All Forum Posts by: Liam Somers

Historically low interest rates is a good argument for scaling up. Thanks!

Purchased our first property (a duplex in IN) about 3 years ago, and we're now looking to sell to lock in the appreciation that we've had over that time. My thoughts were always to do a 1031 exchange to a larger multifamily (3-6 units) and take on a larger mortgage. This option appeals because it would lead to greater cashflow and more units would help mitigate vacancy expenses.

However, an alternative would be to take the money and invest in another duplex that's approximately the same price - this would mean that we would have a smaller mortgage payment (or none at all) and much more cash flow than we do currently. Additionally, there's more inventory for duplexes than slightly larger multi families in IN.

What are people's thoughts on this? When you did your first 1031 exchange, what type of property did you switch to and why? I could obviously run the numbers on any potential properties myself, but I'm interested to know about other people's experiences and the thought process behind their decisions.

First-time poster but long-time lurker - thanks for the wealth of information that's provided here!

My wife and I just purchased our first rental property - a duplex in IN - and one side is Section 8. We're working with the Indianapolis Housing Agency to get the government payments transferred over to us, and one of the forms we need to complete is a W-9.

We want to know whether this should be completed with info for BOTH my wife and I (e.g. both sets of names, SSNs, etc.), just one of us, or whether it should be completed by our property manager. We decided to go with umbrella insurance rather than setting up an LLC, so I'm assuming that we'd check "individual/sole proprietor" and include personal info for one or the both of us - just wanted to make sure before we send everything off.

Unfortunately, the person we're working with at IHA hasn't given a definitive answer, so I thought that I'd ask people with experience. I tried searching for the information, but couldn't come up with anything. Hopefully somebody here can help.