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Thanks William for your expertise. Do you have a sense of what "well in advance" means when pulling out capital before an exchange. More than 1 month, 6 months, a year?
Thanks,
Dianna

We live in Tucson and get a lot of snowbirds. I'm not sure how much activity there is in the other months. We want to know how to research this area of investment, how to project occupancy, differences in using regular rental contracts, deposits, etc. We've heard the property management end is easier, better tenants. We really don't like being landlords and have heard about negative PM stories. We're newbies and open to other suggestions as well.

opinions on 4 sale by owner? we have a good attorney. we're in Tucson so pretty good market. Thanks

We're selling a duplex in a bad neighborhood. We're trying to decide how far to go fixing it up. It looks pretty shabby outside, roof is so so, coolers and electric not great. But the inside is good. We had to rehab one unit extensively last year and installed new vinal tile, bathroom tile, and paint inside the other unit. If we just do the minimal necessary repairs and factor in appreciation, expenses, and taxes, if we don't exchange, we'll come out with about $40,000. Also one unit is empty and the other will be vacant end of the month. Any suggestions. Thanks

I've been a psychotherapist for the last 25 years which means I've been seeing the worst in people. It does my heart good to experience another side of human behavior. I really expreciate all the help I've received here.

Thank you for your response. I'm not sure what exit strategies would consist of but I'm assuming it includes being able to unload the property or offering a lease option?

Is there a general rule of thumb around leveraging too much? I don't have a next property in mind other than wanting to be more active in REI and making our capital work harder. Seems like flipping is possible in our area. I'm going to an REI meeting where I hear the group often works together on deals. Any thoughts on this?

Our rental property has $72, 000 loan at 6.75% and a home equity loan of $44, 000 at 10%. We want to pull out some equity to re-invest. We have a prepayment of about $3500 penelty if we refinance. This duplex has cash flow but is a pain. It's in a bad neighborhood. Would you take out more on the equity loan, sell, or take the hit and refinance?
Thanks,

If we sell some land we owned for over a year for $296,000 and bought it for $196,000, we need to buy property(ies) that exceed $296,000, right? But also, we do not want to reinvest all the profit. With the boot, will we save on capital gains by being an LLC, incorporated or just as a married couple. By the way this is primo land if developed, and utilities and septic is in, but we can't do it. The land is 3.5 acres, next to beautiful national park, views galore, 15 minutes from freeway, in Tucson, if anyone is intersted. I wish I could get a decent referral for a CPA that specializes in real estate.
Thanks in advance, Dianna

How do you find properties that qualify as short sales and are there particular types of lenders to look for. I live where real estate is pretty hot, AZ, but I assume you can still find short sales, if you can beat out the pros.

I'm a newbie although we do own two duplexes and land that we would love to build on if we can improve our financial picture. Two questions:
1) Because real estate markets are slow, aren't the people who attend REI clubs all in competition with each other? How do you know who to trust when you're a newbie? I guess I have scarcity mentality.

2) Is there a formula for assessing how much risk is smart, not in terms of comfort level but balancing the numbers, such as: how much credit card debt you have and years to retirement. I'm torn between selling one of our properties and paying off our credit card debt or using our equity to make more money and be able to pay off our debt. But we're in our fifties.