All Forum Posts by: Scott Baker

I agree that insurance will be your first line of defense. Whether someone chooses to have a LLC or not it seems like a no brainer to get an umbrella policy to protect your personal assets at a minimal cost.

Can someone give me the low-down on 1031 exchange and how it can apply to a primary residence? From my understanding if you have no intentions of making your primary residence into a income producing rental for at least 12 months the 1031 will not apply. And only be able to take the 121 exclusion as we have plans to sell our home and will be in between homes for a bit( traveling around the country in 45ft motorhome with family for the next year). So my original thoughts before reading the tax language was to try and find a rental property to replace our primary residence. Thanks in advance, Scott

Carlos, if you don’t mind asking how do you structure your current business model and what are your plans if you do go the syndicated route? (What kind of splits?, do you plan on offering a preferred return, and what fees if any are you planning on charging?) I’m somewhat in the same boat as you. I’ve been part of few syndicated deals but would like to put some together for myself but I lack the street cred like some of mentioned. I personally would not give myself 250,000k. And nor would I ask will without having success in the realm of RE.

Most environmental biologists would agree that the air quality test are basically useless in detecting mold. But as long as the “right people” recognize these test as legit legally you should be ok. According to Dr Ritchie Shoemaker 25% percent of the population has a higher susceptibility to mold than the rest of the population. Based on there HLA-DR genetic type. Which is probably why some swear that some environmental factor is giving them trouble when others have no issue. The gold standard for mold testing is called the ERMI and can be ordered from mycometrics. This might be a can of worms you don’t want to open and would agree with most of the posters and let them out of the lease.

Does anyone have any experience in buying a bulk deal of SFH's? Plus shopping strip. Is there anything I should be aware of when analyzing a deal of this nature. The listing agent made it very clear they owner has no intentions of dividing up the properties. Other than analyzing each peace of property individually is there another way to go about it? I would imagine some of the properties perform better than others. And I'm also assuming buying in bulk could be better for the buyer? Also I do not know the motivation to unload the properties YET. But hope to find out soon. Thanks in advance, Scott

On the iPhone app. Sorry.

New to BP forums posting. Can someone tell me how to attach the persons name to the post if replying? Thanks.

thanks Clint.  Those were my thoughts as well and meant to mention in the previous post that I did not know the owner and planned figuring out what the reason could be.  I would suppose  one could getter a better deal buying all at once than getting fair deals on each property separately.  And without talking to them, they do say they are only interested in selling the whole thing and not piecing it out. Therefore I didn't know if there could be a better way than going through piece by piece especially since each property will not have an individual listing price. Thanks.

Can anyone point me in the direction of some information on how to analyze a bulk deal of this nature? 1 shopping strip and 16 single families have come for sale in my area recently. I do plan on asking for the financials shortly so I don't have those at this time. Thanks in advance.

Thanks guys. I appreciate the help. Most of my assets are with ML/BoA and have received discounts and very favorable rates in other loans I have through them.