All Forum Posts by: James M.

All, Thank you for your extremely informative responses. I would love to 1031 exchange, but I’ll be honest, after working my a$$ for 2.5 years and living in this property and getting it to produce like it does, I have a big emotional attachment (I know bad for real estate and investment). I instead I’m now starting the process of a refi or heloc. Based on what kind of capital I have will determine what property I go after. Still a lot of research ahead and I will be leaning on a lot of you wizards. Thanks!

@linda, A lawyer who can sew... quite the combinations perhaps he could sew your mouth shut, and if that doesn’t work, he might possibly sue to get you some English tutoring.

@eric, thank you for your response! I fully intend to buy more properties, and I think that I need to start exploring either a refi, helix, home equity loan, etc to buy something else. I was unaware of the new tax laws as it pertains to depreciation.

Cool, thanks guys!

Hey all your savy investors out there, I have officially completed my first "BRRRRRRRR" after 2 years. I did all the work myself and what a learning experience it has been. I was able to take the annual gross rents from 45,000, to 60,000 while increasing the value of the property by about 250k. While I was living there, I had rent coming in off of one unit, and had a lot of deductible expense every month while fixing the property up, but now that I am moving out, I do not have the monthly rehab expense and I now have an additional 2500 per month for the unit I was living in. My concern is that after I deduct all my monthly maintenance expense + mortgage interest, insurance, tax, + depreciation + anything else i forgot, I am still going to be showing a large net gain. I'm just at step 1 right now, so sorry about my ignorance on the subject matter.

I have decent w2 income, so I really don't need the income off this property, so my thought was that I possibly get a heloc, high out refi, or something else in order to buy another property and in turn lowering my taxable income. Thank you for any help you can provide!

Thank you, I greatly appreciate your insight. I feel that my lease is very strong based off of what I got from the bigger pockets property management book and what I added, but there again I worry about what a lawyer could pick a part. I am going to look into getting a lawyer to review it this week. Thanks!

I’m in LBC

Hey guys, I’ve got a quick question in regards to my lease form. I pulled my lease from the Bigger Pockets “Managing Rental Properties” book, and tailored it to suit my property. My question is am I legally able to tailor the lease to suit my property, etc. I have a friend who has suggested that I should use the California Association of Realtors form but it is so generic that I really don’t like it. Should I have a lawyer read through my lease? Any thoughts?

Hey guys, I’ve got a quick question in regards to my lease form. I pulled my lease from the Bigger Pockets “Managing Rental Properties” book, and tailored it to suit my property. My question is am I legally able to tailor the lease to suit my property, etc. I have a friend who has suggested that I should use the California Association of Realtors form but it is so generic that I really don’t like it. Should I have a lawyer read through my lease? Any thoughts?

Hey guys, I’ve got a quick question in regards to my lease form. I pulled my lease from the Bigger Pockets “Managing Rental Properties” book, and tailored it to suit my property. My question is am I legally able to tailor the lease to suit my property, etc. I have a friend who has suggested that I should use the California Association of Realtors form but it is so generic that I really don’t like it. Any thoughts?