All Forum Posts by: James York

@Kim Meredith Hampton I am a fan of cash for keys, but they claim they don't want to go infect any other places. I don't think a number I am willing to pay will align with a number that will encourage them to leave.

@Cassi Justiz They were given proper notice. 

Can anyone confirm my understanding of the eviction moratorium? I have a tenant lease ending 8/31 and scheduled to close on the sale of the home 9/3. The tenant notified me today that they need more time because 3 members of the home have COVID. They are section 8 tenants who have ended their voucher effective 8/31 also. I don't believe the moratorium precludes me from filing eviction based on the lease ending. Thoughts?

I am in need of some help. I am planning to sell 4 rentals for a pretty significant capital gain. I've managed to keep AGI just low enough to get all stimulus checks, but I am not sure if capital gains will be factored in when determining if I have to pay them back. It's not an issue, I am simply trying to plan for what will come. Does anyone know if capital gains are considered part of your income when it comes to eligibility for the stimulus money? 1031 is not an option. I am going for 100% debt free and not very open to anything else. Appreciate any feedback other than 1031. 

Does anyone have experience with developing an airpark? They are very popular, but obviously with a very niche market. I am interested in this as a passion project, but it would need to make financial sense also. If not this, have you done any other "passion projects" in real estate that made money, but were more focused on personal desire and goals?

@Wayne Brooks I was prepared to bring the cash to closing for the down payment. My loan officer suggested just doing this instead. I will report back when it closes, but I don't forsee any issues. 

@Wayne Brooks Sale price $190,000. 20% gift of equity $38,000. LLC basis is $136,500.

$190k-$38k= $152K - $136.5K = $15,500

Make a little sense?

@Bryan Noth Rent: Tenant shall pay the Rent, without notice, demand or deduction, to Landlord or as Landlord directs. The first Rent
payment, which shall be prorated if the Initial Term commences on a day other than the first day of the Payment Period, shall be due
on (date). Thereafter, all rentals shall be paid in advance on or before the FIRST day of
each subsequent Payment Period for the duration of the tenancy. Rentals not paid on or before the first day of the Payment Period will
be considered late, and any such non-payment will constitute a breach of this Agreement.

I am in the process of selling myself a new construction home that my LLC owns and built. This is all disclosed to the lender. To make it better, the LLC is giving a gift of equity so the down payment is in the form of a gift from my LLC to myself. There will be no cash exchanged. I will take a small amount of cash out at closing, but it is not significant. This does look like a "profit" to the LLC, but I have reviewed this in depth with my accountant and it will not be taxed. In the eyes of the IRS, it is not being sold. Using this method, I will have effectively no seasoning period.

I am moving from selling my spec homes to keeping them. I am ready to lease the first one, but am struggling with the first month's rent. Let's say rent is $1000/month due on first and security deposit is $1000. Lease is going to start 9/15 so I need to collect that prorated rent. Do I collect $1000 rent and $1000 deposit on 15th and then pro-rated rent on 10/1 or to I collect prorated rent ($500) and deposit on 15th with $1000 due 10/1? I realize perdiem may not make it exactly these numbers, just using simple numbers to understand. THANKS!!!

I am moving from selling my spec homes to keeping them. I am ready to lease the first one, but am struggling with the first month's rent. Let's say rent is $1000/month due on first and security deposit is $1000. Lease is going to start 9/15 so I need to collect that prorated rent. Do I collect $1000 rent and $1000 deposit on 15th and then pro-rated rent on 10/1 or to I collect prorated rent ($500) and deposit on 15th with $1000 due 10/1? I realize perdiem may not make it exactly these numbers, just using simple numbers to understand. THANKS!!!