All Forum Posts by: Matt S.

Thanks. @Dave Foster is facilitating the 1031, so I’ve spoken to him and received some great advice. 

Thanks @Rob Haines . Great advice. 

Hi All

I'm looking for some advice on an upcoming 1031...I have one rental a property, a condo in NYC, that's currently under contract. We'll likely close in a month or so. I'm planning to do a 1031 because like the idea of deferring taxes, but given that I have limited REI experience I'm concerned about forcing a bad deal to avoid taxes. I'm focused on cash flow rather than appreciation, so investing in NYC doesn't make sense. Curious what folks' thoughts are the on best 1031 options for new investors.

Ideally, I would like to find a small MF (or two) in a strong cash flow market. But given that the clock is ticking (about 75 days), and I don't have a team or infrastructure in place (broker, PM, etc), I'm not sure how likely that is.

I've spoken with a couple folks who broker DSTs, but the returns are low (7% max) and the exit options aren't great. There are a couple MF syndicators who will take 1031 funds (as a TIC alongside the syndication LLC), but their closing has to line up with your time. I like this idea, but not all syndicators are willing to do this.

Partnering would probably be a good idea as well; finding someone with experience who needs additional funding for projects. But once again, with the clock ticking, I'd need to set the wheels in motion soon.

I would appreciate any advice.

Thanks,

Matt

Unfortunately, it’s not a window unit. It’s a McQuay wall unit - not sure if that’s the correct term. More like the units you see in hotel rooms. I assume in addition to these units being more expensive, the installation would be significant.

Hi All-

I have new tenants that moved in August 1st. They've been complaining that the AC unit in the 2nd bedroom is noisy. I used to live in the apartment, so I'm aware that AC unit is a little loud. However, I "house-hacked" that room for 5 years, to 4 different roommates and no one ever complained. And then rented whole whole apartment for over a year with no complaints. Additionally, it's well known by all the owners in this condo building that the wall units are a bit loud.

I scheduled an appointment to have an HVAC technician look at it and he couldn't find a solution. This was not surprising - as many other owners have ran into the same issue and there doesn't seem to be a fix.

What is my obligation at this point? Am I required to solve this? 

Thanks,

Matt

Update: I ran the ozone generator for about 10-12 hours total and from what I can tell the smell is gone (it's a 900 SF apt). This is this model I bought: Enerzen Commercial Ozone Generator 6,000mg Industrial O3 Air Purifier Deodorizer Sterilizer (6,000mg - Black)

Thanks for the help!

Thanks All. I started this weekend by dousing the place with Febreese and I also placed about 10 bowls of vinegar around the apartment. This helped quite a bit, but there is still some smoke smell. I just bought an ozone generator on Amazon (only $70), so I'm going to use that as well this week.

@Dominique Pradel-Lewis I haven't tried anything yet. I think of febreeze of being more of a temporary solution (I could be wrong). I was planning to have the place painted next week, but it sounds like I should hold off until the smell is gone?

Thanks @Max T. . Is there a degreasing product you would recommend?

Hi All-

My tenants just moved out after a year and the apartment reeks of cigarettes smoke. I've been leaving the windows open hoping this will help (it's been about 4 days). Will this smell go away? They were only there for a year. If not, what are the best ways to get rid of the smell?

Thanks,

Matt