All Forum Posts by: Thomas Force

Thanks guys

Need some help in an area I have no experience in. I have a 40 acre investment parcel near Hillsboro Tx, South of DFW. It is unoccuppied and unimproved. Without getting into too much detail, new neighor to the south started a fire on my property - claims he thought it was his property and was doing what he claims is a controlled burn - that "got away".

I had 12-15 acres completely burned - all tall grass now turned to charcoal ash. Property was on the market - now I'm not sure what the outcome will be.

Need to find out how to determine damages in this case. I've lost at least a year - and maybe two, in selling this property for what it was worth pre-fire. Any help or insight would be greatly appreciated. Thanks in advance...

Thank you all for the info. Will pass along to my friend and I know she appreciates all of your insight. I do as well. Thanks!

I was at a wedding this weekend, and was talking with a friend who was working on disposing properties on behalf of a trust for an elderly friend. The elderly woman is now in assisted living, so two properties are involved. The primary residence has already been fixed up and put on the market.

Here is where we need help. She has a vacation home in Sag Harbor, NY, that she has not been to in many years. It has never been used as a rental or a primary residence. It was bought in 1984 for $40,000 - and would appraise for $900K today. 

I suggested a 1031 exchange - as the parties would be ok with trading for a property of similar or higher value much closer to where the elderly friend resides. She does not need the money from the sale of the vacation home, and would be willing to trade it for something that could be a rental and easy to get to - which will probably be on the Jersey Shore.

So I have read all of the rules on the 1031 exchange - including the articles on BP. My friend says she contacted her attorney - and said that the vacation property would have had to been used as a rental for 2 years before qualifying for 1031 treatment.

What say you? Does a property HAVE to have been a rental to qualify for a 1031 exchange? My position is that it has been an investment property simply through the huge equity gain over the years...

This property is in NY - do they have special rules?

Look forward to hearing from the experts. Thanks!

Hi Josh - could you please send me comps and photos? Thanks! [email protected]

Doesn't look like you have found one in Plano - but we use Kellie at Alamo Title in Southlake. The bulk of her closings each month are double closings - she handles work for many of the large wholesaling firms across N Texas. You will be happy with their knowledge and service. PM me for contact info.

I'd be in...

Hi Ralph - please send me more info - [email protected]   if this fits our needs I can have someone from our Frisco office come out and take a look. Also - add me to your mailing list. Thanks!

Tom Force
Pres - The Property Force