All Forum Posts by: Krish Sav
Krish Sav has started 4 posts and replied 6 times.
Post: Need help with replacing cloth wiring
- Posts 6
- Votes 2
Great, appreciate the help!!
Post: Need help with replacing cloth wiring
- Posts 6
- Votes 2
Looking urgently for an investor friendly electrician who can help rewiring the recent property I acquired in Bradenton. This is my first flip, we found out just now and this needs to be taken care of quickly. Appreciate your time!!
Post: Second homes registered as LLC Business name
- Posts 6
- Votes 2
I am about to start the STR on secondary home ( in smokies). I have an LLC opened 'X' on my name. I wanted to check, when I apply for business license for the STR can I use the LLC's name 'X' as the business name or there will be an issue since its a secondary home ? I plan to stay 15 days in secondary home yearly. Can secondary homes income be shown in LLC and can the LLC be from state of FL while the STR is in TN ?
Post: Title and 1031 exchange companies
- Posts 6
- Votes 2
Hi Everyone,
Looking for reference for title and 1031 exchange companies. I would like to do the closing quickly, I already have identified the potential buyers. Need help with contract, title and 1031 exchange.
Thanks
Quote from @Dave Foster:
@Krish Sav, Yes most title companies have an attorney in house who can draft your contract. You just have to ask them for their scope of services and see if they can accommodate your for sale by owner.
In order to do a 1031 exchange the property you're selling has to be an investment property, I'm assuming your town house qualifies. The IRS says that for a 1031 exchange the same taxpayer on the title of your townhouse has to take title on the replacement property If you and your wife file a joint tax return return than you're "one taxpayer" so it doesn't matter which one of you takes title.
An LLC in just your names might be OK depending on the state you reside. It has to be a disregarded entity meaning that it only has the two of you as members. And it has elected to file taxes as a sole proprietor. Which means it does not file it's own tax return. All activity of the property is still reported on your personal tax return. So you and your wife would still be the tax payer.
Thanks @Dave Foster, makes sense. Any suggestions for the title companies, I am in Tampa.
Hello experts,
This is my first time selling a property and need some guidance. Appreciate any help/pointers. I have a town home (Tampa) which I want to sell and do 1031 exchange to buy an STR.
Need help with following:
1. I already found a buyer. Since I don't need an agent, how can I have this transaction done using the title company ? Can I directly contact the title company and they will help with escrow or Do I need to hire a lawyer who can help with both title company and sale ? Any recommendations for lawyers/title companies.
2. I want to do a 1031 exchange, currently town home is on my and my wife's name. Does the new STR, have to be on the same owners ? If yes, can we create an LLC on both of our names and then use that instead for STR purchase ?
Appreciate any help or known vendors who can help me with a good price. The bottom line is since I already did all the hard work, I want to see the best legally correct way to do the transaction.