All Forum Posts by: Douglas Armendarez

From what I understand it has to be bought as the same entity. So, if you sell as one entity, you have to buy as the same entity. 

I couldn't find an answer, so I came here =). I'm looking to 1031 a property, which I own jointly with my wife, but she has poor credit. My thinking was that I could use a Q. Claim and get her off title, and then do the 1031.

That seemed like a logical solution, but then a 1031 guy I spoke with said it may cause tax issues for her? I know this can be true with an LLC, which we are not, and I know there is a cooling period with an LLC, but I don't know if that would apply to a married couple?

I obviously want to drop her because I want to get a loan on the other side of the 1031 transaction.

Has anyone had any experience with this sort of thing? Is there a better solution?

I’d keep an eye on new construction dropping but I sold my home a year ago, in Temecula, and it has been stagnant since then. There is a deal in any market but it’s not a place I’d make that my focus. 

I was reading you can't have a co-signer on an FHA loan on a multifamily property, but I'm wondering if you can team up with another family...on a triplex for example, and pool together to buy the property with an FHA loan. If both families live in different units in the property, and rent out the other units. Does anyone know--would FHA allow this? I couldn't find an answer with a Google search.

Thanks to everyone for their comments. You really helped me expand some different ways to look at this and some different questions to ask. I finally spoke directly to the code enforcement officer (Ontario CA), and apparently it was a vacate order, rather than an eviction order, which is legally completely different from eviction, which was a good learning point for me. His main narrative was this is serious and fast, and they might have an extra week, but then they will be locked out.

I have the feeling there are some renter's rights that are being stepped on here, so I'm giving them some contact info for that, but the bottom line is they just need to get out. And, I agree, @J Beard, they need to just rent a place and move on.

Thanks again...if something dramatic or interesting ensues I will add another post. Again, thanks for your comments!!!

@Rick....yeah, agreed. I need to get more information. I do know it was a code enforcement officer, and I think it was a lack of heating issue...but, yeah I don't have all my facts.

Thanks Chris. I actually just went to the city and confirmed that it was an actual code enforcer, and it was. It's a curious situation for sure. Apparently the owner has been dead, from one report for over 15 years--the renters were also told the owner had died, and relatives have continued to collect checks. I also went to the owners tax bill address, and I found a decimated shack type property that is clearly housing some homeless people. ...taking advantage of the eminent domain laws crossed my mind until I spotted the piss filled Gatorade bottle next to an abandoned sleeping bag.

This is an opposite look at eviction. I have some friends that just got a 30 day eviction notice from the city code enforcement office (in California). My question: because this is a safety issue, how does the eviction timeline differ from a regular eviction. Should they be in a panic, while I work to find them another house, or should the 30 day notice not be taken that seriously, especially since once I find them something they will probably be starting into a 30 day escrow. Thanks for your knowledge!

Hey thanks Michael!

Alex,

Thanks for the response. He seems fine with a rougher area as long as the numbers work, and he's not looking at high $ rot, or structural issues.