All Forum Posts by: Ayo O.

@Dave Foster thank you for taking the time to respond!

Hey BP,

I plan to use the proceeds of a 1031 exchange to make a cash purchase of another SFH. My plan is to do a delayed financing(sort of modified BRRRR) about 6 months later to get my funds back out.

Is anything wrong with this picture? Are there any rules against this approach?

@Ashish Acharya thank you for that explanation! 

Hello BP,

I will be selling a house that use to be my primary residence from 2009-2015.I am being made to sell to a railway company through eminent domain.The house became a rental from 2015 till date.

I was wondering if the proceeds of the sale would still be capital gains exempt since I lived there for 2 out of the last 4.5 years regardless that it is now a rental property?

@Rebekah Valdez welcome! I am also in Houston looking to network.

@Jim Cummings thanks for taking the time to respond.

@Brian Van Pelt thanks for taking the time to respond

I have a tenant who is a Texas licensed sales agent.She messaged me that she would like to buy-out the remaining 8 months of her lease due to a bitter divorce.I highlighted the cost to to include holding cost and cost of leasing.

Sensing that this may run to a couple of thousands,she is offering to list the house, do showing and continue to live in the house until a new tenant is found.I am just not comfortable with this suggestion, I will rather list it myself being a realtor and let her do the showing instead.I am trying to keep the relationship strictly landlord -tenant without any complexity.

I am just curious what you guys would do or did in a similar situation.

Thanks in advance

@Jesse McMullen I am in Houston too and can send you deals.I will need to know your specifications to send you the right deals.

You got to be careful here.I sense your tenants may be up to no good.6 months ago,I found myself in similar situation with a tenant that had a similar MO.Like in your case they complained about everything in the newly rehabbed home.But I quickly realized all they were trying to do is to justify no paying rent by claiming they are withholding rent for deferred  maintenance  that I failed to do.They lied  about the water heater was broke and got an estimate to replace from a dubious handyman.Water heater still works till date.Long story short,after the rent was late a second time,I stopped taking rent and evicted them.I later realized they have been doing this for a while to several landlords and apartment complexes.Always screen your potential tenants,mine wasn't properly screened.