All Forum Posts by: Mario Am

@Michael Nyszczot there are so many types of sales in PA that it can get confusing so please do your due diligence since some sales don’t wipe the mortgages! So make sure about this part that if the liens are gone or stay.

Read the instructions carefully and call the county and ask as many questions you can, also Ofcurse visit the property before purchasing.

Good luck!

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@Paolo Ruggieri just because they’re section 8 doesn’t mean they need to be put in a lego house boo 🤣😂😂😂

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@Dave Foster thank you.

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@Art Perkitny thanks!

Where you got the data from?

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Memphis, Tennessee

Originally posted by @Dave Foster:

@Noreen Duong, Although it's not strictly forbidden to purchase property from a related party the IRS is very skittish about it and the charge of shifting basis and step transaction is all too common. I know accountants who are comfortable with it as long as meticulous records are kept and arms length is maintained. But the norm if it's audited is to assume that the 1031 was flawed. In other words you'll be presumed guilty until you prove innocence (relatively speaking of course. It's not like it's a capital crime :)

Even over and above that through would be how you incentivize a relative to hold that property. There would have to be an economic incentive and then that is going to involve taxes on gain etc etc. I'ta probably not worth the effort and angst.

Hey dave, so what if I sell a tax deed property to buy another tax deed property? Does the 1031 apply?

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@Curt Davis thanks. I am asking since I read so many bad stuff about 38109.

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Memphis, Tennessee

For all Memphis experts out there, any thoughts about this area?

TIA

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Memphis, Tennessee

@Schuyler G.

Hell no. Mid-west.

CA is not worth it in my opinion.

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All Forum Posts by: Mario Am

Mario Am has started 32 posts and replied 184 times.

Post: I purchased an HOA lien at foreclosure auction, bank owned

Post: Where to get Hoa Foreclosures Listing?

Post: Can anyone tell me what a tax sale is?

Post: Alternative flooring for section 8 rentals

Post: 1031 exchange proceeds into tax deeds?

Post: Thought about this Area in Memphis

Post: 1031 exchange proceeds into tax deeds?

Post: Thought about this Area in Memphis

Post: Thought about this Area in Memphis

Post: My first property - what happened