All Forum Posts by: Scott Wolf

@Account Closed is 100% correct.  Additionally, some firms will even give you interest on the money you use in the 1031 exchange, which can sometimes cover the cost, depending on the amount of the exchange.

@Ademir Zukic I'm not sure why, but when we bought three SFH on two lots (one deed) the taxes went up 22% (yea I know, nuts). It only translated to about $1,100 increase, but still a pain. We bought it in an LLC, so that may have added to the issue, and the previous owner had been there since 1991.

@Corey Key have you checked with smaller local banks and credit unions? They will most likely be able to help you out. The whole "they are advising me to take the home that I own and want the cash out refi on and put it back into my personal name, they will approve the loan and then I can put it back in the LLC" seems absurd. If you personally guarantee the loan, you should have no problems.

Gotcha.  I've never borrowed from them.  Sorry I can't be of more help.

@Michael Gessner, I've invested with them, and so far so good, but happy to chat offline if you'd like to learn more.

@Ian Ippolito what funds have you invested with/are open to the public? (accredited investors obviously)

@Darrick Lowe, it's now illegal in NYS to take more than 1 month's security.  I would up the rent to cover for the furniture.

@Aneisha Christie, I have to agree with @Jaysen Medhurst.  This is a commercial property, so I'd try smaller local banks. The price seems unreal for the area, so I'd be wary.  Unless all 6 units are rent stabilized, and the entire rent roll is $2,000 a month. 

Good luck and feel free to reach out if you need a sounding board.

If the value has risen so much, you should take it and 1031 it into something that will make you some money with no hassle or into something that has greater cashflow with more work.  That's a ton of untapped equity you are sitting on.

Happy to discuss offline if you want.

Yes, I was the listing broker.  I tried to get my client to get out, but it was an estate sale, he was rich AF and bleeding money on it, but didn't care because he didn't want to hear about it from his brother in-laws anymore.

@Ryan Cleary, you'll need to speak with an FHA expert or attorney(which I'm sure I can recommend if needed), but I'm assuming same as dodging NY Taxes, if it is her primary residence and she's there more than 50% of the year, you should be OK.