All Forum Posts by: Tyler Speelman

Hello, 

I am getting ready to list a duplex for sale and before signing the listing contract I would love to get your opinion. The "Cooperative Fee Authorization" states "Seller authorizes Listing Firm to offer a part of listing firm's fees to selling firm. Said fee shall be divided: 4% of the purchase price plus $0 to listing firm and 2% of the purchase price plus $0 to selling firm." As a seller would you question this and renegotiate a lower percentage of purchase price (3% to listing firm only), or request it is a more even split? Would a 2% commission be a disincentive for buyer's agent? 

Any advice would be appreciated.

TIA! 

We have a house on a well. The water smells like rotten eggs. The house is used as an STR (we just went live) - built in 1928, remodeled with addition in 2018. It is near a lake and in a wooded area.

To get rid of the smell we have tried the following:

1. Sanitize the well with bleach.

2. Replaced the water softener.

The above efforts definitely helped and we thought we had the issue fixed, but the water is now smelling after the house has been vacant for a week or so.

We plan to get the water tested for Sulfur, bacteria and iron. The test results take 10 days to come back. We do not have any bookings until late November, but want to keep the schedule open for potential revenue.

Depending on the results of the water test we plan to add an iron filter and/or replace the magnesium rod in water heaters.

We have discussed inspecting water lines to see if we need to replace or god forbid drill a new well.

We are attempting to get the issue resolved ASAP.

What would be your next steps? Are we missing something obvious?

Thanks in advance for any insight.

@Michael Plaks

Could I start a project as an investment property, take the depreciation in 2024 taxes, then recapture in 2025 taxes but plan to invest in RE that year to offset the recapture?

Hey BP folks!

We have a few STRs that we have done cost segregation studies on. After operating the STR for the first year can we turn the STR into our primary residence for 2 years then sell and avoid capital gains tax and depreciation recapture instead of doing a 1031 exchange?

Hi fellow real estate investors, 

We have a home under contract that appraised above the purchase price. Prior to the appraisal the lender said they would do 80% LTV. Lender is now saying they will loan on 80% of the purchase price and not the appraised value. How would you handle this?

As a side not we planned to use a line of credit from the same lender as the down payment. 

I'm considering asking if they would loan based on the appraised value if we used our own money for down payment. Curious to see what your thoughts are though.

Thanks in advance,

Tyler

Hi Everyone,

If you invest in a syndication using funds from your self directed traditional IRA can you take advantage of bonus depreciation to offset any taxable gains when you withdraw or convert to a Roth IRA?

Thanks in advance! 
Tyler 

Hey Folks,

Looking for advice.

Resident is complaining of musty smell in her apartment. Says the humidity is 60% so she bought a dehumidifier and odor eliminator plus activated charcoal to help with the smell.

Resident went into crawl space and says it is dry and does not see mold.

The crawl space has water in it in 2020 due to plugged lines, but that has since been fixed by plumber.

Plumber recently went down to crawl space to inspect and told resident there needs to be a vapor barrier.

Resident said she is holding March rent until the issue is fixed.

Side note: the resident put plastic on all exterior windows on the exterior of apartment and requested crawl space vent be closed.

How would you proceed?

Any advice would be appreciated.

Hello, 

Help! 

Looking for Electric Breaker. Model # Ezm3600cb, Manufacturer: Square D

https://www.stanion.com/419235...

Thanks in advance!

Tyler 

@Nick Belsky

@Shiloh Lundahl

@Shaun Weekes

@Chris Svendsen

@Dave Skow

Lender went back to the appraiser pointing out the wrong purchase price used in the appraisal and the following is what the bank sent:

“Please find attached the updated/revised appraisal indicating your purchase price of xxxxxx. This adjustment in typing error did not impact the indicated value of the property.

I apologize, this type error was caught prior to sending the initial appraisal to you, but the old appraisal was inadvertently saved rather than the updated copy.”

Would you request a new appraisal?

We have been under contract for over 30 days and want to close ASAP.

Realtor says seller won’t except 10k less.

How would you proceed?

Thanks in advance.

@Shiloh Lundahl Thank- you for your response. Are you writing the rehab credit in the contract or is this handled with a separate document like a repair escrow for postponed improvements?