All Forum Posts by: Michael Modesto

Hi @Jeff L.

Legal and accounting/tax professionals are really the best people to ask this question to, since there are so many nuances.

To add to the comments made above...

@Hemender Devangan

I was in a similar situation before, with a California property with negative cash flow.  My numbers were very close to yours actually.  Once the property started appreciating and reached a balance point (vs taxes and money out of pocket each month/year), I decided to sell.  

I have since reinvested the equity I was able to take out and recuperate from this negative asset into "proper" cash flowing property in other states.  I was able to flip a house that was costing me around $10K per year, into several that make around $10K per year.  That's a $20K swing!  I think that was the best move I could do with that particular property.

BiggerPockets has made me much, much more than the cost of a PRO membership!

@Joshua Dorkin

@Brandon Turner

One of my go-to REALTORS consistently hits it out of the ballpark for me.  She goes well beyond her responsibilities as my buying and selling agent, and makes my deals as smooth and effort free as possible.

I know she makes a commission, but I would like to send her a gift to show my appreciation.

What is an appropriate gift in this situation?  What would you give?

@Elaine Hy

Welcome to BP!  There are tons of great resources here that will surely help your journey.

What part of Ireland are you from?  My family and I lived in Dun Laoghaire for 2 years.

@John Truong

It's common practice, but you should detail out all those conditions on the contract.  Minimally, I would request all deposits + proration of rents already paid.

@Leigh Ann Smith

It sounds like you have options and a good plan.  Best of luck, and let us know how it goes!

@Rebecca Mickler

I would have doubts about a property management company that actually presents this scenario to me.  In my opinion, a good one would already handle this inquiry themselves.

The only way I would agree to holding the property for a month, is in exchange for a reservation fee that equals one months rent.  :)