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All Forum Posts by: Unai La Salle

Unai La Salle has started 7 posts and replied 25 times.

Post: Is it possible to 1031 exchange into a DST that I am the trustee?

Unai La SallePosted
  • Investor
  • San Francisco, CA
  • Posts 25
  • Votes 4

I am in the process of setting up a DST where I will be the trustee and beneficiary and I also have an investment property that is in my name I want to sell. I was planning to go the usual route of a 1031 exchange where I identify a property within 45 days and close in 180 days.

But I came across articles where people 1031 exchanged into a DST. The DST is treated like real estate so it satisfies the like-kind rule.

That got me thinking, can I sell my property and move the money into my DST? It seems it should be possible. Has anyone done it? How did you do it and what is the downside?

Post: Can anyone recommend a good property management?

Unai La SallePosted
  • Investor
  • San Francisco, CA
  • Posts 25
  • Votes 4

Thanks for the recommendation, Stephen.

Post: Can anyone recommend a good property management?

Unai La SallePosted
  • Investor
  • San Francisco, CA
  • Posts 25
  • Votes 4

I'm still in the browsing stage and I'm focusing on the French Quarter, Marigny, Treme, Garden District, Ferret, Milan, etc.

Any other areas you think I should look into?

Post: Can anyone recommend a good property management?

Unai La SallePosted
  • Investor
  • San Francisco, CA
  • Posts 25
  • Votes 4

Hi,

If someone has good experience with a property management company, I'd love to hear who they are and what makes them good.

Thanks.

Post: Recommendation for setting up a Delaware Statutory Trust

Unai La SallePosted
  • Investor
  • San Francisco, CA
  • Posts 25
  • Votes 4

I should add that the DST is only used to hold real estate. Nothing else like selling shares, etc.

Post: Recommendation for setting up a Delaware Statutory Trust

Unai La SallePosted
  • Investor
  • San Francisco, CA
  • Posts 25
  • Votes 4

Looking for a good attorney to set up a DST. Preferably the attorney is in the California Bay Area or at least California.

Love to hear from anyone who is in the profession, has set up a DST, or has good advice. Thanks!

Post: Which SF Mayor candidate is more landlord-friendly?

Unai La SallePosted
  • Investor
  • San Francisco, CA
  • Posts 25
  • Votes 4

Hands down it's Ellen Lee Zhou.  She's probably at the center to center-right on many issues.  She cannot say it publicly but she has been winking to the landlords with slogan like "Stop unfair housing policies."  She is running as an independent.

She doesn't have a snowball chance in hell of winning, but if you want to know which candidate is the friendliest, it's Zhou by miles.

.

Post: Feedback/advice on a property

Unai La SallePosted
  • Investor
  • San Francisco, CA
  • Posts 25
  • Votes 4

Depends on your goal.  If this is a pure investment/cash flow play then there are better deals out there.

But if this is a "I can live there and have someone else covers a big part of my mortgage" play, then I think it is very solid.   Because the first objective is a pad/neighborhood for you to live in, not cash flow.

Yes, as someone mentioned, you can rent for roughly the same amount you pay out of pocket.... but you locked in your mortgage rate and so a big part of your expense is capped while rent can go up to... who knows.

These part owner-live-in/part-rental properties is never purely about numbers.  Because there are plenty where the numbers look good but you do not want to live there, and vice versa.  Finding that sweet spot between "I want to live there" and "I can collect this much rent from it" is the key and the sweet spot is different for everyone.  If it's acceptable to you, go for it.

Post: Any Landlord Here Who Decides NOT to Take Security Deposit?

Unai La SallePosted
  • Investor
  • San Francisco, CA
  • Posts 25
  • Votes 4

I recently closed on a property where I inherited tenants and my lawyer is very adamant that I return all the security deposit to the tenants asap.  His reasoning is that there are too many esoteric rules about the deposit, landlords get sued over it all the time, and it's just more trouble than it's worth.  

In the end, I didn't listen to him, but that makes my wonder if any landlord here indeed opt to forgo this standard practice.  What do you do in its place?  How do you ensure that the tenants keep the place reasonably neat and how do you protect yourself when (god forbid) a tenant trashed your unit? 

Post: Investor friendly real estate agents Lake Co.,IL

Unai La SallePosted
  • Investor
  • San Francisco, CA
  • Posts 25
  • Votes 4

If by investor savy, you mean someone who has experience and knowledgeable being an investor as well as helping investors; the agent I use is George Lau of SVN Chicago Commercial.

He is a local boy who grew up in Chicago, knows many of the neighborhoods in Chicago and surrounding towns, and specializes in multi-family dwellings.  He owns several multi-family buildings and he came from a family who holds a portfolio of real estate.   He has family members and friends who are property managers or licensed contractors, who themselves are also investors.

What I like about him, in addition to being a hard working professional, is that he has access to a vast network of other investors and he can tell me where they are investing, what type of tenants, the returns, etc.   In one showing, he found out one of his family's crew worker, who is also a licensed contractor and investor, was nearby so he told him to drop by the property we were looking at and offered me some repair/maintenance insights as well as advice about investing in the neighborhood since he has investment in the same area. 

George is also someone who is not overly pushy and pressure me to buy, if anything, he tends to be on the conservative side and often tell me, "Don't pay more than x amount, otherwise the numbers won't work."  And lastly, since he is a commercial agent, he is savy for both commercial and residential buildings.  I have worked with residential agents who told me, "Well, what you're interested in is a six-unit building, so it's a commercial property and outside my scope."  Not so with George.

I can't recommend him highly enough. If you want someone savy about MFR, he is your guy.

.