Posted by John Corey on April 14, 2006 at 12:39:54:
Very bad advice. This will void the 1031 and the IRS will want their pound of flesh.
If the seller is an S Corp the buyer has to be an S Corp. Debt, cash, value, etc all have to be in line and in the same name before and after.
John Corey
financing for purchase in an S-Corp - Posted by Barbara
Posted by Barbara on April 14, 2006 at 07:07:41:
My daughter is in the middle of a 1031. The property she sold was in an S-Corp (have no idea why) and now she has to buy in an S-Corp. She’s identified five rentals in Texas…duplexes and SFD’s but she can’t find anyone to do the financing.
Does someone have any advice?
Thanks,
Barbara
Re: financing for purchase in an S-Corp - Posted by GMann
Posted by GMann on April 19, 2006 at 13:02:49:
Wells Fargo may be an option. Call a local mortgage branch. Should have branches in all major TX cities.
Re: financing for purchase in an S-Corp - Posted by Shaun
Posted by Shaun on April 14, 2006 at 08:52:10:
Have the title company quit claim deed her name to the title to get the loans done. Then she can back it up in her name and you can do as you wish when the loan is done.