All Forum Posts by: Jordan Woolf

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.

@Lauren Sanders one thing that has worked for me is no contingencies and make the offer through the listing agent so that they make double commission. You of course have to make sure to do your due diligence prior to making the offer.

I have beat high offers with this strategy for properties in prime locations.

Someone has reached out to me to purchase their house that they purchased with seller financing from the previous owner. It does not look like anything was recorded and the previous sellers name is still on the tax accessors website.

Would I just make the offer to the current owner and let the title company handle the rest?

Any advice would be appreciated! Thanks