All Forum Posts by: Account Closed

So I sold 48 units for 3.5. It prob needs 200k in repairs. Buyer is in final days of DD period and is getting Sally M loan insp done.  I’m NOT crediting that $$ back... as the prop sold in just hours. I can’t just sell again. What should I credit back if any?
it’s roofs and other stuff

@Maya Torres Be honest and don’t ask/ accuse her... just remind her/ them No weed please. It may have been a visitor... sat Take it outside and explain, its invasive and very oily and pungent; most do not like it or are allergic. Then give a short written notice to BOTH/ all tenants. Then next time... bye....! I’ve evicted for pot before with no hesitation, in a ‘legal’ state... but it’s a lease violation and I don’t like weed either.

Where do you recommend I look for a building of 50-100 units? I’m exchanging in Texas and looking nationally. Please no responses of.. “do research”. This IS research... asking tenured professionals, insight- in consideration of factors such as rent and job growth, lack of housing units and low vacancy, increasing population centers.... I’m fond of tertiary markets so no huge MSA like Dallas but... an hour or two either side perhaps?? What are your thoughts?

@Joshua Gordon

Don’t! ...Take quarterly payments otherwise you have a Contract for 12 months and you will have a hard time evicting. Sure he’s amazing but that’s now... maybe the cartel cousins move on day 1 of the new lease period. Also in the least you would have to refund the rent if he goes. AND, you now have that lopsided income for taxes vs regular income between tax years.

What’s best market in USA to buy an apartment building in 4 mil range... low vacancy low taxes steady population growth?

I need to buy a property in 4 mil range. I want an area with LOW vacancy and steady Econ and population growth for long term hold. I prefer on site management. What will this get me and where (MSA?) should look in?

My building is 47 unit. I paid 2.25m 12 years ago. Mortgage is 1.4m. Income is 324k

Do I ::

1- Keep it?

2- exchange and take 1.5 equity to put down on building in 4m range? (24%down)

3- exchange and put 1.5 into NNN (49% down)

Let’s discuss what’s your instincts?

I’m exchanging a 47 unit MF in West Texas. I’ll clear 1mil, want to do 4mil MF but ...where is best? Population growth, low vacancy, LL friendly laws?

Thoughts?

Michael is was in PA. I don’t recall the County but it was the county taxing authority... we did not complete the transfer and argued it was quick claim title only... they didn’t care... it’s a ‘transfer/sale’. I’ve had two bad experiences including one law suit in PA... I won’t do any deals there (just me). A few places I don’t do deals. I’m in TX, NY, OR and CA. Each has their own issues but just be educated and know all you can before you do a deal.

@Natalie Kolodij

Changing title can trigger a tax depending on jurisdiction. My client mistakingly bought property in its own name then went to switch it quick claim… To his LLC and was taxed $17,000…The jurisdiction considered it a sale so he stuck with the property in his personal name