All Forum Posts by: Eric S.

Theoretical investor had a real job that originally allowed him to acquire and pay off the rentals. Since that time the investor refinanced to a 10 year mortgage on his personal residence and quit the good paying job to become a parochial high school Spanish teacher. The pay is poor and after paying for family benefits the teacher nets  $480 a month. Fortunately the job satisfaction is quite high and family time he gets is important to him. 

Said real estate investor is monitoring the posts. He appreciates them all and had me purposely sound naive as he wanted to hear people’s true feelings. 

Thanks to all. 

Let's just say that there was a theoretical rental property owner that had 7-8 SFR and Multi-family properties that were all owned free and clear and these properties all appraised at close to $1.5 M. If this was the case and this owner wanted to purchase another SFR in an area they felt comfortable, what actions might be taken next? Note: this theoretical owner does not have piles of cash sitting around for a down payment on this SFR. What could be done next to get this new property purchased?

Theoretical person thanks you in advance. 

We've got tenants that are flushing tampons and I keep getting clogs.  Both units have signed off on not flushing things like tampons but we cannot tell who is doing it.  Do we have any recourse? 

The majority of the real estate holdings I have are single family homes.  We have one duplex that periodically makes us scratch our heads when trying to rent it. 

Case in point.  This weekend my wife showed the open unit to a nice woman and a 7 year old.  She is very interested and financially and rental history she would be a good renter.  Later we find out the 2 BR unit would be for not only her and the child but additionally a husband, and two teenagers. 

We've never thought we needed to set a cap on occupancy but two adults, two near adults and a grade schooler seems very tight and we're not really ready to have huge water/sewer bills associated with what would be a lot of people in this property. 

Do we have to rent this apt. to this family?  We did not mention a cap on occupants when showing the unit.  I'm fine with families but I don't want to see another room turned in just to fit the extra individuals of differing sexes and ages.  (this is an assumption on my part)

I have a property that is coming available. One of the potential renters is offering to pay the whole year's rent in advance in addition to the security deposit. Does anyone see any issues in doing this?  The property is a higher end rental that is very desirable and the potential renter works for one of the very large corporations in the area.  My research on the guy seems to bode well for him being a good renter for a year long lease. 

In the latter part of last year I executed a very large 1031 exchange and I am now the owner of a number of real estate properties. The properties are all owned free and clear and the income from them has proven to be life altering as I am now able to pursue a personal desire to become a teacher. I am currently unemployed, as I am studying for various standardized tests for grad school, but if I wanted to further pursue growing my real estate holdings what sort of options might some of you use?  I'm just curious. 

Any responses you have are appreciated. 

Thank you in advance. 

Let's just say a real estate investor owns a number of properties in their personal name and is unable to move them to an LLC or some other entity due to some 1031 exchange considerations. All of these properties are owned free and clear and the overall value is in excess of 7 figures - how big of an umbrella policy is wise with this sort of scenario? I would think the policy would be in excess of a million dollars although how much?

What are your thoughts?  Your responses are appreciated. 

Thanks in advance. 

I thought that this topic may have been addressed somewhere here in the forums but I can't seem to find it. 

I'm looking for an accountant/CPA that doesn't find real estate dealings a foreign language. 

We have 9 properties purchased in 2014 that we need to make sure are treated correctly come tax time. 

Any suggestions or recommendations are appreciated in advance. 

Thanks. 

My wife and I have just executed a 1031 exchange, however, all of the properties we purchased are currently listed in our own names. We'd like to get them in an LLC as soon as possible although the intermediary and the accountant say that we need to hold the property for two years in our names for tax purposes before we can put it in to an LLC.

Anyone have any thoughts on this?

We are going to be purchasing a new property using a 1031 exchange in the state of Kentucky. We will be acquiring it as individuals and would like to hold the property in an LLC for liability protection. Can we immediately transfer the new property in to an LLC or do we need to hold it for a period of time?

Anyone's input would be of interest. Thank you in advance.