All Forum Posts by: Alyse Moore

@Dave Foster I'm going to do more research on the partial 1031. Until this post I never knew that was an option. Options 1 and 3 you provided are most likely what I'll go with. 

It literally causes pain when I think about using all that equity to payoff student loans at once lol, especially when it could be used as a down payment on several properties  but it makes sense to me being that the interest rate on my student loans is higher than the interest rate on my property. I spoke with a couple of financial advisors and read some blogs, and they're all saying to tackle student loan debt as aggressively as possible before assuming more leveraged positions. Also I have a large amount of student loans so I'm just ready to get rid of it.

1031 into the 6 unit and living one of the units is a good idea and an option I'll consider given the circumstances that may occur while trying to 1031. Just thinking, I could do that and rent out my current place to make some extra cash.  

I just bought my place a couple months ago, so unfortunately there's not enough equity in it to use for student loans. 

Thanks for the advice!

@Linda Weygant definitely a win/win but one of the things I forgot to include in my post is, I'm a bit afraid that here may be some major repairs in the next year or 2 that will need to be made. As of today I've made a fair amount of repairs to the property and my cash on cash return is still pretty good but once the rest of the repairs start to come up the returns will deplenish and start eating into my cash flow. Also with the market being as hot as it is now it seems like a good time to take my equity/pay out, move it to acquire a better property and pay-off my debt while I can. 

@Christopher Phillips I no longer live in the property. I moved out about 3 months ago. 

Hi Everyone!

I'm planning to sell my property next spring so I can officially pay-off all of my student loans. I bought it in July 2017, and house-hacked for about 8 months living in the basement and rented out the other 2 units. I moved out about 3 months ago. The property cash flows very nicely, and with a bit of luck and planning my property appreciated about $75-$100k since I purchased last year and properties are selling about 15-20% over asking in that neighborhood, so my profit should be nice. Next year I'm buying more property, looking at only 6-8 unit multi family. 

Is there a creative way to save as much on taxes as possible from selling my current property? My main concern is having the cash to payoff everything; no partial payments so retaining as much cash as possible. I thought of doing a 1031 into the 6 unit I purchase and doing a cash-out refi, however that carrying out is circumstantial. I'll definitely consult with my accountant as well but figured you guys would have experience with this. Any ideas? 

@Aaron K.  

@Shiva Bhaskar

Her lease expires 9/30/18 and about a week ago I gave her the 30 day notice that I won't be renewing her lease being that she's always late on her rent. I was hoping to be able to sever ties with this tenant come her lease expiration and not have to serve an eviction, however given this situation it seems like that may not happen. Thanks for the advice. 

I have a situation with a tenant where she states she's been having issues with mice in the apartment. She reported this issue back in Feb 2018. I immediately had exterminators go out to take care of the issue with follow-up appointments from the exterminators. Beginning of August she reported the issue again so I had exterminators out immediately and have an upcoming follow-up appointment with them. Tenants are always given more than the appropriate notice for entry which is 48 hours in Chicago. 

This past week I've had and appraiser and electricians out to the building to provide quotes, and the final follow up for the exterminators. Appraiser and electrician were came out the same day, back to back appointments to minimize disruption to the tenant. Saturday I have the final exterminator follow up as well as the last electrician coming for a quote. Again, notice was given to the tenants well in advance (approximately 4 days prior to entry). 

Well, the tenant who's complained about the mice is refusing entry stating the repeated visits is a violation of privacy. Under the law, I have the right to enter given that she's always been provided proper notice and all visits have been for maintenance repairs and inspections.

If tenant continues to refuse once I get to the property what's the best course of action in your experience? Get the police to escort in as means to maintain safety?? I've never dealt with this issue so not sure what's the best route to take.

Hey Everyone!

I was wondering what are your thoughts and experienes of using a Contractor instead of an inspector as your initial "home inspection"? In any case I would personally follow the rule of thumb and have an inspector come in and inspect, however, when does it make sense to save the money on an inspector and have your contractor come out and look at the property instead??

I currently have a contractor who is great. Seems like he does everything an inspector can do and in addition to that he conveniently provides quotes so it's like having 2 in 1. My current contractor has diagnosed and found legitimate issues with my property that my inspector wasn't capable of doing, which in the end has cost me money I could've negotiated up-front for my current property. Honestly I think my contractor would've been well worth the money I paid my inspector. I was just pondering, and had the thought of why pay an inspector hundreds of dollars when I can just have my contractor come out and look at the property?? Does it make more sense to have both an inspector and contractor depending on the condition of the property, size, etc? 

Please share your thoughts!! I'm in the process of searching for a condo and/or townhome now that's in moderate to turn-key condition (on the surface). It'll be my primary residence for 1 or 2 years. I'm starting to believe my contractor would be much better at giving me a more in depth look at my property. OR it could be that my previous inspector wasn't any good. 

@Jim Adrian thanks for the suggestion!! I’ll definitely update penalty fees on the lease when it’s time to renew or I have a new tenant.

@Bradford Clark

Bradford, I have to counter that. 

I treat all of my tenants very well. All of their complaints are logged, and based on the urgency of the request I make sure that everything is addressed in a timely manner. Typically if they call in a request I ask them to make a list of a few things that are concerning them that they want fixed and based on the urgency everything will be addressed in 1 appointment. 

It's not her bedroom door, it's her 2nd bedroom door. To me it's odd. 

Regarding the noise, I totally understand that it's bothersome, however anyone that's lived in an apartment, especially in an old building knows you will typically hear the other tenants. It sucks but it is what it is. 

I agree she's a part of this 80/20 rule. Truly I'm starting to believe she just wants out. I'm going to make the repairs she's requested and if she continues to complain I'll take another route. Like i said this is a very nice apartment, completely updated in a nice up and coming location. Building is really nice as well so these types of continuous small complaints are a bit ridiculous.