All Forum Posts by: Nelson Leal

@Josh Calcanis "reverse 1031 exchange".  Look it up.  Can not verify validity but there are intermediary companies out there promoting it.  

so is using the link

www.BiggerPockets.com/portfolio

the only way to get to the portfolio section?  I can't find the button/icon anywhere. 

Hello BP,

Looking for any advise on this one. I recently purchased a SFH in a suburb of Cleveland. Just finished the rehab and have it listed for rent. Have had some interest but with winter coming along and school already started leads are slowing up. 1 prospective tenant is on the market because their home burned down and the insurance company is paying their rent while the destroyed home is being rebuilt/rehabbed. The time frame given by contractors is 3-7 months.

I initially purchased to hold however due some recent changes in my investment goals I wouldn't mind selling.  If these tenants sign it will only be for 3 months (Max allowed to commit to) then month to month after that up to a total of 7 months.  3 months if they leave is having an empty home in the middle of winter.  Not good.  If they last 7 months that puts it to April, spring time and prime selling season.  Also, we intend to up the ask price of rent by 20%.  The tenant says that should be ok, who knows if the insurance company will do it or not but if so that would be an additional $250 in my pocket each month they are there.  

I've never experienced this type of situation.  Anyone out there lease to a tenant in a similar situation and can give any insight, tips, advise on how these type of lease/situation works with Insurance companies?

Thank you BP. 

@Natalie Kolodij

@Lance Lvovsky

Thank you both for the input.  

@Casey Miles side note for you since you wrote wealth of time not just money.  How much is that 20k in savings for managing the property compared to the time you would save having someone else managing it.  Perhaps later today @Michael Swan will jump in and tell you about not managing your own property he has a wealth of knowledge to share about multi-family investing and 1031 exhanges.  That time saved by a property manager will help you find the deal your looking for since you'll have more time to find it!

Good luck sir.  

@Kevin Smith you can register each of them in Texas then register do as a foreign entity in the other states. No doubt you will get comments on here as to why you have more than 1 property in each LLC then to separate them out. This is costlier but better liability protection. I live in FL, own a rental in Ohio. My LLC is in Florida. My 2 cents hope it helps.

Hello BP,

Please help, I'm looking for a qualified real estate accounting to hire.  My current accountant, a friend of mine who I used for years, seems to know less about the details of real estate loopholes than I do.  I want everyone on my team to be smarter than myself,  therefor it seems it's time for an upgrade. 

I'm small time right now with just 1 SFH rental in each of the following states; Florida, Texas and Ohio. Combination of closing on 2/3 homes this year and looking to get into commercial side I want to make a change sooner than later. I'm looking for a real estate accountant who invest in real estate themselves. Would prefer in South Florida so I can meet them face to face but is not absolutely necessary. Also one who would know how to handle multiple state taxes and law as I invest in multiple states.

Thank you for the help BP,

Nelson

@Andrew a

@Andrew Ashby coincidentally I was just checking out that listing on loop net a few hours ago and was going to reach out.  Please, send me details.  Thank you.  

[email protected]

Head's up,

In case anyone seeing this post who has not already communicated.

Meet up tonight 7:00 PM at World of Beer, Coconut Creek. 

Weekends are tough on my side.  Perhaps we could alternate.  This week would have to be a weekday, no go on Saturday for me.  I'll be at World of Beer Wednesday 7:00 PM.  Hopefully some of you can make it.  I'll start a group text so you all can contact me direct if you want.