All Forum Posts by: Jeremy Petersen

Thank you @Wayne Brooks and @Lance Lvovsky for your quick and concise replies. 

Hello, I have a question about buying a property from a power of attorney for an elderly person. 

What happens if the property goes under contact through the power of attorney acting on behalf of the owner, but the owner passes before closing? I'm guessing that at this point the POA no longer has power, and the property is now part of an estate which must go through probate before being sold.

I intend to ask my attorney on Monday, but I was curious to see if anyone on BP had experienced this scenario.

Thanks in advance 

Thanks everyone for the replies. 

@Derek Diamond, @Robert Herrera Rental prices have been rising in Salida, but are not keeping up with the value of real estate. Additionally, wages for working people are not keeping up with rental rates. 

Location and condition of course factor in, but here are the ranges I’m seeing. Studio, $750 - $900. 1 bedroom, $800 - $1000. 2 bedroom, $1200 - $1600. 3 Bedroom $1500 - $2200. There are examples that fall outside of these numbers, but that’s about what we’re seeing. 

I have a 2/1 sfh with a value in the mid $300s that nets me $10K. There is some room for me to go up, but not even close to where I would like to be. 

Thanks again for the replies and input. 

Hello friends, I’ve been a casual real estate investor for several years with residential rentals in the town that I live in, Salida, Colorado. My properties have appreciated nicely, but they don’t provide the cash flow that I’m looking for moving forward. I’m starting to explore new markets that could provide me with a better return. I, like many others am looking for smaller apartment buildings, and I’m looking in the south and southeast. Maybe somewhere along I-10. Southern Mississippi, Alabama, Georgia and northern Florida. Maybe the Carolinas. We have a daughter in Raleigh and a house in SW Florida so these are areas that we already travel to on a fairly regular basis which would be beneficial. Anyway, if you happen to know the greatest property manager in the southeast, please let me know! I’d also like to connect with others of course, and I’d appreciate any information that may be helpful. Thanks Jeremy

Thank you Dave for your reply. My intent had always been to hold the property as a long term investment. I never intended to convert to condos and sell individually. 

Out of curiosity how long might someone have to hold the newly created condos as investment property before selling one, two or maybe all three and not raise any red flags with the IRS? Ideally I’d like to keep one of the units but move proceeds from the other two to other long term investment property where it doesn’t snow. 

Thanks again for your reply 

Jeremy 

Hello friends, 

3+ years ago I purchased a piece of commercial property that I converted into 3 residential units with the intention of holding long term. Now things have changed and I have the opportunity to turn the units into condos and sell them individually. I would like to do 1031 exchanges for each unit. Would converting to condos from one single piece of property disqualify me from a 1031? 

I haven’t started the process yet, but am about to.

Thanks in advance 

Jeremy