All Forum Posts by: Nicole W.

I just googled renting to family members and here is one that came up. There are several of them. https://certifiedtaxcoach.org/five-tips-to-avoiding-the-tax-hazards-of-renting-to-relatives/#:~:text=Rent%20at%20Fair%20Market%20Value&text=If%20they%20rent%20below%20fair,for%20more%20than%2014%20days.

If you do not have a HELOC already there may be difficulty finding a bank right now to do them. I was looking around and many banks have closed down the HELOC lines due to the current loan atmosphere. Many are doing refis and cash outs on primaries. You do have to qualify if you do it though. I agree with the low rates this would be the best move if it were me. It is frozen long term in case anything happens and it may be less interest than you are paying now on your current loan.

I just read some article online about this. You have to ask an appropriate rent or you get taxed for not charging enough. Check it out with your lawyer and CPA.

I advise getting a realtor who also does property management. They know what the rents are in those areas. I do the best with this type realtor. They also know what tenants like and where they will live.

In Dec I 1031 exchanged a 1920s older property that appreciated a lot, was under rent control (though cash flowing) and in need of many upgrades to a few 2004-2020 properties in great shape during this craziness and doubled my cash flow. It is costly to sell and do the exchange so you have to take that into account. I laid out all the #s to reno it vs getting the newer properties. Both would increase the cash flow. We decided due to wanting out of rent control, each 3 yrs having govt rent inspections and other crazy policies looming as possibilities in the future to just get out of this area. It worked out wonderfully for us. I have 3 other properties which have also appreciated but putting pen to paper with the sale commissions, the 1031 exchange fees, the stress of having to identify others within this market and make more than I am making on my current cash flow, the #s just didn't work out. I have very low loan amounts already on these. The lenders are also going crazy and some sellers are going with cash deals since everyone has turned to real estate with the other investment areas so volitile. So, I am sitting on the others. The 1031 exchange I did was very successful and was a wonderful repositioning. It made total sense to do it. I have a living trust and plan to hold real estate for my family to take advantage of the step ups. Hopefully that will all stay in place for them by that time. We can only all vote and promote to our reps to rep us to keep these points in. There are a lot of families who want to keep that in place. We do have a voice. 

I believe Holdfolio is still taking non accredited investors. I don't work for them but was just looking into sydnications and invested with one but they only take accredited investors which I fall under.

I totally understand. It is pretty crazy everywhere. I have a SFR in Jacksonville NC that rents out well. I have a condo I bought in Az many yrs ago that has appreciated well as did my SFR. I much prefer a SFR than a condo as the condo comes with fees and assessments which in my opinion gives me less control. It also has rules and covenants that your tenants must follow or you will get fined if they don't pay the fine. I bought it originally as it was lower than other properties I could find back then. So, if the numbers worked, I went for it. If I could do it again, I would've looked around further and gotten a SFR. But if I couldn't find one, I would definitely get it. I also myself look for long term tenants with good jobs, credit and no crimial background. Great long term tenants are the key to cash flow.

@JD Mims

  You might check out phil pustejovsky online videos. He has a mentor pgm and a lot about wholesaling. I don't do that but I have seen his videos and he is very upbeat.

Find somewhere that does cash flow well and invest there. I did that and it works well. If you can get 1 property mgr over a few, you can keep the management fee down. I live in Ca and was having an issue with finding cash flowing rentals and just went out of state. I have great property mgrs and do just fine. 

@Jordan Moorhead

Hi. I just saw this thread and would like to see your presentation. Did you tape it that I may watch it? I am interested in passive investing and looking for successful actions. Thanks, Nicole