.  If the 1031 report and the refi are within one tax year then both are reported to the IRS in the same year and may not be the best of ideas.

The refi is definitely not allowed in the 1031 itself so how far you separate the two seems to be up to you and how confident you might be able to exlpain in an IRS audit.

Cheers,

Buddy

perhaps @amanda 

@Amanda Han, who I have recently listen to her two podcasts might shed more light on this question.

@Deidre Carpenter,

Berkley county is the lowest and Charleston County the highest tax.

Cheers, Buddy

@Kevin Douglas, @Russ Scheider, et al

I know @Mark Mattison, and can attest he is not the BP Strangler! I have survived a couple of Super Bowl parties and can say they are perfect hosts.

Cheers,

@Joshua Dorkin , @Scott Trench, and @Brandon Turner please note my suggestion above.

Cheers,

Buddy

As a retired individual with seven buy and hold rentals, I am planning to invest more and more into DST investments of multifamily RE. @Leslie Pappas, a BP member and contributor has written a great book on the subject which explained the concept for me. I would suggest a podcast with Leslie would be good for a portion of your membership that has reached the stage in their REI and life where they don't want the hassle of PM or even dealing with professional PM but just want to hold their principal and make a reasonable ROI. These are good parts of estate planning as well.

These are opportunities for Accredited Investors only, but your BP members should be eligible or trying to soon be eligible, so should be interested.

Cheers,

Buddy

@Andrew Postell has given good advice @Kevin Douglas.

I can give you a great local mortgage broker if you want. Just PM me.

Cheers, Buddy

@Mark Mattison, I can do 5:00-6:30PM on Thursdays if that helps.

@Mark Mattison,  Any night but Thursday works for me.

Buddy

@Andrew Savikas, thanks for you comments!  I will give Mint a try as well.