Featured Properties NOT In Property Search
As a Free subscriber, I understand that I do not have access to all property listings. However, I was under the impression that those paying subscribers, and espceially those paying for a FEATURED property listing, would have their listings viewable by all. Afterall, they are paying for greater exposure.
However, when I attempt to look at properties, there is ZERO showing. I can see in the featured property section to the Left that there is, for example, a property in AZ. However, when I click property search in AZ, it states there are no properties listed.
[ Edited by 64Ford on Date 11/20/2005 ]
Not an expert, but this is what one of my RE broker buddy told me (he himslef said he is no expert)
In order to do a 1031 you have to have sold the property first and then takes steps to purchase the new property within 45 days.
90% sure that the property will not qualify for this deal. this leaves you with the option to back out, buy it with a loan, and pay taxes on the one your selling, or by yet another investment once it does sell.
One thing is for sure, if you do buy the SC property and plan on not keeping the loan,
DO NOT GET PREPAYS! Have your loan officer get all his money on the back and pay for all closing cost. this will be the best for you. They might not be able to do a no closing cost, if the loan amount is smaller (150K) but at least reduced costs. Dont be suprised if the interest rate gets close to the 8 percent range with this loan.
Good luck let me know if you need more help,
Just do a reverse 1031 exchange...
Is SC a community Property State? I doubt that would work if it were...
I bet you could set up a California Sub S corp. buy the property then sell to the 1031 exchange for the original purchase price while at the same time shoving in as much "Costs" of doing business as you could in the corp. then write off the loss on your following years tax return. the cost of a California corp. is only 115.00 and they waive the first years franchise tax of 800.00.
Good Luck
[addsig]
Whomever above answered "JUST DO A REVERSE EXCHANGE" makes sense. It gives you more TIME and that is what you need. Read here:
http://www.virtual-arkets.net/vme/ixg1031/whatrev.html
The IRS issued Revenue Procedure 2000-37 (Rev Proc) in September 2000 that gives taxpayers guidance on Reverse 1031 Exchanges. A “Safe Harbor” Reverse introduces a new entity into the reverse process-an Exchange Accommodation Titleholder (EAT). An EAT is a single member limited liability company (LLC) established by a Qualified Intermediary (QI) for use specifically in a reverse exchange. The EAT takes title to, or parks, a property for the taxpayer and holds it until the taxpayer is able to sell the old property. Rev Proc places a time restraint on the taxpayer-the EAT must convey the title on or before 180 days from the date of the EAT’s purchase. When the EAT parks the new property, Rev Proc requires the taxpayer to identify their old property on or before 45 days from the EAT’s purchase. Our reverse exchange specialists will guide you through this process.