All Forum Posts by: Dan Oconnell

Yea that sounds simple and easy. Pretty much when he dies the monthly payments will go to his kids 

I am going to try to meet with him today. There are a couple questions that need to be clarified so I know if there is somewhere I could fit in. I just want to make sure I get my wording right. 

1) how involved do your kids want to be once you pass. Or how involved do you want them to be? 
 

Any other important pieces to the puzzle? He does have a spouse, but in the few conversations I’ve had with him over the years he hasn’t mentioned her much. 

I have an old friend with 45 properties. He is getting very ill in his old age. His 2 children have not shown any interest in this profession and have moved out to start their own lives. He, just like any good parent would like to find a way for them to benefit from the portfolio.

He also does not want to create a huge taxable event... 

I would like to help him and build my portfolio as I am a young investor. What are my options...?

I recently acquired a property that had section 8 tenants in place. I have done 1 other deal like this one but have never really had an issue with section 8 until I got a letter in the mail today. The letter has a nice long list of repairs that need to be done. Now the last deal I did like this I waited until the section 8 tenants lease was up then I notified them about the property not being available after their lease so I could go in and upgrade then increase the rent. 

I dont want to do these updates now because I plan on doing a major gut job and repaint job so Id rather wait until their lease has expired or if they want to move out earlier I'm okay with that too. 

What I don't want to happen is the housing authority to not send the money and the tenants to still live there.

Good Morning, 

I have been listening to several podcasts and reading about real estate investing heavily the last few weeks trying to find the answer to a simple question. 

I bought my 2nd multifamily last week and my lender told me he couldn't lend on my first duplex because I showed a loss on my taxes. I don't want to continue to show a loss but I also don't want to take a major hit come tax time. 

Can anyone shed some light on this topic so next year banks will see a big enough gain to lend without me breaking my savings and having to pay a bunch of income taxes. 

Thanks for all the help!

Good Morning, 

I am trying to figure out how to pull some equity out of my duplex. I purchased it in 2015, we did a bunch of rehab and we think we can pull some money out of it and re-invest into more real estate. Sounds simple but the few bankers I know keep laying down hurdles that are getting in the way. 

I would like to refinance and put it into her name (bankers say no because "she doesn't currently own it, and that she would need to own it for a year before we could do a cash out refinance"). She and I have been working full time at our "W2" jobs now for a few years and would like to make the switch to real estate investing full time. As our family grows she will cut down to part time so my thinking is (correct me if I'm wrong) that banks will not lend as much to her as they will to me.  

In order for our business to grow we need some cash and that is one place where I know we have some. I owe 36k on it and I think it could refinance for 70k. Since the first duplex, we have purchased 2 other properties one small single family where we live now and another duplex. They are all cash flowing but I did show a loss on rental income for tax purposes (still trying to figure out if that's smart or not).

Any advise would help. Thank you all so much!

 Thats perfect Thomas thank you so much!

I am putting together my notes and going to be either handing them a letter or talking with them in person tonight. 

I think I have all my basis covered except one thing. 

What happens if one of the tenants is late to pay?

Hello Bigger Pockets, 

I am writing this afternoon seeking advise. 

I made a mistake while purchasing my 2nd multi family with the water meter. Long story short the inspector and myself did a bad job of fully understanding the situation. 

Here is the current situation. I bought the home with renters in. They are fresh renters so they are just getting their first water bill. The house has a single family 4/1 and a small guest house 1/1. The issue right now is the water meter. There are 2 meters by the road but water company says the pipes were never connected to the small guest house. 

Water company also says I have to put the water in my name if there are 2 units and they are both rented out. 

With the leases already in place how do I prevent myself from paying for their water out of my pocket?

Thanks in advance for all the input. 

Dan O.