All Forum Posts by: Jordan Akins

Quote from @Bruce Woodruff:

Quote from @Jordan Akins:

So an elderly man could not live comfortably on $15,000 a month? Seriously? He may want to adjust his 'lifestyle' then.

There’s still a lot of debt. Sorry for not telling the whole story. 

Quote from @Bruce Woodruff:

Quote from @Jordan Akins:

I think he should keep them because there’s nothing he can take that money out directly into something and get the monthly cash flow he is…that I know of. 

So does he need that $20k a month? All of it? Maybe take $15k and not have to deal with the hassles and stress....

When you're older, it's not as important to keep every single dollar....lifestyle is important.

 Yes, taking $5000 a month away would hurt lifestyle a bit. 

Quote from @Charles Seaman:

@Jordan Akins Is the deferred maintenance preventing tenants from renting units at these properties?  If not, then what's the downside to your father continuing to hold the properties and not addressing the deferred maintenance?  A little more context will allow me (and others on the forum) to give you better feedback.

No they are staying rented for the most part. It has went from very nice townhouses to a rundown low end apartments. Its getting worse and worse which costs more and more money down the road. 

He is just a little older and doesn’t really want to go into anymore debt even though he knows keeping them would probably be a better financial decision. 

Quote from @Peter Nikic:

where are they located?

 Southeastern Ky 

I think he should keep them because there’s nothing he can take that money out directly into something and get the monthly cash flow he is…that I know of. 

Quote from @Bruce Woodruff:

$2 mil in the right (safe) accounts could give your Dad plenty of monthly income to live comfortably for the rest of his life. Unless he loves doing the business (sounds like he doesn't) it might be better for him to hang it up and move on......

Why do you think he should keep them?

Can you 1031 to a new construction? We have a construction company which is why I ask. I also thought I heard the 1031 was going away 2023 

Quote from @Jon A.:

@Jordan Akins He can sell the entire portfolio and 1031 into an asset with less deferred maintenance. Or he can take out $200k and fix up his properties as they turn over. Either option is better than selling and paying the taxes/depreciation recapture.

My dad has about 35 doors in one location which is his main source of income. The units are probably worth $2mil and are bringing in probably $20k a month.

The units are about 25 years old and have not been serviced good the last 5 years. It’s too the point where there’s probably $200k worth of stuff to be done to get them back to 100%.

My dad is older and doesn’t want to go into anymore debt so he is having thoughts of just selling and getting out of it.

The negativeI see to that is:

1. What is he gonna take the money he gets from selling it and do with it to bring in the same amount of money to live on?

Seems to me he needs to keep them spend the money it takes to fix them up to get full rent and just take that hit.

Just wanted to get some opinions. Thanks

I started my company a year and a half ago. Im cash flowing $2600 a month with 5 properties, credit scores over 700, debt to income is ok, I have some equity just not enough to amount to much, and little cash.

What are my options for acquiring properties faster?

@Theresa Harris thank you very much!