All Forum Posts by: Jordan Woolf

@Shera Ewing off market properties are not only for cash buyers. I have bought multiple off market properties using financing.

You need to create a marketing funnel that gets you the lead before an agent or another investor gets it. There are many different ways to do this.

The very first deal we we purchased was two properties using financing and the seller financed the down payment. We found this deal by driving for dollars and sending hand written letters.

The deals are out there if you are willing to put in the work to find them.

Thanks @Joe Splitrock, I have not looked into the cost of actually doing a 1031. Something to consider.

Thanks @Steve Vaughan, I planned on getting a BPO and asking the tennant to purchase the house for that price along with getting a new HVAC since it is 20 years old.

@Michael Plaks we moved out because we had the opportunity to purchase a house in a prime location that was closer to my wives work.

@Michael Plaks my account said that the 1.5 years we lived there would be prorated from our tax liability. Does this sound correct?

@Bill Brandt my account said that the 1.5 years that we lived in the property are actually prorated and that we would automatically be exempt $5,000. Our tax liability will actually be very little if anything.

@Dave Foster that is a good point, thank you.

So I really need to figure out what the tax implications would be if I was to sell the property without doing a 1031?

I’m thinking that would probably mean paying long term capital gains but I will check with my accountant.

@Michael Plaks we lived in the property for the first year and a half. I will check with my account on what the tax impact would be.

I have owned one of my properties for almost 2 years. It has been rented for about 6 months. The tenants are asking to purchase the property.

I would like to do a 1031 but I am not sure if this property would qualify.

Should I wait for the property to be rented for a full year before selling? I asked my accountant and he did not know the answer.

@Abrahm Dimmitt we found Deal Machine had a better user experience while driving. PropStream is better at most everything else.