All Forum Posts by: Mic Nguyen

Talk to you title company or attorney. My title company handles my 1031's for me with no extra charge outside of the closing fees. 

Hello, I am a realtor in Pensacola and can assist you. 

 did you find a buyer for this property? im in pensacola

I've always used my own PM after interviewing them. Even when management was already in place, I switched them out.  

Did not there used to be one at Golden Corral on Tuesdays or is that the one that moved to the bay center? Do you know who runs that? Seems like the Bay Center would be expensive. I have a 5000 sq ft golf course clubhouse if you ever need a place to host @William Allen.  

Sale on the property could be tax free depending on your tax rate. Long term capital gains are capped at 15% for high tax brackets. Your making 3600 annually on a 4700 cash investment. Thats a 77% return before taxes but your probably not paying much tax because the depreciation write off is roughly $2600. I would hold it unless you need some cash for something else. 

You would have to shop around banks. I've asked all my local banks and no one will do a HELOC on any investment properties regardless of income and credit. Banks have some weird polices in place no wonder they needed a bailout.

When and where are the Tuesday ones? I been meaning to attend one of these days. 

Congrats on the amazing journey. I hope to follow your path.

I also believe the expenses are too high. Maybe the seller mis-communicated the information. You should be able to provide a dumpster @$85 per month, taxes should be around $200 and insurance should also be around $250. Is there any other expenses you have to provide?