All Forum Posts by: Mike Dymski

Time to sell is when the projected IRR on an existing property is lower than the projected IRR on a new acquisition.

Because...

Check out the forums at 506investorgroup.com or privateinvestorclub.com where opportunities and sponsors are vetted extensively.  BP has a new site as well for LPs.  Follow sponsors' offerings for years (in many cases, prior to investing) and you'll get familiar with them.  Investing in syndications, done properly, takes a lot of time.  There have been many posts on the BP forums over the past year that illustrate the challenges with insufficient diligence.

If you have to ask, it's a problem.  Many LPs know so much about the sponsor and the opportunity that it would be clear to them if it was an issue.

Get a third estimate from a contractor you trust.  I would not pay for an inspection.

Nice work, you've earned $340k in five years.  You should be giving us advice.

It's logical but will only appraise based on comparable sales and, if it's an area with few STR sales in the past 12 months, it will appraise just like an owner occupied home.

For month to month, simply send non renewal notice.  For raising rents, provide written notice for the increase and option for them to provide notice to move out if they are not interested.  Communicate, treat everyone with respect, and provide ample time.

The past is irrelevant, including what you paid.  You currently have $X amount of equity and have that available to earn a return on it.  Compare the projected returns of keeping your equity in this property with investing the proceeds elsewhere and you have your answer.  Good luck.

maybe put in a temporary outdoor shower