All Forum Posts by: Taylor Hendricks

@Todd Rasmussen thanks for the help! It seems the inspector's typical analysis is that the system could either give out in a month or hold on for another 5 years. Is this normal, or should they be able to pinpoint the remaining life in the system more accurately? 

When looking for rental properties, it seems most of the HVAC systems are relatively old that I come across. Do you have certain requirements for these systems for you to buy the property? (Certain age, seller replace them, etc) Or do you just factor this in as an initial cost to replace them right away? 

Definitely a larger expense but also one of the most important, so I'm interested in seeing how experienced investors handle this. Any help is appreciated!

@Anna Sagatelova Thank you for the help!

I'm purchasing my first rental property that has tenants staying. Their current lease is until October but doesn't have a section about a transfer of the property. Do I need to have them renew the lease right away? Any suggestions are appreciated! 

@Dave Foster thank you! Not sure why i was thinking it was a taxable event but that makes a lot of sense. Looking forward to using this to fund my first deal under my business now. 

A year ago I purchased a duplex with an FHA loan under my name. I since have created a LLC that I would like to do a majority of my deals under moving forward. Would I be able to do a cash out refinance of the duplex and put the extra funds into the LLC? Would I be able to use a 1031 exchange with this, or not since its a different entity? Any help would be greatly appreciated!