All Forum Posts by: Keith Dalpe

Maybe I was all wrong on this.  I just spoke with a 1031 firm, and I may not need to do the 1031. I purchased this piece of land for 12,000 in 2010 added dirt work and double wide on totalling 85,000, a year later I added a garage bringing the total to 104,000. I'm now selling for 109,000. So I will net around 101,000. I lived in this property till 2014 this property is owned free and clear. My mom and dad have lived in it since. So any opinions.    Thanks for all your help

The buyers are lawyers and run the local title company, I do not believe they will have any issues. They will however want the house as soon as possible, I believe they are buying it for one of their children to reside.  The IRS from what I have read no longer requires notification to parties, but in this case my realtor has been advised to make all parties aware of the transfer.

That does help somewhat Wayne, although the buyers of my property are cash buyers so things may progress quickly. I will make sure there is some kind of wording for the 1031.

Thank You

Hi all,

Looking to invest in my first investment property, I have a property I am selling in ME. and wanting to invest in Conway NH area where I now live. My property in ME has a pending offer in which we accepted just waiting for corrected paperwork. So I have only 45 days to find property to in vest in. The realtors in my area are very discouraging when it comes to rental properties as most are very high dollar weekly rentals. I will have around $100,000 to invest and want to find a property in the same range. In this area there are condo, mobile, single family, but very few multi family homes. It seems hard to find long term rentals in this area. Which I thought would be of benefit to me since I would be looking to rent long term. I hate the feeling of being rushed by the 1031 transfer. Any ideas , advice, words of wisdom offered would be greatly appreciated.

thanks

Keith

There seems to be a disconnect here, to me having even one rental property is a business. It seems some BP just seem to treat rentals as investments and not really a business.  So I am debating using Quickbooks  or something cloud based and a little simpler. 

I own a machine shop and use Quickbooks Prem. MFG 2017 desktop , but I also have a full time girl taking care of everything in QB. Now I am getting into single family and vacation rentals.

My big question here is will a software like Rentech Direct or Buildium handle all the small items like QB does ? All expenses, from office supplies, mileage, business vehicle repairs, snow plowing , garbage pickup, property repairs, hours involved DIY repairs, contractors, Tax deduction, depreciation, etc.

They all seem to handle the property management end of things rent, payments, background checks. I would like to have it all in one software, but I don't know if it is possible.

I know many on here say spread sheets, but that is a lot of manual labor and time. Time is money, I could never run a full business with them. So please no spreadsheets 

Price is an issue as well QB Pro Desktop is basically $4.86 month if you upgrade every 3 years many cloud based systems are 10 times that amount or more.

Thanks for any insight you may be able to provide.

Live and own in NH and these rates are not correct either. Plus NH no sales tax or income tax insurance rates also low.

Zachary

welcome and I wish you much success. I am new as well 

Keith

Will do

thanks Dave so  many different approaches to the situation

Yes when I moved to NH I financed a new primary home and used the funds from my Maine primary home to purchase.  Multi plex units are not common in my area but I am looking. I am currently looking for a forward thinking financial tax advisor also hard to find in my area. i would like someone who knows the area and the market in my home area.