All Forum Posts by: Mel Rosario

All you have been very helpful.  I have been doing research as well.  The buyer of my property also suggested a person.  They belong to the IPX 1031.  This company seems to have multiple offices around the area I am selling/buying.  Even my realtor says it's an easy process, i guess depending on what type of exchange you are doing.  

Thank you

Mel

1.  What is average cost? For 1031 admin and using an accommodator, or are they in the same place?

2.. sell in cali and buy in vegas is my plan

3.  Anyone have recommendations in this state with accredited companies?

The propertybis almost sold, and i have already searched for other rentals in the vegas area with some in mind if the deal goes through.

Thanks

Thank you for your help.

Mel

Hi

Does anyone know which companies that are willing to insure multiplexes in California, particularly coastal Oceanside, CA?  I am currently with State Farm but they will not renew the policy after May 2025.  I am beginning to worry after the recent fires, so I am starting now.  Please advise.

Thanks

Mel

Just what I gather, bottom line it's about money.  Certain properties are located in what insurance companies deem as high risk areas like flooding and fire.  Over the years because of California insurance regulation policies, companies like State Farm were unable to raise premiums fast enough in these areas to meet the current insurance costs.  Now rather than lose money, they are not insuring like 72000 policies in California, particularly in these risky areas.

I have some properties in Oceanside, a multiunit west of the 5, and another in the small foothills.  I was already informed by State Farm that they will not be renewing my multiunit policy.  I'm sure several here has or will have the same issue in areas like mine, there are many multiunits out there.  Does anyone have any success renewing their policy?  Any recommendations of a broker or company that will insure these properties?  Any other suggestions?  

I'm guessing a considerable price hike will take place and will have to pass it on to the tenants.

Thanks for any help. 

Thanks for the responses

I already have an asset protection attorney 

I probably need to change insurance policies as the properties are individually insured

I’m not sure what a landlord protection property is

Seems not a whole lot of options, need to make sure I’m in good communication with tenants and everything is in order, but most if not all the properties are under property manage,ent.

Hi all,

I'm in that phase where I want to start paying off my properties and live off the rent. Most properties are in California. When I fully pay off the properties, I may be free and clear but piece of mind? what happens if a tenant wants to sue me for something? how do I protect the asset? they are already in an LLC , try not to commingle the money? Just some opinions since I'm new to this phase.

should I leave it and risk it

Get better insurance, will renters insurance cover

Put a line of credit on it

Refinance take money out and invest somewhere else.leave enough in so it will cash flow, prob won’t have as much in retirement if I do this

my overall plan is to live off the rent and pass them on to my children and continue what I have done

thanks

I'm wondering if I should sell my condo or continue to rent it, opinions are helpful at this point. Per realtor, the condo should sell appx 2 weeks, supposedly a hot market right now. It's located in the Inland Empire of California. Current market value is $450k (paid $330k) while rents in the areas go for $2k to $2100/mo. HOA is $210/mo, property manager takes about 7%, property taxes $4,400 per year, and insurance about $60/mo. I break even, no cash flow every month, renting it out at high market, probably will still be negilible, BUT still building equity about $5k/yr
My plan was to pay this off in 5yrs, but who knows what the market will be then.  Also, I wanted to do a 1031 at that time.  If I sell it now about $27,500 unless i can negotiate for less, goes to commission,  plus closing costs, not sure how much.  I still will pocket over $100k.  due to depreciation, per accountant, I won't have to pay capital gain taxes.

Reason why I'm considering selling are multiple, to name a few:

1.  hot market

2.  it's a condo, if still true, they drop faster in a bad market.

3.  I break even, no cash flow except paying down the loan


cons:

1.  realtor commission and closing costs

2.  I hate selling, as price may continue to rise but its a condo

3. HOA can always increase, they also have so much rules.

Anyone have any opinions?  I'm leaning in selling, but last property I sold appreciated $500k in less than 5yrs, this was located near the beach, I'm hesistant on selling.  The money if sold will go to pay off other mortgages and I can start over buying houses or multiplexes versus condos.

LOL, what I was asking, he there is no effort in paying the rent, since they are on a month to month, can I tell them to leave and not renew the month?