All Forum Posts by: Mark Creason

@Matthew Ryan

I would respectfully disagree with you on OZFs having more flexibility than other 1031 options.  In a typical OZF, you will be placing your funds into a deal where you will most likely see little to no cash flow in years 0-3.  Most funds will not be paying out as they will use cash flow to construct or substantially renovate a project.  They will need time to stabilize the project.  Most of the funds are going to have 10 year timelines if not longer.  It makes sense to hold 10 years to eliminate the cap gains on the project, but you are tied up for a long time.  You also have to hold money to pay your taxes in year 7 on your original cap gains from sale.  The taxes are deferred until this point, but then have to be paid.  I do think an OZF makes sense for some people but I do not believe they offer more flexibility than most 1031 options.

Mark

@Chris Reynolds

Is this at Tavern on the Square?  Isn't there an FC Dallas game tonight?

$38004

@Ashley Rodgers

Your clock starts the day you closed.  You have 45 days from closing to ID replacement properties.  You have 180 days from closing to acquire and close the replacement property.

Mark

@Michael Plaks

So if I understand your post above, if you have a sale in 2019, you would still be able to place into an opportunity zone after June 30th, 2019.  You would have 180 days to place?

Mark

@David Miller

Why would you recommend an OZ over a 1031?  I see it the other way.  Do a 1031 if you can.  An opportunity zone if you have a non-1031 transaction or a blown 1031.

Mark

@Oscar Vargas

The refinance has nothing to do with profitability. I would strongly suggest talking to an accountant who specializes in REI. You might want to talk to a QI too.

@Peter Lee

In your example, if the development deal was structured as a limited partnership, you would not be able to 1031 exchange proceeds.  You might be able to participate in an opportunity zone fund.  Feel free to PM me.

Mark

@Nova Mendoza

I would recommend Tom Corcoran at Edge Heating and Air.  They do plumbing too.  I have know him for 19 years and he does a great job at a fair price.  He has worked on at least 20 properties for me.  PM and I will send his contact info.

Mark

I have several points to make.  I have a 13 year old and we live in a Texas town that has a reputation for good schools.  The school district has access to all kinds of great programs that home schooling and online schools will most likely not offer.  @Jay Hinrichs Prosper HS offers a flight school.  I know you fly.  How many schools offer something like this?  Prosper also has a hockey and Lacrosse team.  I believe Prosper won the state Lacrosse championship beating out some of those high priced private schools.  A well funded public school has resources that most private schools do not have access to.

I grew up in Chicago.  I went to Gordon Tech HS which was a private Catholic school.  Chicago in the 1980s had a really bad public school system.  My parents look back and now admit that they should have moved to the suburbs.  I lived closer to Maine South which has a great reputation.  If we had moved about 3 blocks further west, I would have gone there.  Now Chicago has changed.  The public schools have gotten better.  Gordon which is now called De Paul College Prep has seen enrollment go from around 2500 boys (We were all boys at the time) to about 500 co-ed student.  Tuition is currently $12,159 per school year.  Most renters are not in a position to pay that kind of money.

I have chosen to send my kid to public schools but have also chosen to live in good school districts.  Just my "two cents".