All Forum Posts by: Scott Wolf

@Sharon Li, I've never heard of the 15 years for military. I'd check with an attorney or CPA about both houses qualifying for the 2/5 year rule.

@Matt Miller, if we take your numbers at face value, your ROE is 4.2%, which is not great, but you will still have positive $7,920 in cash flow per year,although that doesn't account for repairs and maintenance, or vacancy, so your actual cash in hand will likely be even less.

If your goal is to build up a portfolio of real estate, you have to decide what that looks like.  If it's 100% free and clear, then keep your house and rent it out, and go buy another with your $70k in cash.  If the goal is to build with leverage, then sell your current house and walk away with the gain in equity that you have accumulated tax free, and buy a MF using the strategy you outlined above.  As I see many times in this forum, you're trying to get other people to make your investing decision for you, which can't be done.

Good luck, and always happy to chat further.

@Leon Lee, as @Dave Foster mentions, the QI being strict is them following the IRS rules.  And they always get their money if you mess up a 1031!

I'd make sure the two other properties you have identified are real opportunities, and go into contract with the quads, with it contingent on the seller combining the tax lots.  

How many banks have you called about the 4 lots?  I got one mortgage on two lots.  Call more banks or a commercial mortgage broker to explain the situation.

@Prithvi Sri, just PMED you a commercial lender that should be able to help you out.

@Matthew Fermino, not sure why you think many banks won't finance co-ops.  Is it a personal residence?  Also, that's a pretty good quote from WF.

@Greg Schow, where are the funds coming from?  Whatever the asset class, if you enjoyed it (and forced the appreciation) why not stick with that asset class?

@Leonid Lednev, you should be able to sign the docs before the closing day.  My firm has conducted many closings like this.

@Patrick Britton, a simple google search will yield the results for @Christopher Abernathy.  

 I'm guessing there is more than one title company that operates in your area.  Keep calling!  Your state should have a Land Title Association.  Where I am, it's the New York State Land Title Association https://www.nyslta.org/  Good luck!

@Ryan Copeland, yes I put the price I'm offering on there, if there has been no meeting of the minds on price.  They can counter of walk away.  You can also put an expiration of offer on there (this offer expires 5 days from 12/12/2020 or something).  

I completely disagree with  @Natalie Schanne. If a buyer sent the seller a document trying to dictate the terms of the sale of a building, most clients I've seen would tear it up on the spot, or get an uneasy feeling about dealing with that buyer moving forward and none would sign that.