All Forum Posts by: Wesley Branaman

Thanks Dave Foster . What are the other alternatives to DST's?

Hello. I hate to intrude on someone else's thread but I have a 1031 exchange question that is somewhat strange.

So I have a lead on a mobile home park. The owner called me after my first mail campaign to him. Our conversation was a little odd because he said he didn't want to sell the park, he only wants to do a 1031 exchange because he is buried in taxes. Otherwise he will just let it go back to the IRS. Obviously the issue here is the taxes he owes. He did call me so he must have at least some motivation to sell or to find a way to get out of this bind he is in. I still have to get more info about the specifics of this park and his tax dilemma. 

I have several questions about this and I am interested to hear some creative feedback.
Thanks in advance for your help!

1. What happens to the park if he just lets it go due to not paying taxes?

2. Is it still possible to purchase it after it defaults?

3. He doesn't seem to want to discuss anything unless I have another property for him to 1031 into. What are some other creative ways I can help him (and in turn purchase the park) without trying to find a property he would like to do a 1031 into?

Here is the link to my original post...

http://www.biggerpockets.com/forums/432/topics/476...

Feel free to answer there if you would like. And again I apologize for intruding on your post.

Good deal Todd Dexheimer . Thanks everyone for all the help and suggestions! 👍🏻

Todd Dexheimer Wow that sounds fantastic! I'd definitely like to learn more about that. Do you have a company or resource you prefer? Or should I just start searching on Google?

Thanks Bob Razler I will try out those options and see what I come up with. Todd Dexheimer good info. So when using a DST, does that simply allow you to place your money there after the sale of a property, but before you close on the next property for a 1031?

Bob Razler Thanks. I have checked the sources I know to check and haven't found any tax issues but I am not sure if my search covered all the places to find that info. Would you happen to know a resource where I could check it out more accurately?

Thank you Jack Baczek for your offer. I will send you a message. I hope to hear back from this park owner sooner than later. I am very curious as well to how this might play out. I definitely don't want to miss an opportunity to get what might be a great deal.

Thanks. It must be a pretty large lien for him to not pay it and then loose his investment. I would like to know more about this type of situation so I can be better prepared before I get back on the phone with him. Do you think it would be best if I search for a 1031 tax pro or a multi family tax pro? (Congrats on your 1,000th post!) 👍🏻

The owner hasn't given me enough information about the situation. I am hoping to gain some clarity when I talk with him in a few weeks. It almost sounds like the first of the two scenarios because of him wanting to 1031 only. The strange thing is that he hasn't been looking for properties to 1031 into. It makes me wonder just what his reasons are for thinking that is the only way to fix the problem without "letting it go".

So I have a lead on a mobile home park. The owner called me after my first mail campaign to him. Our conversation was a little odd because he said he didn't want to sell the park, he only wants to do a 1031 exchange because he is buried in taxes. Otherwise he will just let it go back to the IRS. Obviously the issue here is the taxes he owes. He did call me so he must have at least some motivation to sell or to find a way to get out of this bind he is in. I still have to get more info about the specifics of this park and his tax dilemma. I have several questions about this and I am interested to hear some creative feedback. Thanks in advance for your help! 1. What happens to the park if he just lets it go due to not paying taxes? 2. Is it still possible to purchase it after it defaults? 3. He doesn't seem to want to discuss anything unless I have another property for him to 1031 into. What are some other creative ways I can help him (and in turn purchase the park) without trying to find a property he would like to do a 1031 into?