All Forum Posts by: John Vietmeyer

I guess this conversation means the 2% rule is out to pasture. 

There is a cash buyer exemption to the conventional loan seasoning rules. Doing this now and getting 100% of the purchase price + closing costs back without waiting on seasoning.  Educate your lenders on the rules.  

Saving money by buying the cheapest materials and going with lowest cost bidders/solutions.  Being cheap costs more in the long run.  

Hi,  I’m looking for strategies to minimize capital gains on sale of partnership interest.  The partnership has been a long term entity holding land.  

I understand 1031 is not an option.  Spreading the sale over multiple years is not ideal but could help.  Establishing the costs basis to include land improvements seems like an opportunity.  

Any other strategies we should be looking at?   Or questions to ask? I’m actually buyer, but need to reduce/ eliminate capital gains for seller for the deal to work.  

Tkx

No one has experience with Stessa rent collection?   The interest rates are pretty enticing.  

Opportunity zones don’t eliminate capital gain.  Just delay till ~2026 and reduce by a percentage which is less than 10% at this point.  The terms were much more attractive when the program was 1st released.    

Your attic floors are likely not engineered for a live load.  I would not invest in renovations unless you can do it right.  Floor and other relevant codes are the starting place. 

I had good experience with turbo tax a W2 and multiple rentals for years.  It kept me more engage in the process, data linkages to accounts was convenient, and was way cheaper.  Plus turbo tax will represent you for a small fee in the event of an audit, my accountant charges $100 an hour for that.  Now I’m married and use my wife’s accountant, wish I could go back to Turbo Tax.  

Either way use Stessa, or something similar, to track your expenses.  Piles of receipts sounds like a nightmare.  If you don’t have recorded records then download all your transactions from your bank/cc into excel and tag them with the property and expense type. 

Didn’t for years but now have bonds on my rentals in the South East.  I do it more for the treatments / inspections than faith in the actual bond. Cost can vary drastically, but I pay $25 per month per property on most.   

I think if you got some training on what to look for and are diligent inspecting your properties you would be fine without.  

Make sure the Quicken rate is real before doing anything.