All Forum Posts by: Lynne Hart

I may be making less this year, but that is by choice - I have elected this year NOT to work with residential buyers just because it is a pain in the butt and alot more hours / work to get them under contract.  So I've focused on listings, and then any investor buyers (because they understand the market and theres not as much education to do about pricing and competition).  I've moved to a brokerage that enables me virtually, gives me a big referral network, and has a couple of income opportunities - alongside having low fees. So the amount in my pocket from real estate sales will probably end up being about the same.  That said, I am also an investor and am working on fine tuning my portfolio this year because I increased my inventory significantly last year.  Its super easy to get tenants, and rental rates are up, as well as travel - which was constant for me throughout the last 1.5 to 2.0 years for short term / furnished rentals.

I have clients who have sold property to exchange into other property, or leverage the equity in existing properties to buy other property - and lots who can put 25% down.  Commercial loans will be less down but lower amoritization and terms......

@Taylor L. All these comments are my specific concerns. Yes by very strong language about smoking and also drugs in my lease. I've already given them to written warnings. My concern is if I take him to court how do I prove that they are smoking pot when in fact it is my own nose and certainly will be that of tenants below them by the next week if they don't stop.

Thanks for your input and yes we are in Missouri

Looking for ideas to stop this FAST....

a new tenant that has just moved into it fully renovated apartment within the last 60 days has admitted when questioned to smoking pot inthe apartment stating that she didn't know that she wasn't supposed to smoke in the apartment. We came upon the fact that this was happening because there was a strong smell of marijuana whenever we entered the building and there were no other tenants in the building. The admission of guilt was verbal in a telephone call. After which we followed up in writing forwarding a copy of the list stating that smoking of all sorts is absolutely unacceptable, and pointing out the section of the lease that documented this as being unacceptable. Within a week I've walked back into the apartment and smelled marijuana again. tenants happen to be a father and daughter and daughter or daughters guess is the person smoking supposedly when father is not there. I emailed both tenants siding that I was smelling Marijuana again and reinforcing that it was absolutely unacceptable on a breach of their leaves to be doing so. Father responds that he will take care of it.

my question is since I can't really prove other than a smell that there is smoke in the unit, what can I do to try to control this and is there any hope of proving it and or forcing tenant to move out if they continue to breach this or I might just have to wait until they move out and then somehow prove charge them. My bigger concern is that you can smell it in the basement and in the lower apartment and new tenants are moving in this week who are sure to smell that smoking I ha will be moving in

Thanks @Basit Siddiqi  I'm learning bit by bit.   If I get a fund set up and put capital gains from a sale into it - can I use additional (non capital gains) funds to finish out a purchase and rehab?  The next gain I have will likely be ag 30-40k and I'd need more money to do anything.....

Thanks Tanner - Yes I know I have about a million "how to" type questions. Sounds like this may be more a 'cash out of a IRA" opportunity than to take my capital gains which are smaller. Is there a good place to get detailed information like what I"m asking about? Most I've found is pretty "overview" level

So........... is there any sort of qualification to create a fund? If I want to invest in an OZ, select and renovate my own properties, and then rent and hold them for 10 years, without anyone else involved in the fund or ownership of the property? Do the funds "manage" the renovation in any way (like with a 1031)? Can I invest money that is not a capital gain? For example if I sell a house this month, and its sales price is 100k, but only 30k of that is capital gain, can I put 100k into the fund? If I pull money out of an IRA to put into a fund (and that IRA was built up over 25 years) How do I identify the gains in that? I don't care about the tax deferring on that 70k, I just want the improvement and future gains in 2026 to be untaxed........Where can I go to get answers like this (that article above was very helpful -I need more nuts and bolts like the "Step 1" part. Where can I find step by step nuts and bolts instructions about how I can get started with this investment?

Million questions I know!  I've been scouring the internet and not able to find clear information! TIA!

What if I bought a property in in 2016 and and improved it over the last 3 years - and mid process it was designated an opportunity zone?  Is that qualifying?

Hi Ben - Its a very general question for me to answer.  St. Louis is a big place with lots of different neighborhoods and opportunities.  Perhaps we can put a call together next week, I can hear more about what will work for you financially, and what condition etc you're willign to work with and we can go from there?

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $104,000
Cash invested: $150,000

Short sale 4 family purchased and now updated in the historic Shaw Neighborhood. Renting at 500/unit originally, now at 800-950.

What made you interested in investing in this type of deal?

It was my first multifamily deal, in a great neighborhood for an even better price. Cut my teeth a little by upgrading everything, however it is a very solid cash flowing building with low maintenence now!

How did you find this deal and how did you negotiate it?

At the time I had a real estate agent friend who helped me - it was before I had my own license.

How did you finance this deal?

Conventional financing on the original purchase, and cash on the updates. Some from savings or other income, and some from income produced from the property.

How did you add value to the deal?

Upgraded practically everything: Roof, HVAC, Windows, Cosmetics, Tuckpointing

Lessons learned? Challenges?

It was a learning experience mostly because it was my first building but its been pretty smooth sailing. I learn by doing, so I have it all down pat now!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I'd work with ME now as an agent, and I have a great lender who I still work with since this deal, any time I do a conventional loan. I prefer as many conventional loans as possible as there is a better interest rate, and am looking into life insurance based investing....