All Forum Posts by: Mark Creason

@Chris Mason

Great idea on the rental.  Only concern would be 121 exemptions and financing requirements for investment property.

Mark

@Robert C.

In the case of a failed exchange, you would still be looking at a total of 180 days to place funds into an opportunity zone project.  It does not re-set your timeline at 180 days when the exchange fails.

The fact that a property is new construction has no bearing on the 1031 exchange.  I do not know a QI who will charge a new construction overlay.

@Ali Hashemi

In an opportunity zone, you would be required to pay a percentage of original tax owed on Jan 1, 2026.  I believe it would be on 85% of the original capital gains owed.  If held 10 years, new capital gain would be tax free.

@Andrew Jackson

The 203k loan is used for an owner occupant.  You can not 1031 into an owner occupant deal.  @Dave Foster  Any thoughts?

Mark

@Andrew Neal

I think there is an exception to Section 121 if you move more than 50 miles from your house for a new job.  I understand that the Bay area has crazy appreciation and if you can afford to cash flow, I would probably keep it.  What are you going to do in Dallas?  Will you be able to qualify for two homes?  I live in Prosper north of Dallas so welcome.

Mark

@Rich Jordan

@Dave Foster

Rich,

If you take cash out of a refinance, 2 years before sale, you would not have to place that cash into a deal.  For instance, you buy for 100k cash, several years later you refinance for 150k, then 2 years later you sell for 200k paying off 150k, you would need to reinvest 50k cash into your 1031 but purchase at least 200k for your 1031.  You could fill that 150k either with cash or debt.  If you were to change your refinance to 2 months before selling, you might have issues with the IRS.  They frown on a refinance right before sale.  Strangely, they are less concerned with a refi after your 1031.  Thought it was worth bringing up the short term refi.

Mark

Correction to the above.  This program is available in the following states:

Alabama, Arkansas, California, Colorado, Connecticut, District of Columbia, Delaware, 

Georgia, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maine, Maryland, 

Michigan, Montana, Nebraska, New Hampshire, New Jersey, North Carolina, Oklahoma, 

Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, 

Wyoming

5 to 35 unit multi-family apartment loan program

Up to 75% LTV

Loan amounts to $3,000,000

Interest only payments available

5/1 ARM or 7/1 ARM

30 year amortized payments

Will consider mixed use

Available in the following states: Alabama, Alaska, Arkansas, California, Colorado, 

Connecticut, Delaware, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, 

Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, 

Missouri, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, New York, 

North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, Rhode Island, South 

Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, West Virginia, 

Wisconsin, Wyoming

Private Money Loan Alternative

Use only assets or lease agreement to qualify for:

Loan amounts up to $5 million

Non-Owner Occupied 1-4 Unit Properties

Foreign National Loans

Non-Warrantable Condos

Condotels

5 year & Year ARM Programs

30 year amortized

Available in California and Texas