Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Bernard Kelly

Bernard Kelly has started 3 posts and replied 13 times.

 Flic and Flips don’t typically qualify for 1031 exchange tax benefits. However, it is possible to turn a fix-and-flip property into an investment property and qualify for a 1031 exchange if it is held for at least one year. This would qualify the property for long-term capital gains treatment. also, if you command decent rents, it’s going to help you flip that property at a higher price point with solid tenants.

I also agree with the sentiment that if you decide to flip it and pay tax that’s a good problem to have because it means you made money on your flip and that’s the goal!

Post: Making sense of renting my house out to rent another

Bernard KellyPosted
  • Investor
  • New York Pennsylvania , VA
  • Posts 14
  • Votes 5

Irina, there’s a lot to unfold here. if you are looking for the rental cash flow to assist in covering the cost of living in Florida, maybe the best option is to sell your property in PA and use that money to buy a multi unit in Florida this way you accomplish both option. You have the homeownership and Clash flow to keep your Florida payments affordable. I hope that helps. If you decide to sell your property in Pennsylvania. Send me a message and let’s chat.

Post: Is a property manager necessary?

Bernard KellyPosted
  • Investor
  • New York Pennsylvania , VA
  • Posts 14
  • Votes 5
Quote from @Brandon Morgan:

Hi all, I recently bought a house near Scranton PA it is my first investment property. I live in the Jersey/NY area which is about 2 hours from Scranton. I am still looking for renters and I am wondering if it is necessary for me to get a property manager since I live far away. sometimes there are random things that need to be taken care of that I can't do right away since I do not live close. My realtor says it is not necessary since she can take care of some thing but I do not want to solely rely on her. to anyone investing in this area is it necessary to get a property manager? what is your experience with this and do you have any recommendations?


 I have several units in Scranton Wilkes-Barre market. Some width and some without a property manager for the units that are self manage. I have a handyman who has a strong relationship with the tenants and for anything major I can call on my property manager for ad hoc services à la cart. 

For the properties where I do use my property manager,  I have to admit that I enjoy that those properties are very passive and I couldn’t even tell you what my tenant looks like if I passed them on the street I just collect a check every month which is very nice. 

Whatever you decide to do will have its advantages . If this is your first rental property, you may want to self manage it for a little while so you know the challenges as  grow your business if you need any connections in that area, let me know. Happy to help.  

Post: Boots on the ground

Bernard KellyPosted
  • Investor
  • New York Pennsylvania , VA
  • Posts 14
  • Votes 5
Quote from @Min Zhang:

Hey Bernard, I can send you a list of contacts in Cleveland to help you build your team, property manager. Let me know how I can help!


 Thank Min! Appreciate it! 

Post: Boots on the ground

Bernard KellyPosted
  • Investor
  • New York Pennsylvania , VA
  • Posts 14
  • Votes 5
Quote from @James Wise:
Quote from @Bernard Kelly:

Hi BP, I'm looking at a few off-Market deals in Cleveland OH, this will be a new market for me. Does anyone has a seasoned property manager they would recommend as I enter and hopefully grow on that area?   

All additional insight s are welcomed and much appreciated 

BK


 Welcome to the land brother.

Thanks James! I read your post from several years back - ”The Ultimate Guild to Grading……” very informative, and I’m assuming most of the insights still holds true +/- market changes on price points -  

Post: Boots on the ground

Bernard KellyPosted
  • Investor
  • New York Pennsylvania , VA
  • Posts 14
  • Votes 5
Quote from @Bob Stevens:
Quote from @Bernard Kelly:

Hi BP, I'm looking at a few off-Market deals in Cleveland OH, this will be a new market for me. Does anyone has a seasoned property manager they would recommend as I enter and hopefully grow on that area?   

All additional insight s are welcomed and much appreciated 

BK

 Hello, I Know many from around the world that have been buying there for many years. I know someone that has Properties ( as many as you want ) PM contractors and much more , happy to recommend . I live OOS and do all my biz there. Closed on 2 more Duplex's last week, 


 Congrats on the two duplexes - Chat soon 

Post: Boots on the ground

Bernard KellyPosted
  • Investor
  • New York Pennsylvania , VA
  • Posts 14
  • Votes 5
Quote from @Simon Ashbaugh:
Quote from @Bernard Kelly:

Hi BP, I'm looking at a few off-Market deals in Cleveland OH, this will be a new market for me. Does anyone has a seasoned property manager they would recommend as I enter and hopefully grow on that area?   

All additional insight s are welcomed and much appreciated 

BK


 Hey Bernard, depending on the area, I can connect with to my go to PMs. Let's connect.


 Thanks for the response Simon! I’llconnect with you! Appreciated 

Post: Boots on the ground

Bernard KellyPosted
  • Investor
  • New York Pennsylvania , VA
  • Posts 14
  • Votes 5
Quote from @Joshua Janus:
Quote from @Bernard Kelly:

Hi BP, I'm looking at a few off-Market deals in Cleveland OH, this will be a new market for me. Does anyone has a seasoned property manager they would recommend as I enter and hopefully grow on that area?   

All additional insight s are welcomed and much appreciated 

BK


 Hey yes I can send you a rolodex of property managers in the area. 

 Thanks Joshua! Let's connect! 

Post: Boots on the ground

Bernard KellyPosted
  • Investor
  • New York Pennsylvania , VA
  • Posts 14
  • Votes 5

Hi BP, I'm looking at a few off-Market deals in Cleveland OH, this will be a new market for me. Does anyone has a seasoned property manager they would recommend as I enter and hopefully grow on that area?   

All additional insight s are welcomed and much appreciated 

BK

Post: Short Term/ Vacation Rental summit

Bernard KellyPosted
  • Investor
  • New York Pennsylvania , VA
  • Posts 14
  • Votes 5

Thanks, Andrew!