All Forum Posts by: Chheang Yang

@Dave Foster 

@Dave Foster, thanks for the quick reply.  I considered the reverse 1031, but the cost is prohibitive for the deal I'm looking at.  I saw your other 1031 posts and it looks like this is the business you know in-depth.  I like your suggestion of a considerable deposit.  Do you think I could put a 100% deposit?  The seller has no problem holding the title, but wants cash now because he's purchased the home using hard money.  My problem is that I can't figure if I were to put a 100% deposit, how to get the money out of the escrow exchange company when the home finally closes.  Thoughts?

I've got an interesting 1031 I'm trying to work through.  Hopefully someone with in depth 1031 experience can help out.  I'm selling my home and it's going through as a 1031 exchange.  I plan to close 7/30/2016.  However, I just saw a home for sale and seller is incredibly motivated and wants a cash close 7/26/2016.  They're willing to hold off on transferring title until 8/1/2016.  I can come up with the cash to close on 7/26/2016, but I'm curious if there's any way to make this work so that it is covered by the 1031 exchange.

I see a few problems with this:

1. Cash from the sell of the home is going into the exchange agency's system and is expected to be used for the purchase of the new home.

2. I'll pay cash for the new home on 7/26/2016 and the seller will hold off on transferring title until 8/1/2016.  However, how do i get money out of the 1031 escrow account since the home is already paid for?

Any thoughts on how to make this work?  Thanks!

Hey Deshawn, sounds like you've got a deal on your hands!  A couple of things to check out first would be the home's condition and subsequently the value - just to confirm there's nothing major wrong and it really is worth the 100k.

As for taking on ownership... I take it your uncle still has a mortgage.  There's more than a couple ways to do this, but I think the simple thing to do is simply buy the home from him.  No need for agent or anything like that.  I honestly wouldn't use one for this.

Call up an title company and let them know the situation.  They probably even have a sample contract form they can give you so that you and your uncle can sign a contract.  Contact your bank and get your loan started (I'm assuming you'll want a mortgage on it).  The title company will contact your Uncle's bank as well as your bank.  Note that you'll have to be really tied into the conversations, but just think you're saving 5-6% realtor fees by simply doing this yourself.  Between the title company and the bank contacts, I think the rest is just following the process of standard home purchase.

After you own the home, consider if you want to just keep the status quo with the tenant or raise his/her rent.  That's another bridge to cross when you get there.

Good luck and let me know if you have more questions.

what's the cost per square?  It's 16sq.

@jeff tang, you're absolutely right. I should have said it... home is single story, 1400sqft.  I don't recall the math for squares, but it's not a huge amount.

Thanks, I'm out in suisun city. Are you reroofing or doing a complete tear off?  Do you mind me asking how much are the quotes?  I got a quote for 6700 for reroof which I thought was outrageous.  

Hi,

I just purchased a home in the east bay for a flip.  However, I'm surprised to see the quotes for an overlay roof.  The current roof is composite shingles and is original, roughly 30 years old.  There's no water damage or anything.  However, it's starting to show wear.

Since it's only 1 layer, I believe I can overlay without an issue.  Does anyone know a roofer for the east bay area?

Thanks!

This is a sneaky way to do it, but it sort of works.  You should do a quick google search for property managers in the area and "interview" them.  Tell them you have a home you're considering to put out for rent (make sure you have an address ready).  Then ask them seriously about their services.  Inevitably, you will talk about vacancy.  At this point, talk seriously about what is a realistic expectation.

Interview 3 companies and you should get a good idea of vacancy.

Heya!  It's been a couple months since your post.  How are things coming along?  I'm looking to do some work in the area and curious to see if you've found some connections.

Anyhow, if you're up to catching up sometime, send me a quick message.  It'd be great to talk shop and see if we can make something happen.