All Forum Posts by: Buddy LaRue

I expect to get the networking group together in January, in Broward County/Fort Lauderdale area. I'm working on it...follow this thread for more info as it comes out.

@ Schertz, TX?! That's where my mom lives!

Best to keep the letter short and sweet. People don't want to read a long letter.

Personally, I HATE times new roman font. I prefer Calibri in the body of a letter. It's easy to read, neat and clean.

the courthouse

Hi again, I saw the post about "maybe we should have a meetup"...I'm working on putting one together for early January and the interest seems to be building. If anyone is interested, please send me a connection request and I'll be sure to let you know where and when, or post to the thread here:

http://www.biggerpockets.com/forums/86/topics/106269-south-florida-networking-group?page=1#p683442

In general, older homes take more rehab/make ready and more repairs over the long run.

Personally, I search for homes built 1970 and newer. They generally have more open floor plans (which the tenants like), are located in the suburban areas (which I like), and are easily updated. I put them in the best condition I can so it cuts on repairs.

My partner did have an 8-unit apartment building built in the 1800s, and an outbuilding dating back to the late 1700s, but it was in the French quarter of New Orleans. He loved the house and lived in one of the units, but will also admit that it needed constant upkeep.

If that's her reason for moving and she's willing to lose her security deposit, you can almost bet that she'll pull some sort of crap on you. I'd be hesitant to want to rent to her.

You can do a 1031 Tax Deferred exchange. Here's the link to the IRS for information about it:

http://www.irs.gov/uac/Like-Kind-Exchanges-Under-IRC-Code-Section-1031

You may want to pay attention to this quote from the website:

The first limit is that you have 45 days from the date you sell the relinquished property to identify potential replacement properties. The identification must be in writing, signed by you and delivered to a person involved in the exchange like the seller of the replacement property or the qualified intermediary. However, notice to your attorney, real estate agent, accountant or similar persons acting as your agent is not sufficient.

I've always put the wording "seller to cooperate with buyers 1031 tax deferred exchange at no cost to the seller" in my contracts where I was doing a 1031 TDE. It has served as notice to the seller that I am doing a 1031. You should double check the wording and notice with an attorney, and use a qualified facilitator to do the exchange. Your title company should be able to recommend a facilitator.

You may want to suggest to her that she invite some friends over who have different cell phone carriers and see who has a decent signal and that she switch plans. Would be cheaper than losing the security deposit for her, and you keep the tenant. Win-win is always best.

Otherwise, it sounds like she's just trying to get out of the lease. I don't know what lease you use, but some have a "liquidated damages" clause that states if she moves out early she will owe you $xxxx amount of dollars. Otherwise, she signed a lease and you can go after her for the unpaid months. An agreement is an agreement. You'll still want to get a new tenant in there ASAP as collecting on that can be a pain, and you want to mitigate the loss as much as possible.