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Did a couple of short sales last year so my credit is in the crapper. Now is a good time to sell because property was recently appraised at 2.6 M. My CPA says because I’ve done so many 1031 exchange loans over the years my tax liability on the sale would be over $500K…I am loathe to do this.
I checked into a few Tenants in common syndicate firms who say I can roll into a 1031 TIC which don’t require good credit. I am promised return rates ranging from 8 to 9 % or more, but I don’t know who to believe.
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I have a specialized RE investment issue I need help with.
I am sole owner of a 72 unit multifamily complex in Texas with a 1.2M loan that’s due in 2015. After expenses income is over 10K/ mo.
Bank is out of refinance business so I won’t get help there.
Did a couple of short sales last year so my credit is in the crapper. Now is a good time to sell because property was recently appraised at 2.6 M. My CPA says because I’ve done so many 1031 exchanges over the years my tax liability on the sale would be over $500K…I am loathe to do this.
I checked into a few Tenants in common syndicate firms who say I can roll into a 1031 TIC which don’t require good credit. I am promised return rates ranging from 8 to 9 % or more, but I don’t know who to believe.
Actually, I’d just like to keep the property with the current 5.2 % loan interest rate.
Does anyone here have any experience with this? Any suggestions?