Very timely:

Federal judge vacates CDC's eviction moratorium

quote:

Originally posted by Steve Miller:

quote:

Originally posted by piqué:
Once someone is in your house, be they renter, vacationer, or even just a non-paying guest, if they decide not to leave, you are vulnerable.

This is one of the reasons multi-tenant properties make better rentals than single family homes.

For the price of a nicer house you can generally buy a fourplex. You'll get some 3X the rent and if one tenant flakes out it's not the end of the world.

I'm thinking about doing this again. I still need to invest the proceeds from the house. (Also considering other options). Thanks for the food for thought.

I don't know if you are familiar with 1031 exchanges, but if you are looking at reinvesting you want to make sure you know how it works.

I've used IPX1031 in the past and they were very professional. Their website has a lot of good info.

IPX1031

Look out for possible changes to 1031s.

https://www.natlawreview.com/a...tions-biden-proposal

quote:

Originally posted by Steve Miller:
I don't know if you are familiar with 1031 exchanges, but if you are looking at reinvesting you want to make sure you know how it works.

I've used IPX1031 in the past and they were very professional. Their website has a lot of good info.

IPX1031

that ship already sailed.

it had been my original intention to do a 1031. it turned out that an old, old friend heads a company that specializing in QI.

i gave myself more than three months to find a replacement property after my house went under contract. (the buyer was totally paranoid by the end that i would never close.) the market was impossible. it looked like i would not be able to fulfill the requirements and plenty of RE investors were throwing in the towel because of how impossible it was to find investment properties and just paying their capital gains taxes.

then i decided to read the IRS regulations on 1031 exchanges, and the rules on what is and what is not a capital improvement on a property. i started doing a little mental addition of every qualifying improvement i had done over 26 years. then i called my accountant. he said, "if i were you, i would not do a 1031 exchange."

then, just to be certain, two weeks before my final deadline to close on the sale of my house, i sat down in my garage with boxes of receipts, and .xl files off my old laptop going back to may of 1994. i was astonished. i called my accountant again and gave him the numbers i would file with the IRS for 2020. i would owe zero capital gains taxes, because our household income was low enough to offset my profit.

that's two weeks i'll never get back, but i also saved $1,000 on a QI that i would not get back if i didn't find a replacement property.

i still want a replacement property. i just thought it unwise to be forced into purchasing what might turn out to be a poor investment just to meet the 1031 deadlines.

quote:

Originally posted by wtg:
Look out for possible changes to 1031s.

https://www.natlawreview.com/a...tions-biden-proposal

i didn't read your link, but others i have read say it wouldn't apply to me. it's only for capital gains of over $500k.

quote:

Originally posted by Steve Miller:
Very timely:

Federal judge vacates CDC's eviction moratorium

Sorry to be ignorant, but:

quote:

A federal judge on Wednesday vacated a nationwide freeze on evictions that was put in place by federal health officials to help cash-strapped renters remain in their homes during the pandemic.

So does "vacate" here mean something like "void"?

(I am having a problem with using the word vacate about a law when the topic is evictions...)

quote:

Originally posted by piqué:

quote:

Originally posted by wtg:
Look out for possible changes to 1031s.

https://www.natlawreview.com/a...tions-biden-proposal

i didn't read your link, but others i have read say it wouldn't apply to me. it's only for capital gains of over $500k.

Oh, dear. Maybe I'd better start a new thread with my question...

quote:

Originally posted by wtg:
Look out for possible changes to 1031s.

https://www.natlawreview.com/a...tions-biden-proposal

This is another proposal that will affect me personally if it is made retroactive to January 2021.

Time to starting Congresscritters?

quote:

Originally posted by ShiroKuro:
So does "vacate" here mean something like "void"?

Yes.

quote:

Originally posted by ShiroKuro:


So does "vacate" here mean something like "void"?

(I am having a problem with using the word vacate about a law when the topic is evictions...)

To “vacate” as it applies to a renting tenant means to move out of the premises. The word “vacate” has other meanings as well.

Landlords are usually very careful with written communication to tenants. About 20 years ago, myself all the other tenants in our apartment building received a written letter from the building’s owner to vacate the building. The apartment building had been sold to a college to be used as a student dormitory. The college gave each tenant $750 if they moved out within 60 days of the letter. So that was nice of them as they didn’t have to legally pay it.