All Forum Posts by: Michael King

I just sold a 4 plex in St Louis thinking I could use move $200K equity into a better position in Florida, where I recently moved to. I am struggling to find a suitable place that has even half of the ROI I had. Prices are through the roof, buyers are like savages with over asking price cash offers, and much higher interest rates now. Same with St Louis. Sometimes it's the devil you know.

Crypto.

I don't think year built has any bearing on rent unless you have 2 properties next door to each other and identical in every respect other than age. We all want new, right? 

I won't stay at a place unless I know the address beforehand, so I can assure safety and security for my family. Some places advertise 'right on the beach', and their definition is usually not the same as mine...there may be a busy street to cross with young kids.

I'm in the 45 days identification period of a 1031 exchange and struggling finding anything that makes financial sense. But this may be the strategy that makes the most sense, even though I will have to pay in the neighborhood of $40K to the IRS in 2023 from a failed 1031. 

 I don't think there is a work around mate.

Marty I was visiting on a cruise ship years ago; went in to a branch in Fort Lauderdale. Couldn't believe it when they gave me an account. I would say these days you need to go in, need an address too. A quick google search suggests you can catch a plane, walk in to a bank and open an account with not much more than passport, and possibly a tax payer ID...which I think is easy to get.  

Australian here. Bank of America, Chase, Carrollton Bank. As far as I know, you just need a US address for mail. 

If you want VRBO, get a place that allows STRs. Move on.

Lots of fees can be easily built into a management agreement, such as 1 month's rent for finding a tenant, setting up an online portal fee $150 for both you and the tenant, manager taking half of a non refundable pet deposit $300, $7 online rent payment fee, the list is as long as the manager is creative.

Work on the relationship, and as the relationship gets better and longer, you should have a guy who has your best interests at heart, although not a requirement. I'm on my 3rd manager and he is awesome. Charges me $80 a door per month, inital lease fees are about half a month's rent and resigning a lease is $100. That's my guy in St. Louis. Shop around and compare fees and people you can work with.