Real Estate Investment Factoids…PCH…And Joe Cocker
Posted @ 11:47 pm - Filed under Cool Info, 1031 Exchanges, Real Estate Investing, Weekend Thoughts, Investment Lessons, RE Investment Practice, Real Estate Law
Some random factoids (read: slang) about real estate investing that seem to confuse many. Then, ‘cuz I talked a bit about real estate investing, some cool music. Hey, it’s Saturday night and The Boss is in New York — give me a break.
What the heck is an upleg? Simple — it’s the property(s) in a tax deferred exchange into which the investor is trading. They sell their existing property, then search for their upleg(s).
Cranked my San Diego fourplex — Took money out of your property by refinancing it for some cash. “How’d you buy those new units, Agnes?” “I cranked my fourplex for a hundred grand last month, if you must know.”
Wow! That’s A-Bag product fer sure. ‘A-Bag’ means prime property an investor would have to get a premium for if he decided to exchange it. “Yer yankin’ my chain with that offer right? This is bona fide A-Bag.
Starker The last name of the family whose lawsuit against the IRS resulted in our present day codification of what’s known to those who’ve been in the business longer than a week and a half, as delayed exchanges. Delayed? you ask.
Sure — See back when there were no computers except at NASA, tax deferred exchanges had to close ’simultaneously’ by Internal Revenue Code rules. That’s right Chester, the property you sold, and the property or properties into which you exchanged, all had to close the same moment in time. That meant all the lenders, escrows, title companies, property owners and real estate agents had to cooperate to the nth degree. Try doin’ that with more than a few properties and a couple three states. When those exchanges closed, they were often immediately followed by a well populated and kinda loud happy hour.
And now for your driving, viewing, and listening pleasure — Joe Cocker. Turn up the speakers and enjoy a trip in the BawldGuy WayBack Machine.
This entry was posted on Saturday, April 12th, 2008 at 11:47 pm and is filed under Cool Info, 1031 Exchanges, Real Estate Investing, Weekend Thoughts, Investment Lessons, RE Investment Practice, Real Estate Law. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.