All Forum Posts by: Mark Douglas

Came across this article from IPX 1031.  Is there a chance this could go away?

https://www.ipx1031.com/the-republican-blueprint-for-tax-reform-poses-threats-to-sec-1031-and-real-estate/

@Marcia Maynard  I like the three-legged stool imagery.  If one of those isn't in play, the deal won't work

How do you know if you don't have "enough" cash reserves before doing the next deal (10-20 unit apt) ?  Is it just a judgment call, or do you wait till you have at least $25k, $50k, $100k ? 

@Neil Hajrston  thanks, will look into this

@Stuart Humphreys Whatever decision you make, I would caution you to leave some cash out of the property for reserves.  It's great to be able to purchase a 50 unit for $2.5M, but what are you going to do on day 2, when the day to day management/operating expenses begin to surface?

All the best, 

Mark

@Julie Thevenow  I'm using RD too !  It's been fantastic so far, and they have a very responsive customer support base.  

Do you use the "accept applications" feature??  I found it to be a little bare, so I haven't used it yet.  I'm using rentapplication.net (free for landlords).  It's pretty easy to customize, but I have to email the link to each person that wants to apply, so it isn't very scalable.  I might try Rentec's submission method..

@Mike Faulkenberry  Just curious, what ever happened with this one?

@Kalene Smith  I'm familiarizing myself with a PM software, and it's making the accounting so much easier!  I haven't tried QB, but I've heard good things about it too.

@David Dachtera   I agree with you that employment gaps are not unusual, I was just giving a tip to perhaps make the process a little easier :) 

@Brian Pleshek  @John Bernabel  As a mortgage underwriter, my eyebrows raise up for gaps of unemployment for longer than 30 days, at least with my company.  Others may be more lenient.  You'll ultimately make a decision that best suits your needs/goals, but I will say that if you are leaning towards going back into the workforce, the sooner you do, the less likely it is that you'll get the 3rd degree from the underwriter.

Best,