All Forum Posts by: Alison Zywicke

I purchased an investment property in August 2021, tenants came with the property. They just reported that the ceiling in the living room is leaking below the upstairs bathroom. I called a plumber because I assumed it was a leak. The plumber informed me that the hand held shower hose was spraying water on the wall and all over the floor during every shower. All of the baseboards are rotted and the water has seeped under the lanoloum and obviously into the subfloor and the top of the drywall in the living room. My inspection report only listed "sealing juncture between flooring material and tub as a preventative measure", no mention of the faucet leak. The lease states to report leaky faucets immediately or the tenant will be responsible for damages. Insurance will not cover the damage. What's my first step? Get it fixed then charge tenant? They are wonderful tenants that pay rent on time every month, lease is up in a year. Please help.

I’m refinancing my primary to pull the equity out to buy another primary residence and rent out my current home. Do you recommend taking out all the money that you can? The rental will cover full mortgage with $500 in income every month. Should I only take out what I need for another down payment, or as much as I can to potentially buy two properties?

Thanks @Bill Brandt. It is not their primary, it's an investment property.

I've been looking for properties for months and finally found an investment with a great return. My offer was accepted and we just finished the inspection. The owners of the property are married and have the property in a trust. The husband fell, hit his head, and now the wife wants to terminate the contract. I just closed on my other property and I'm doing a 1031 exchange so the clock started on Friday. I don't want to bring my emotions into the property, but along with a great return, I LOVE the house. What are my options? I want this house but if I have to get lawyers involved I might miss the timing for the 1031 exchange. Should I just give up and move on looking for another property?

@Alok Jain I’m about to join the community of running a short term rental. I am pretty excited to use cloudbeds, what were you unsatisfied with?

@Daniel McNulty thank you! I’ll look into it.

Anyone have any tips on 1031 exchanging into a MHP?  Should I find the deal and then list my house so that the timing works out?  Should I forget about the 1031 exchange (because of timing) and look for a MHP in an opportunity zone? 

Thanks @Matt M. , @Dave Foster , and @Bill Brandt.  Sounds like I should 1031 exchange when the lease is up!  I'm going to start contacting MHP Brokers and nail down my future plan. 

I have a rental property in Denver, CO that has appreciated 300K since I bought it in 2011.  I have a great property management company and great tenants, I take home $500/month of rental income.  It is an old house (1924) in a neighborhood where original homes are being torn down and condos are being built all around it.  I'm ready to start seriously investing in real estate and feel like this property will allow me to start big.  Should I  1) hold onto the property and take equity out to reinvest in another real estate venture (leaning towards MHP) or 2) sell the property and 1031 exchange 3) contact the investors that are building around me and see if I can partner?