All Forum Posts by: Bruce Archer

@Bob B.

Thanks Bob.

I’m saving money with every reply.

Gotta Love BP.

@Bob B.

Hi Bob,

I would purchase & self-perform the simple roof installation. ~$3000.

I have a contractor deal on windows just need to pay for installation.

~$3000.

Thx, Bruce

@Thomas S.

Hi Thomas, Thank you for your reply. As I stated in my question, I was ignorant and had to survive on the cash flow. Finances are now in order and I have now learned how to properly manage an investment property. You are correct the equity is underutilized and i am eager to take advantage of it. I am not opposed to selling but I wonder if it can be salvaged into a proper cash flowing investment. If I make some improvements I could get $400 per month above mortgage and after I back out vacancy, management, and Cap-ex would it end up being worth keeping? I welcome you candid feedback.

Thx Bruce

(the 50 yr old newbie)

@Caleb Heimsoth

Great idea. Thank you. That is certainly on the table.

Well, thanks to BP I have now learned what I should have been doing for Cap-ex fir the last 10 years. But, financially i had to use most of the cash flow for living. Now I need some advise on finance options for a new roof and windows. I don't have much in reserves but have good equity in the rental and in my primary. I could do HELOC or cash-out re-fi, but that would eat my cash flow. I know there may be no good answer and I'm just going to have to suck it up.

I would greatly appreciate any and all advice to help ease the pain.

Thank in advance.

Bruce

@Corby Goade

Thank you Corby. Great info. My head is swimming in lots of fun new strategies. Looking at summer timeframe for both.

@Dave Foster

Hi Dave,

I appreciate your willingness to help. We have had a home for 25 years and has been a rental for the last 10. It is in Idaho and Are now in Wash state. It has recently appreciated nicely and We will make about $100k on the sale. I have a daughter going to college next fall in WA state and am thinking of 1031 ex. Into a multi-family in the college town to provide a place for her and some income if at all possible.

Questions are:

what is required to accomplish this?

How much time from EX- out to EX-in do I have?

What are the expenses associated with it?

I appreciate all info you can provide.

Thanks again in advance.

Bruce Archer

@Dave Foster

Thanks Dave. Do the two properties have to be similar value or within a range?

Bruce

@Will Barnard

Great advice Will.

Thank You.

Bruce

Thanks BigPockets. Love your “show”.

1st time question.

I want to do this and it will also involve exchanging in one state and acquiring in another. Does this cause problems?

Thank you for your responses. Bruce