All Forum Posts by: Account Closed

Just wanted to say thank you to the folks who gave me some referrals... My preference is local only because the exchange company I used so far is not in my area and some things definitely got lost in translation by phone etc so I'd like to sit at a desk with my cpa, old school, and scratch our plan on paper, lol

I am in the middle of a fairly complicated 1031 Exchange and am in desperate need of an experienced CPA who specializes in real estate transactions/1031 exchanges.  Preferably in the Phoenix area, however, I'm also in Los Angeles often so that works ok too... could really use any help if you know anyone I can talk to ... Thanks!!

@Gilbert and Christopher...thanks for your feedback.  I've decided to get a new pump and fix the cracks in the pool.  After talking to my realtor a bit more, she said an average pool in the area increases value between $10,000 and $15,000 (all other things being equal of course)... Since we don't plan to hold on to house for more than a couple of years at most it makes more financial sense to keep the pool.  The insurance is only an extra $10 a month...Will make sure pool area is safe and secure with fencing and have tenants sign a pool waiver.  Thanks again.  Roman

Hi Steve, I know the thread is a little old but I'm in a very similar situation to your example above except that I am also putting money into the deal... We're looking at a total investment of $900,000 (each putting in a third)...my thought was the three of us would evenly split monthly profit up to 8% and I would get 50% of anything over 8% monthly profit and they would split the remaining 50% evenly.  It's still up in air if they'll go for it but my question to you regards exit strategy... What happens if one of the three wants out? I was going to suggest we hold the property for 5 years and then list it and split proceeds 3 ways.  If one partner wants out early what would be some strategies to let him out but there has to be a financial incentive to stay in right?  Thanks!

Hi Damon,

Definitely 1031 exchange, not ready to pay Uncle Sam just yet!

I live in LA and have one sfr in Kansas City...i bought it about a year ago and told myself I would see how the investment worked for me considering the distance...it's worked out well enough that I'm selling a rental in Pasadena and am going to exchange the equity into 3 SFR's in KC for pure cash flow increase...the $180,000 equity in LA is netting me about $900 a month but moving it to KC should net me $2,100

hi- I just bought a sfr4/2 in Tempe,az. The goal is to rent itthere for 2 yearsrehab it and then Sell it. The house has a fairly narrow backyard that is basically all patio and pool. The pool pump is shot and the concrete around pool is cracked. Looking at $2,500 in repairs to bring up to speed.  I've thought about filling in the pool and having a useable backyard, cost is $5,000

I've gotten 50/50 response from friends and family and wanted to see if I could get some feedback from folks here....fix the pool and keep for $2,500 or so ....or fill in and have a yard for $5,000?

Thanks!!!

R

hi- I just bought a sfr4/2 in Tempe,az. The goal is to rent itthere for 2 yearsrehab it and then Sell it. The house has a fairly narrow backyard that is basically all patio and pool. The pool pump is shot and the concrete around pool is cracked. Looking at $2,500 in repairs to bring up to speed.  I've thought about filling in the pool and having a useable backyard, cost is $5,000

I've gotten 50/50 response from friends and family and wanted to see if I could get some feedback from folks here....fix the pool and keep for $2,500 or so ....or fill in and have a yard for $5,000?

Thanks!!!

R