Posted by Cliff Jones on September 28, 2005 at 12:38:31:
As for 1031s, always used a qualified intermediary. I personally know and trust the 1031 exchange experts. You can see them at www.expert1031.com. Gary Gorman is the founder. Very good at what they do.
Want to sell my L/O’s? - Posted by Bill Taylor
Posted by Bill Taylor on September 25, 2005 at 19:12:13:
I have a lot of homes on lease option and have some good histiry as far as payments. I also have some renters that would like to buy their homes or apt buildings that they currently live in. I have talked to some note buyers on this board before but I am going to try again. These people do not have credit scores in the 600’s and if they did I could just go and get them financing. I do have a history of payments and in most cases where they have paid me by check. I am interested in comverting my residential assets into less work so am planning on buying NNN commercial real estate. Do any of you here have any great ideas how I can convert these properties by way of 1031 exchange to cash so I can go out and do some less managament intensive types of real estate. We probably have over 2 million in deals probably more.I would like to hear some good ideas out there. We may have to do these deals a few at a time but please come up with some ideas here.
Covert L/O’s to Seller financed “paper” - Posted by Micahel Morrongiello
Posted by Micahel Morrongiello on September 28, 2005 at 13:11:47:
Cliff:
Its possible to “convert” existing Tennant buyers under a Lease option type agreement into a SELLER FINANCED sale where you would sell to them and then also finance them. The resulting seller financed “paper” if set up correctly can be payable to an exchange accomdator or intermediary. The “paper” can then be sold (at a discount) to generate cash proceeds that will go right back into the accomdator’s account (remember you cannot have any constructive receipt of the funds)
You can then complete your tax deffered exchange using the cash proceeds from the sale of the “paper” once you have designated your replacement properties.
Clearly the property type, payors initial option deposits, rental payment histories, additional cash to be put down if any, credit profiles, credit scores, and your ability to properly document all of this will come into play when attempting to structure the seller financed “paper”
Best to your success;
Michael Morrongiello
www.sunvestinc.com