All Forum Posts by: Quincy Baker

I’m trying to understand the basics of 1031 Exchange.

Q:

1. The benefit is that while capital gain taxation is deferred it temporarily frees more money (profits/equity) for re-investing is this the point?

2. Does 1031 help to avoid double taxation? In other words if one didn’t utilize a 1031 on a sale and reinvestment transaction they would normally pay capital gain taxes on the sale and then taxes on the new replacement property?

Once 1031 is in place when those deferred taxes come due (whenever that is) do you pay taxes on both the sale “and” the replacement property?

3. For how long are capital gain taxes deferred on the transaction? And do they remain deferred as long as an ongoing or new successive exchanges are in motion?

Thanks BP!

@Rachel H. Hi Rachel, thank you for your feedback! Are you still in the mh market?

BP Community,

Could anyone offer any thoughts on if the mobile home market is a viable market for REI?

I'm a new REI, focused presently on wholesaling and looking to diversify into buy and hold short term rentals within 2 years. I'm in the Western/Upstate NY market and assume I'd be looking at alternative markets that are more mobile home oriented.

Hello Scott. Nice to make your acquaintance. Thanks for your reply. I was thinking along those lines, that is— that an investor friendly attorney would have those connections. But wanted to hear from a more seasoned veteran. Thanks again for your reply.

Quincy 

Hello Community:

Q: NY is an attorney state. Once an investment friendly attorney has been established is it as incumbent to find an investor friendly title company, or is this less of a concern as long as you have an investor friendly attorney who understands your needs? Thoughts?

Thanks all-

@Khaled Morad Thank you for your kindness and “support” to those of us who are new and learning.

Hello Matthew, I’m in Buffalo NY. I’m a new investor in the area, born and raised here but new to investing. I posted a post a while ago seeking investor friendly title companies as well. I don’t recall a reply. Pass any information I come across to you. Good luck! 

@Saravanan Saravanan

Thank you for your feedback. Great rules of thumb.

@Wayne Brooks I understand sometimes buyers can become uncomfortable with fees particularly if they exceed certain amounts and likewise sellers can feel uncomfortable with a fee being earned on their property. I’m new to this process and trying to understand the business culture.