All Forum Posts by: Susan O.

Quote from @Nicholas L.:

@Susan O. my opinion is that, if you are going to invest out of state, you really need to get to know the target market in a way that you can't just Google.  This could mean visiting, seeing properties, networking, building your Core 4, etc.

Or you can check out previous threads on BP about which specific markets and sub-markets OOS investors buy in.

I have several exchanges coming up selling in FL, MA and just doing my initial search as to what are good markets.  Then I'll focus more on the networking and visiting that market. Trying to see what is the current trend as markets change.  For instance indiana was very popular here for a while as was alabama but those aren't as much as FL markets now it seems

Quote from @Aj Parikh:

The best way to figure out a market is to get on a phone call with local investors in the area or contact property managers. They will most likely tell you which areas to be in and which areas to avoid. I specifically look at Cleveland and I use this neighborhood blog that James Wise put together and its very resourceful. You should be able to find similar blogs by investors on these forums depending on the city you want to invest in.

The Ultimate Guide to Grading Cleveland Neighborhoods

 That blog looks great for cleveland. Would be nice to see that in each state

I think you have to be careful valuating airbnbs at this time. Just with the macro economy, quantitative tightening for a while and higher interest rates for a while will lead to less gov stimulus/ stagflation

So expect less commerce/ vacationing etc. Just be super conservative with numbers like extra high expences, plan for larger vacancy %

So what do people think are best analytics for evaluating STRs?  Other cheaper versions than AirDNA? or is airdna the best ??

I'm looking for OOS properties. Some areas I don't know much about.  

What are some suggested tools. I've used City-Data forums also I use crime maps sometimes but i feel that it's not very accurate in depicting things

Is there a aggregated site that pulls census data/ real estate sales etc and has a lot of analytics for searching markets?

I was wondering about heat maps that show good and bad neighborhoods as well?  There's some things like Neighborhoodscout but you have to pay and i've never actually used

Quote from @Roshni Patel:

Any follow ups on this?

Edit: I just signed up.  With the Flat Fee plan, they send 1 letter, and give the debtor 2 months to reply before submitting to the credit bureaus.

Hey Roshni did you end up using them?  

I actually have a lot of Judgements some for $12k and $9k and $8k from past tenants evictions. I just never collected so I'm thinking i should try this

Quote from @Rick Bassett:

I am considering using the company Rent Recovery Service for some collections and wanted to get some feedback from others.

According to their website their flat fee service reports to Experian, Equinox and Transunion once action is begun.

I know that collecting from deadbeats is a crap shoot at best but I'm hoping that having a negative event on their credit report might motivate a few to pay or at least offer to settle. 

Any thoughts?

Rick

 Did you end up using them rick? How was rent recovery service?

How soon could I refinance this and if I did would I always have to replace that $500k equity? Would I be able to refinance more than 70% LTV on this property in near future?

Can you convert to your own residence in the future?  In the case where you bought a airbnb house and airbnbed it for a few years or rented it long term for a few years then converted back to primary residence then could you possibly do the 2/5 years for not doing capital gains?  Would that wipe out all cap gains and the depreciation recapture 25% tax? Is that a strategy that is allowed

Originally posted by @Dave Foster:

@Susan O., There is no "Loan amount rule" with the 1031.  The two requirements to defer all tax are to

1. Purchase at least as much as your net sale ( $1 mil)

and

2. Use all of the proceeds in the purchase or purchases ($500K)

Most folks don't have cash resources to replace the loan so they take out a similar loan amount.  But it is not a rule.

You can add your own proceeds and make purchase in cash. 

Funny Dave, I just told this to my broker who seems to know a lot. And he said the he thought this was a 'debt replacement' rule.  

One more question:

How soon could I refinance this and if I did would I always have to replace that $500k equity? Would I be able to refinance more than 70% LTV on this property in near future?

Oh wow that is great to know thanks!

I literally thought it was a new loan requirement! 

Hi for the loan amount rule if I potentially have to make an all cash offer to get a deal would it make sense to get Private money then it will comply with the 1031 exchange 'same amount of loan' rule??

This is the scenario

I have a 1031 exchange

Downleg property $1m sales price and had a 50% loan $500k or 50% LTV

My upleg property the seller wants 'all cash, and short period to close.  So I'm guessing I can't just put $1m of my own cash down right?

Will it be ok to do 50% Private money or bridgeloan? for the $500k LTV 1031 requirement?

Then in a couple months I can then Refinance? When I refinance later do i have to again keep the same 50% LTV?