Chicago Wholesale Properties and Real Estate Investment Deals

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With the number of bargain properties now on the local real estate market, you would think both investors and owner-occupants would be racing to take advantage of attractive deals.

While many potential homeowners — especially first-time buyers attempting to beat the Nov. 30 deadline and take advantage of the $8,000 federal tax credit — have re-entered the market and have made compelling offers to purchase Puget Sound homes, investors have been reluctant to capitalize on reverse tax-free exchanges.

Nine years ago, the federal government enhanced 1031 delayed exchanges that allow taxpayers to defer the capital gains tax on an investment property if they purchase a “replacement” investment property of equal or greater value within specific time frames.

The enhancement, Internal Revenue Procedure 2000-37, permits the title to the “replacement” property to be held by an independent third party (typically a facilitator or attorney) until the “old” property sale closes. In other words, you can buy before you sell and still defer the gain.

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Financial, business risks stir concerns
By Tom Kelly, Thursday, October 29, 2009.

Inman News

(Crain’s) — English developer Bill Davies has completed his acquisition of Chicago’s Old Main Post Office, roughly two months after he agreed to pay $40 million for the property at auction.

More…

By Andrew Schroedter, Oct. 21, 2009