All Forum Posts by: Chris Stranad

I am looking into options for selling one of my properties. It is a quadplex that has appreciated well and looking to leverage into a larger property.

I am curious if there is a way to sell the property and place the profit into a essentially delayed 1031 to be used to purchase another property and avoid Capital Gains Tax. 

Anyone know of anything? Can I roll it into a Construction Loan, temporary trust, etc?

Need your creative brain power. Thanks in advance!

Thanks @Tracey Wittke.

They have provided records for the primary and other residence well agreement, still nothing with the address of my prospective property on it.

Hello,

I have a property under contract which has a shared well with two other properties. It has been this way for 40+ years.The inspector said the well and tank look great.

The owner of the property has passed and the children are acting as the seller with a agent. They have been scrambling to locate the agreement and now I need to have a lawyer review the documents prior to my closing.

Anyone have any recommendations on someone qualified? Property is based in Northern Michigan.

Thanks in advance!

I am a huge fan of processes. I am a rather organized person that feel like with these in place it frees you up to enjoy more of life. Less decisions on things you do regularly allows you to focus on bigger puzzles to solve. What systems do you have in place for rental business? I hear this come up time and time again in podcasts, books and other blogs posts. But how do you know what systems to implement or build and how do you do that?
Here's my backstory and where I'm currently at in my investing career. I've been studying for the past five years all I could find. After a short time of feeling overwhelmed by all there was to learn, I made my first aquisition in the first quarter of 2019. I found a great fourplex grossly underrated market rents. My second acquisition came in the form of a SFH I was able to purchase for a BRRRR rehab I picked up mid 2019. I completed financing on that project the first of the year and count it a home run deal.
That brings us to today. I’ve spent the first quarter of the year organizing from a whirlwind of a previous year. I see the need to build systems and processes BUT what, how, where? I’ve heard people say to dissect the processes and lay out a road map for things you do but feeling like I have not seen examples or references to some of these systems. If they are so important and everyone uses them I’d imaging there are templates out there or an overview of commonly used “systems”. It’d be amazing to not have to build these all myself or figure it all out to increase efficiency.
Can you help?
What systems do you use? How did you determine what you needed? Do you have a schedule of weekly or monthly tasks you do in your systems? Can you share example? I would love to hear what you all use to maximize time and efficiency and success.
Thanks for you help in advance!

Thanks everyone, exactly what I needed. @Thomas Jackson, who is your target market; construction, indoor boats on a trailer, businesses? 

@thomasjackson it would be for a traditional self storage building; Slab, metal, electrical. 

@markbyrge thanks. I’ll look into it, not familiar with the company. I appreciate it!

Curious if anyone has a rough idea of cost to build additional buildings on a preexisting storage facility property. I am analyzing properties & looking for under developed facilities where I can expand the sqft of storage to increase valuation.

Yes, I know there are a myriad of variable to consider but I believe someone can give me some decent numbers for back of envelope analysis.

Thanks in advance

Thank you to everyone for the input.

A large consideration is cost of installation, # of splits for each unit at this point. The property is in an area that has a very low vacancy rate which is good. But putting these in will suck up some liquidity & require me to keep the property longer. My plan is to hold the property for 5-8 years, sell it & level up to a larger multiunit.

Does each split need it’s own condenser unit or can I get two out of one condenser for same apartment?

@Jason Turgeon

@Jaysen Medhurst

@Charlie MacPherson

@Jaysen Medhurst  thanks for the input. Waiting to hear back from an hvac guy & make a plan for the next turn on the units. 

Do they need 220 supply? Both units are on second floor I’d be putting them in.