All Forum Posts by: Joe Bourguignon
Joe Bourguignon has started 8 posts and replied 72 times.
Post: Purchasing a 1031 Replacement Property with seller financing
- Investor
- Portland, OR
- Posts 73
- Votes 14
Ahh, I did a quick search and found an article by the great @Amanda Han on just this:
https://www.biggerpockets.com/renewsblog/2014/08/2...
Sounds like I'd 1031 and then refi after to pull money out. I love these forums! :)
Post: Purchasing a 1031 Replacement Property with seller financing
- Investor
- Portland, OR
- Posts 73
- Votes 14
So, forgive my 1031 exchange ignorance, but could I ask for cash back at closing?
Example:
Sell SFR with $120k profit
Buy apartment complex with seller financing, put $60k down, get $60k back from seller at closing.
I'm assuming (knowing nothing about the 1031 process) that this can't be done, since you're extracting profits...
Thanks!
Post: Purchasing a 1031 Replacement Property with seller financing
- Investor
- Portland, OR
- Posts 73
- Votes 14
Originally posted by @Jason Mak:
Hi Joe - yes, it'll work. The seller financing would be treated as debt. Hope that helps
It does, thanks Jason! :)
Post: Purchasing a 1031 Replacement Property with seller financing
- Investor
- Portland, OR
- Posts 73
- Votes 14
Originally posted by @Bill Exeter:
Hi Jason,
The short answer is yes. The seller carry back financing would be considered regular debt for debt replacement purposes.
So, just to be extremely clear, if I want to sell a SFR that I own and 1031 exchange its profits into a new property whose owner is open to seller financing, it'll work? Thank you!
If properties are in different states, am I better to find a 1031 intermediary locally to one of the properties, or does it matter where they are located?
Post: Any Investorfuse users out there who would have time to chat?
- Investor
- Portland, OR
- Posts 73
- Votes 14
@Elizabeth Wilson and @Ori Skloot, did you figure out a CRM that you like? I'm doing the same search right now! I'm a pretty technical person, so I _may_ just setup Podio + Globiflow myself, but I feel like something that's already built might save time/effort and get me moving immediately... I'm not a programmer though, so I'd still have some missing pieces... Thoughts?
Post: CRM - Podio - Investor Fuse - thoughts and opinions
- Investor
- Portland, OR
- Posts 73
- Votes 14
Originally posted by @Will F.:
That's the problem-- Time
You either have to pay for the product, pay someone to set it up, or do it yourself
So, Will, 7 months later, what did you settle on? I'm considering all of the above, but am turned off by the high price of InvestorFuse. Thanks!
Post: What is the best direct mail for over age 65, high equity, owner occupants?
- Investor
- Portland, OR
- Posts 73
- Votes 14
Originally posted by @Account Closed:
Dear Geezers,
You've worked your whole life to pay down your forever home, and I'd be very happy to pay you far less than what its worth so you can move into a retirement home or burden your loved ones with your presence!
Please dont do any market research or look at your tax appraisal value, you can trust me! I want to "help" you with the huge weight of living in your very own paid-off (or nearly paid-off) home. Pets? No problem, the county has a shelter!
Years of memories? No more, they can be replaced with the sterile (yet somehow poop-smelling) confines of a brightly lit commercial building and the loving care of underpaid surly attendants.
Sincerely,
Mr. Smiling Real Estate Investor
LOL. Perfect! Does yellowletters.com have a template for this message? Thanks for the laugh.
Post: What is the best direct mail for over age 65, high equity, owner occupants?
- Investor
- Portland, OR
- Posts 73
- Votes 14
Originally posted by @Dev Horn:
This group (sr. citizens) has produced for us, and we're actively mailing to it (usually every other month) in several markets. but yeah, the best group is absentees with at least 50% equity....
I'm actually developing a new postcard just for the Sr. Citizen. I think it's a group like probate where you don't get a lot of early activity, but instead you are rewarded for building awareness with them over time.
Dev, I was wondering (now that it's been another year) how marketing to Seniors with equity is going? What are messages that seem so work? Just about to start my first direct mail campaign. Thanks!
Post: Hello from West Michigan -Grand Rapids, Mi
- Investor
- Portland, OR
- Posts 73
- Votes 14
@Dan Farkas, welcome to the BP community, and to GR investing! I hope you'll love RE investing as much as the rest of us! :)
Post: Direct mail (yellow letter) phone calls - What do I say!?
- Investor
- Portland, OR
- Posts 73
- Votes 14
@Brian Jordan, thanks for all of those details! Getting ready for my first direct mail campaign using yellowletters and patlive. Any types of postcards/letters that you like more than others? Thanks!