Friday, August 03, 2007
Home in Escrow!!
Hi, At long last the rental house sales agreement is in escrow!! It sold the last day of July which Janet has held for months that it would!! A great woman of incredible faith!! The docs say this is a 1031 exchange which means we have to purchase another investment property like it within the next 180 days. The IRS says that if we identify a property within 45 day of closing and purchase it within 180 days of closing there will be no tax on the exchange. Our hope is to find a "like kind" investment house in St George, Utah, rent it while we finish our LA Temple assignment and than possibly move into it! The Lord blessed us so much in holding this house the last year with no renter, fixing it for sale, and bring a buyer ready, willing, and able to buy it. This will take a big load off of us to have this exchange completed. We are going to look at a couple of townhouses in St George this Saturday with Rebecca after visiting Lewis' new house. We will be on our way to the family reunion which we have looked forward to for a long time. We are so much looking forward to seeing all of you and enjoying your company over the next week. May the Lord bless all of you as you travel that we may meet and all will be well. DAD
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4 comments:
Oh, congratulations!!! I'm so happy and excited for you!! I know you've worked and planned on this forever. We welcome you to St. George!!! Is the buyer the people you were working with earlier?
We haven't actually spoken to a seller yet, but the condo we are mostly interested in is still available. We shall see what happens when she finds out we want her to "give" it away since that is what we had to do and there isn't much money to work with. When do you fly out today?
So very happy for you and excited that you will be joining us in St George soon! Its a great place to live!
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