All Forum Posts by: Account Closed

Hey Samantha, this is a rental property that they own. They have a different primary residence. 

Hello Everyone,

I am looking for advice on a potentail 1031 situation.  My parents purchased a home 18 years ago for $160k. It is now worth around $850k, although they refinanced it once so there is a loan out for around $300k.  Both of my parents are tired and want to get out of this property since they don't want to live in it.  

1031s are new to me but since they require you to purchase a home at the same value or greater it has created some issues for my parents.  I was pushing them to purchase a multifamily for around $800k and collect the cash flow but they don't want that stress.  The title of the property is in parent's names.  

My dad is considering purchasing two homes around $400k one as a rental and one that I could live in/manage.  The question here is since their is a loan for $300k and both of my parents are retired (the only income they have is 1 rental, pension and 401k), I don't believe they could qualify to carry a loan onto new properties.  Is this correct?  Is there a way that I can sign on to the mortgage and have my parents 1031 the first property for two properties and keep one under them and give me rights to the other?  Or will both properties need to stay in their name indefinitely since they are on the first title?

What I am really trying to get at is, how can I help my parents capitalize on this $500k of equity and also in return set up a property (residence/investment) for myself to have full rights to?  My parents don't want to the burden of dealing with rentals in retirement and also don't want to pay $200k+ in taxes to sell.  They would like to use that money to help me further my real estate career.  Thanks for reading!

Hey @Jeff Pollack, if Michelle and Todd are still active, I would love to connect with them!  Thank you!

Hello Everyone,

I just purchased my first duplex in Austin, TX and currently live in Mountain View, CA.  I've always had H&R Block do my taxes, which has mostly consisted of different mutual funds until now.  I am looking for a local CPA that can help me proactively plan for my taxes this year and the upcoming years.  I did some searches but have failed to find a good resource to locate Real Estate CPA's.  Any good recommendations or resources to find a CPA to work with?  I just finished Tax Strategies for the Savvy Investor and I want to continue on the right track.  Thank you!