1031 Tax Exchange
Here are the basics of the 1031 Tax Exchange
- Allows repositioning of assets without penalty of capital gains tax
- Timing is everything, buyers must sell, identify new property, and close within strict guidelines
- Handled by title company with buyer and seller in agreement
- Only "like-kind" investment properties, principal residences do not apply
- Seller must identify replacement property within 45 days
- 180 days given to close on new property
- Title company facilitates the exchange
For more information on the 1031 tax exchange, click here.
Investment Properties 203K FHA Acquisitions and Rehab Loans
- Loan amount is on project improved value with 10% down
- Buyers can have 4 loans on properties at the same time
- Consultant investigates plans
- Buyer MUST use professional contractor
- Buyer can finance payments for 6 months if uninhabitible
Using FHA loan to purchase a HUD property
- Must be insurable - meets FHA minimum property standards with no repairs (MPS)
- Must be insurable with conditions (IC) - conditions must be satisfied
- Must be insurable with repair escrow (IE) - requires no more than 5K in repairs. Funds can be financed up to 110% of cost to repair estimate
- Uninsurable (UI) - Property only eligible for 203K financing
See also:
Lake Norman Investors: Places to search
Why do I need an agent to purchase a home?
First time homebuyer Renovation Loan
Contact your Lake Norman Real Estate Expert for more information on this post.
Jeremy Adair
Real Living - Davidson, NC
Cell: 704.315.8106
Fax: 704.892.9766
Jeremy.Adair@RealLiving.com
