All Forum Posts by: Jack H.

I will need to use commercial financing for my next rental properties. I understand the process is much more straightforward. But it kind of freaks me out. I understand the rates are 1-1.5% higher than conventional rates. I am concerned that there might be an event where the loans are called and it being difficult to find other financing. Lastly, I am generally concerned about the pitfalls and scammers. Does anyone have any good resources or advice?

I am in a 1031 and have a replacement property identified where I may receive a credit from the seller at closing. Would that credit need to be applied to the property immediately or could I take that as cash and still avoid the boot?

I purchased a property at the height of the market in 2005. We lived in the property for 5 years and started renting it in 2010. Original price was $445k but in 2010 they were going for more like $360k. My tax guy told me I had to use $360k as the basis which is what we have used for the last 10 years. This has always bothered me because I felt like we should have been able to use the acquisition price of $445k since it was our intent to eventually rent it out.

Is it reasonable to find a CPA who might be able to make the adjustment and file amended returns for the previous years? OR, is it "water under the bridge" at this point?

@Dave Foster thanks!

In about a year I will be looking to sell a property using a 1031. The home is in VA but it is very expensive here. Cashflow is not great but appreciation has been carrying me. I want to find something that will give me both cashflow and appreciation. What do you recommend for

Over $500k? small Apartment building? Turnkey properties? Trading up to a better home? Stay with what I have?

The idea of a multi family or apartment building intrigues me the most but I hear the cashflow may not be as good as single units.

@Shane Ussery completely agree. Thanks!

@Greg M. They provided a receipt but we

Suspect they know the owner of the cleaning company

We have a friend who recently moved out of their rental in Virginia. Its a 4 br / 3 ba SFH and about 3,000 sq ft and no pets. The landlord kept their entire security deposit including $1,950 for carpet cleaning. That seemed excessive to me. I thought $500-600 for a full steam clean in an empty house and normal wear and tear. Are there laws around charging excessive repair costs?

@Ben Hoekstra STR means Short Term Rental

@Dag Andargachew please send me the info too. Thank you!!!