All Forum Posts by: Amy Zemser

@Dave Foster  -- Thank you for the response. Are you an intermediary who can do this sort of thing? Here's another question: if I purchase a new property for 150k, and put 50k into it as a repair, but the end yield is a house that values at 400k on the market, am I satisfying the rules of an exchange? Or must I spend the entirety of my cash profit from the first sale? 

Hello Investors, 

Forgive me if this has been asked on the forum before. I have a rental I can sell for 400k in this wild market. I picked it up for 250 12 years ago. I'd like to use the 1031 to buy a rental an hour away where I know I can cash flow four times the amount for a like-kind house. Trouble is, there is no such house for 400k in this hour-away area (obviously). Assuming I walk away with 200k cash in hand, can I purchase a fixer-upper for 200k and take a construction loan for the remaining 200k to land at a like-kind house, thus avoiding the gains? I realize I have only 180 days to complete a renovation; thus, given this, how would a rehab be possible? 

It takes a long time to put a loan through in this market. Sometimes 8 weeks. But assuming I bought the ugly house for 200k and closed, is this a remotely possible scenario? 

Thanks! 

 

@Wendy Schultz -- the problem is that the software is extremely expensive. I understand why, as they seem to offer a multitude of useful amenities, but it's set up for people who are making $50k/month minimum. I'm really debating to just go for it anyway and run at a loss to avoid changeover problems in the future. 

Hi everyone. I'm about to pull the trigger on LiveRez and was wondering if anyone has used it before or has other software to recommend? I need the software to do everything you can think of, as my vacation property management company is growing steadily. I have seven listings currently, three more in the spring, and growing from there. Thank you! 

@Andrew Pope -- thank you for responding. I am afraid to say that I think you're right on this, although I haven't heard back from the attorney. 

Here's another thing I don't understand. If I need a broker's license to collect money on a landlord's (or vacation rental homeowner's?) behalf, then how will I ever be able to acquire a real estate license? I can take the state tests, but I will never find myself in the position of buying or selling real estate. Am I expected to suddenly sell real estate for three years while running my property management company? This is outrageous! 

Greetings, fellow pocketers: 

I have been managing my own short-term vacation rentals and long-term rentals for years and years. Do I need a real estate license in the state of New York to manage short-term rentals for OTHER homeowners? I have been looking into this for a few days now and the best I can come up with is that the law is GRAY. I spoke to one real estate licensing school director who said yes, you absolutely need a real estate broker license to own a property management business in New York. Then I called another online school and the director there said, absolutely NOT. She spoke quite definitively. You do NOT need a broker's license in order to run a vacational rental property management business, she said. Or any kind of property management business. She was vehement. 

I consulted with a lawyer in the field in Albany, New York, and I am waiting to hear back from him. He said he was almost positive that you DO need a real estate/broker's license to run a property management company of any type, but he was going to consult the books one more time so that he could charge me a billion dollars per hour to find out something really basic. I said why charge me a billion when you could charge me a zillion. 

I digress. 

If I must, I will affiliate with a brokerage, but it irritates me that I will have to spend time and money on this. I have experience in the field. Furthermore, acquiring a Broker's license would require extensive years buying/selling real estate, which has nothing to do with property management. Would I really have to spend time as a licensed real estate agent in a brokerage, putting in unrelated time as an agent, just so I can legally run my own property management company and perform trust accounting duties (essentially, managing other people's money)? 

Does anyone have any direct knowledge about New York law in the area of vacation rental management while I wait to hear back from the attorney? I'm speaking specifically about short-term vacation rental management. Possibly some long-term rentals (they do come up from time to time, and I'd hate to limit myself) but mostly I specialize in short-term rentals. 

Thank you my brilliant gurus! 

Thank you. 

Hi there. Just found out that a retirement fund I am liquidating to close on a buy and hold will take longer than I expected. My closing is in two weeks, and I must close immediately to get this deal. Does anyone have advice on where I might borrow about $15,000 for the 45 days it takes to receive funds from the liquidated retirement account? I'm aware that it's not a great idea to close out a retirement account, but this account is expired, is receiving no interest, and this is a home purchase that is too good to pass up. 

I would greatly appreciate your advice on the best avenues for private money. Thank you. 

@William Coet, this is so useful. Thank you very much! 

@Corey Block, we don't have a written lease. It's just an oral month-to-month agreement. She did sign a paper saying she'd be out in ninety days. I'm seeking some legal help today. I am so grateful for your comments!