All Forum Posts by: Bill B.

1) I think it’s “funny” that not one news article I ever read for the last 5 years had headlines like “Housing at historical record lows! Buy now!”

2) I bet you could draw that same or even more extreme graph for new car prices. What’s the guess on what happens there? 

3) Average income was up 4.5% in 2024. It wouldn’t take much time with “steady” home prices for the graph to self correct. 

4) I assume at least some of this is choice. People are not choosing the cheapest housing available. Many are choosing the most expensive they can afford on purpose. And to a lesser extent gig work, house hacking, roommates. 

I don’t know if it’s a new law but I was told by my PM at a recent move out it was now considered normal wear and tear and you couldn’t charge for it. 

I assume any painter / handyman doing your turnover could do that kind of touch up in almost no time for almost no money.  

I love la Vegas investing. I don’t mind SMF investing. But Las Vegas isn’t the location for it. I like good neighborhoods, with sloped tile roofs, stucco siding, built in the last 20 years. 90% of Las Vegas SMF checks none of these boxes. 

Either look out of state for the something like the brick 4plexes built in the 80’s that look the same 40 years later. Or if you want to swap higher returns for lower maintenance you can look in to FIG (fourplex investment group_. I’ve never used them but they do built to rent small multifamily. 

I think you meant to type was… 

Thanks @Jeff S.for your free professional advice. You’re right. I should have figured out it was a scam because of every reason you listed. Thanks for saving me from getting scammed. I love this site and all the professionals that give away free advice with no strings attached. You’re part of what makes BP great. 

I think that’s what you meant to type. Maybe I’m wrong and you just don’t appreciate your questions getting answered quickly for free by professionals. But if you’re not going to show appreciation there’s certainly no reason to shoot the messenger. 

Now that’s he’s saved you $3,000 and told you how to avoid it happening in the future. You can move forward. Good luck. 

I hope you haven't paid them any money. I only have a dozen properties but I've never used an LLC for any of them. It just adds complexities and costs without any benefits.

Unless the land is super valuable, probably not collateral for the mobile homes. 

BUT, get a solid quote on utilities. You could easily be $100k in for water/gas/power/sewer if you’re talking 4+ lots. 

If you don’t plan to sell the lots w/mobile homes is there a reason you have to split the lot? Obviously the ideal way would be to split the lots and rent the lots to mobile home owners but that seems like a very small market. But if your plan is to rent the mobile homes out you should be fine with one lot. 

If you have a $200k loss there’s no reason to do a 1031. You’re going to have negative $30k in taxes. 

If you bought with a 1031 did you defer more than $200k in gains? If so, figure out how much if left in gains. Might be time to sell and take the money. 

If you decide to do another 1031 reach out to an expert like @Dave Foster. 

Good luck. 

You’re going to spend hundreds replacing the fridge and then spend hundreds per year on bottled/filtered water instead of paying a plumber a couple hundred once? Why?

Ps. Next time if you’re not going to use an inspector then do a basic inspection yourself. This is something you would have had the seller fix for you, especially if there was a water dispensing fridge installed. We haven’t even talked about the lack of ice make which is probably just as bad. If this isn’t a $40/night $80k property get water and ice working before first rental. 

I can’t imagine the returns you would have to generate. 22% federal tax, plus 8% state tax, plus 10% penalty. Take that 40% hit. Double your money on your 60% left over. Then when you sell another 22% and 8% on that gain? (30% hit on your 100% of your money and you’re back to 102% of what you started with. A total of 2% return for as long as it takes you to double your money. 

Why not just buy a new primary and rent out your current home. A year from now repeat that. You’re up 40% over your withdrawal plan. Heck. Stop making Ira contributions as you’ve learned real estate is a better investment. Use that money for real estate. I ended up with millions stuck in IRAs and roths I’ll never touch because of real estate. I learned too late, you still have time. 

EM doesn’t seem extremely low, just kinda low. Wouldn’t call it a red flag. 

Try a different lender? It seems like they are the problem. This should be a non-issue. It was obviously not an issue of the seller’s lender. 

Worst case you’ll get it back when they find another buyer. They can’t go under contract with a new buyer until your escrow file is closed. As you said, they can’t make him sign the release.someday they’ll fix this issue but until then you need a lawyer, or a new lender, or the seller needs a buyer.

Consider this a 2 on a scale of 1-10 for real estate problems. Good luck either way you move forward.