All Forum Posts by: Peter Morgan

Hello,

I need to move out of state only temporarily less than a year are there any channnels/ places where I can specifically identify tenants who would like to transfer their lease. Sorry if I post this question in the wrong channel.

Thanks

@Dave Foster

Thank You Dave! Once I manage to convert to primary can I refinance to a conventional owner occupied loan?

Hello,

I am planning to temporarily move out of my duplex mf and rent my unit and intending to come back and occupy after about 1 year. Do I need to change my current home insurance to landlord insurance? Is landlord insurance more expensive than regular insurance. Appreciate your inputs.

Thanks

Hello,

I am considering doing a 1031 exchange on an investment property that I have and would like to know if there is a possibility to convert it into a primary at a later time? What would be the tax consequences. Appreciate your inputs.

Thanks

@Joe Villeneuve

Cost increases can suddenly come in many forms. Increasing property taxes or home insurance for example. I have seen in some places property taxes increasing as much as 30 to 40 percent suddenly. It may not be feasible always feasible to pass on this suddenly increased costs to tenants, in these situations would it make sense to sell and move to a market with lower property taxes? instead of holding on to a property where tenants shy away due to increasing rents.

Hello,

It sometimes happens to me somewhat rarely the tenant after all the pre move in inspection starts nit picking on frivolous things soon after moving in. I set myself a certain tolerance level and try to accommodate but beyond a certain point the long term relationship with the tenant stops making sense. Are there any 'renters remorse' clauses that I can include in the lease to prematurely end the lease term? Appreciate your inputs.

Thanks

@Drew Sygit

When I start accounting management fees,vacancies ,repairs etc it just seems like I will end up negative cashflowing.

Also the HVAC units have gotten old and I probably may have to replace them.

The reason for my confusion is I have a low interest rate at 2.5 and what I am currently paying as PITI on this multifamily , I will end up paying on a mediocre rental in CA if I relocate and the rental income here has been giving me a perfect balance so even if I end up with a mediocre job here I should be okay but another part of me says that given we have a strong sellers market and rumours floating about an upcoming recession why not sell the home enjoy partial tax free gains while continuing with the current job and invest taxable gains in syndications.

Hello,

I think I have a difficult choice to make between selling my owner occupied triplex to relocate for the sake of my job which was remote all theses days or Quit and find another job locally but it's unlikely I will make that much here locally unless I wait for up to six months.

I think I can make up to 200k in profit selling but I will be left with no option to buy again as the prices have skyrocketed in the state I am planning to relocate (CA).The triplex has been giving a perfect balance ,I am literally living rent free and even cash flowing up to $500. Please note managing from remote is not an option for me as I prefer being at least at a drivable distance and I will find tenant and property management issues more tolerable when I am closer and hiring a Property manager will more than likely will get me into a negative cashflow.Appreciate your inputs.

Thanks

@Nicholas Aiola

Hi Nicholas,

In a owner occupied duplex is property tax and mortgage interest paid 100% deductible?

Looks like my CPA thinks only 50% of it is tax deductible similar to home insurance. Appreciate your inputs.

Thanks

@James Alderman

Thank you very much!