All Forum Posts by: Steve Graves

First things first you need to get the property in good shape so you can ask for the highest rent possible. Find a local contractor that is willing to give you an estimate on what it will take to get the property in good shape. Use your monthly rents to fix it up one unit at a time. By doing one at a time you'll still  have the cash flow from the other 5 units to pay for the repairs. Once the property is fully rehabbed find a lender willing to refinance it for you and pull some cash out and look for another property and do the same. Welcome to being a landlord.

@Matthew McNeil @Lisa Taylor @Dave Foster Thanks everyone, calling the title company I've used in the past first thing tomorrow morning to set it up. 

Selling a property I rehabbed a couple of years ago. I've accepted an offer and the process of the sale has started. Didn't think I was going to do a 1031 exchange because I was going to use the money for repairs on another property. Found a property I like though and want to do a 1031 exchange on it. Is it too late to start the 1031 paperwork?

You're working way to hard to get what is due to you. I've been through this before so I started posting 3 Day Pay or Quit Notices the day after they were late. Solved the problem and now they even pay rent in advance sometimes.

If you're comfortable with your numbers then buy it. Your first investment will teach you many lessons. 

If you have the money to fix it and you have good tenants you want to keep happy then bite the bullet and repair the fence yourself. You can still try to get the other landlord to pay his share. If not and he refuses, then it's the cost of doing business. If you repair the fence yourself at least you have a tax write off as a repair. 

I know many will disagree with me but I've done it twice and it worked out great, no lawyers,  no waiting 6 months while not getting rent for the unit and giving them time to trash the place even more. Let them know you need them out of the property in the next 30 days and on the day they're moving out they'll receive a check for double whatever the rent is. Cash for keys, it worked for me. You can throw the principle of the situation out the window. You need to get the unit back in your hands asap and find good tenants.

Maybe a 1031 exchange would be best and buy a better property that cash flows and get rid of your tax liability for selling the house.

Need more info. What did you discuss with them? I never discuss anything with my tenants except what improvements I'll be doing in the future. 

I'd buy as many 4plex properties you can get your hands on. Nothing cash flows better for me than multi family properties.