All Forum Posts by: Daniel Dollar

Hi everyone. I have a rental house that I've owned for just over a year. I have to sell it for personal reasons. I also have a primary residence that I'm going to turn into a rental and buy a new primary residence. Can I use the 1031 to recast the mortgage on my current primary but soon to be rental? Any other strategies for using 1031 money in this situation or is it only for purchase of a new rental property?

Thanks in advance

Hi, I've just gotten into real estate investing and finally purchased my first investment property. The problem is, the property had been vacant for at least a couple of months in the summer when we were breaking heat records, and it has a musty old house smell. There's no obvious signs of moisture/leaks and I've run an ozone generator 3 times at 2 hours each straight into the return vent. I've also had zerorez clean the carpets. Carpets were replaced before I bought it and look new. I haven't cleaned the ducts yet but I just had the outdoor AC unit and indoor coil replaced and HVAC guy said he didn't think the ducts is the problem. My question is, if the musty smell were coming from the ducts wouldn't the ozone generator have killed it off? Obviously I don't want to break the bank so I'm looking for a solution that doesn't involve some sort of professional remediation company. Any help would be greatly appreciated. Thanks

Hi everyone. I'm looking for advice about possibly renting my first home. I bought my first home 5 years ago at $162k I owe $132K and I could sell right now and get about about $230k (after realtor/title/any other fees). Or I could rent it out and probably cash flow $200 - $300 immediately and potentially $500 - $600 if I refinance. Living in the DFW area, It will almost certainly appreciate in the next 5 years. The thing is, the house is 35 years old in a class b neighborhood and isn't super efficient and while everything works fine now, there are things like the heater that could go at any minute. Also, it has a pool that would have liability associated with it and need maintenance. There's also a giant 35' palm tree that would need to be trimmed. Deals in the DFW area are REALLY hard to find at the moment so I'm wondering if I should just rent but have less money for deals in if I can even find any, or sell and wait until the market calms down or Any help would be greatly appreciated. Thanks

Maybe I'm just missing something, but I'm confused about a few things with the brrrr method. Say I buy a house for $100k, rehab it for $20k, and then refiance for $200k. If I did a cash out refi, I would have around $140k because they only give you about 70% of the arv correct? So I would take that 140 and pay off the $120k I put in BUT wouldn't I also have to pay the 20% down payment for the new loan? So I'm paying $20k of my money for the down payment right? Also, the new loan would make the mortgage go up so you're betting on the renter paying more than the new $200k mortgage right?

Thank You