All Forum Posts by: James H.

Hello BP, I have a 30 unit multi-family brought to me off market bye a seller agent I purchased my last deal with. The owner's inherited the property and are looking to exit quickly. We negotiated a price before it was listed.  We are looking to close the deal and keep for long-term cash flow. It's a stable property with only two physical vacancies. Rents are 20% below market and there is a value add component with cosmetic upgrades. We have the down payment. Just need a proper lender and/or advice to close from experienced multi-family operators. 

Contracted price $773k w small seller contribution ($25,785/door)

Est. $42k in improvements

Avg rent $370

Market rent $450-$500

All large 2/1's, 1000sqft

Hello Ricky I have a duplex property I would like sale. 

Great inspirational project @Justin Fraser! Congrats on taking action! The Universe or God or whomever you believe in will conspire in your success when you see be do! 

@Dave Foster, I just wanted to thank you for your help on the 1031 exchange! Good thing we were able to talk a few days before my closing!!! As I now know you must have the exchange setup prior to closing. It worked great and process was rather easy! I was able to sale my existing SFH property and rolled the exchange fund and subsequently into my new 6plex! Thank you for the advice and your team's professionalism and promptness. Also thank you @Lauren Speidel and @Ryan Blake

Thanks all for your advice and recommendations! I understand there's definitely more personal information that's needed in order to get specific answers to my questions but the replies did give me a broad overview of what's needed and in what direction I should start, i.e. Searching the forum post for tax accounts and estate attorneys giving solid advice. I hope others in this situation also find the discussion topic useful. 

I guess my next question would be what makes a good tax accountant or real estate attorney and what's the best way to vet them? Perhaps the discussion can change to what would be good qualifying questions? 

Thanks all!!!

Hello BP, I have a situation that involves my father in law who's a longtime investor with multiple free and clear small apartment buildings in a good market. We are looking for advice or an advisor that can help w the best strategy to reduce our tax burdens and maximize wealth opportunities. I also have a few properties myself And looking scale up.

Please respond or request an add so we can chat.

Thanks in advance! 

Hello BP,  I have a situation that involves my father in law who's a longtime investor with multiple free and clear small apartment buildings in a good market. We are looking for advice or an advisor that can help w the best strategy to reduce our tax burdens and maximize wealth opportunities. I also have a few properties myself And looking scale up.

Please respond or request an add so we can chat. 

Thanks in advance! 

BP fam, quick question, I have owned a single fam property for 30 days. I paid $24500 cash and but $10k in repairs and was intending to rent but I have found a larger rental opportunity. Can I 1031 exchange it? I have a potential buyer and a contract on the larger multifamily property. 

Good info in your reply @David Weintraub! Im a newbee with 6 propeties in 15mos. My first HML gave me 12.99 w 5pts. Now my last deal Im at 10 and 2. So its important to make sure your first deal is a decent one that has equity after rehab and the your credit is good enough to qualify into long term financing. The refi financing terms are key. Be great and take action!!!

https://photos.app.goo.gl/TmwpGcHi0elQXDtr2

Newly remodeled duplex still avail. That's 2 x 1200sqft nice sized 3/2 units. It's located on a corner lot with lots of green space. Currently renting Unit A- $675mo and Unit B-$720mo. Both excellent tenants no missed or late payments, 3months left on 1 year lease. Immediate cash flow! Looking for cash buyers. I am the owner and need funds for another project. Appraised 3/7/2018 for $106k