All Forum Posts by: Matthew Perry

@Dave Foster my accountant wasn’t the QI. I used the one he recommended though, and she performed well. :)

@Cam Jimmy honestly neither did I until I asked my CPA. Me handled it. Honestly the realtor did not know much about the rules around it. I did some additional research and my CPA was a huge help. I also read a few books on it myself because I was a little paranoid and wanted to make sure I could save the money on taxes. If you want to learn more about 1031s the best book I read on it is: How To Do A Section 1031 Like... https://www.amazon.com/dp/194562700X?ref=yo_pop_ma_swf

@Cam Jimmy it was an eightplex. So I was able to live in one of the units with a roommate. So on my taxes I claimed seven eights of it as an investment property. So I took one eight of the cash to buy an owner occupied fha. I put the seven eights I rented out into a 1031 exchange.

@Tim Kaminski It is similar. But it is fixed over 13 years and it doesn’t have to be reviewed yearly. It also does not have a pre payment penalty. The interest rate is moderate at 6.3 percent. They would cash flow if I didn’t owner occupy one of the units.

@Ryan Proffit you’ll get there. :)

@David Gonzalez thank you David. Your friendship and positively is a blessing I appreciate. :)

@Doug Pintarch absolutely you will. :)

@Bjorik Mutize the previous owners had done a hardcore rehab within the last year, including new tile floors, cabinets, appliances, etc. All I’ve needed to do is touch up the caulk job between the baseboards and tile. There were some gaps with spiders I recaulked and sprayed for spiders before moving into the vacant unit.

@Tim Kaminski it depends on the property. For one I saved up the down payment, but that took years. Once I did a 1031 exchange where I took enough cash out to do an fha owner occupied and put the remainder of the proceeds into the exchange. For this one I had a lot of equity in the first duplex because I bought it on a fifteen year note. But I didn’t want to do a cash out refinance because I’d lose my lower rate. So I found a Banc that does second mortgage up to sixty percent loan to value. So I did a second mortgage from that property for the down payment.