All Forum Posts by: Wayne Bodley

That's a common dilemma for me. I've actually never sold a house because I like the cash flow. If you sell it you'll get hit with capital gains tax or you'll need to do a 1031 exchange. Or you could cash out refinance or simply get a heloc. Nice to have options though right? Good luck with whatever you decide to do.

To me the solid credit scores speak volumes. I'd be inclined to accept them. What does your gut say about it?

If I understand correctly the capital gains tax rates have changed for 2017 such that under about $75K income there is 0% long term capital gains. Of course I don't know if you qualify for that scenario and I also don't know if that will carry over to next year. I've got a rental to sell so instead of 1031 exchange I'm hoping to reap the benefits of this tax change, we'll see. Best of luck however you choose to divest and congratulations on your success.

As a landlord I would deal with that quickly. I would say the landlord is responsible and I think it's ridiculous to expect the tenant to remedy the situation unless he caused it somehow.

In my scenario it's a trade off because I pay all utilities plus Wi-Fi and cable plus I'm responsible for lawn care so for me it's not really worth it. Best case for me would be cash flow of about $600 (each room is different so the range for me is $350- $525 / mo.) but I haven't realized that just yet. Still hopeful. I would switch over to single family or sell but for needing to house the MIL. It may be worth a try for you, definitely check local zoning though, you wouldn't want to get in hot water for nothing. It's an adventure that's for sure, you'll be very hands on!

I have a 4 bedroom house that I rent by the room (only because I need to house my mother in law) Unfortunately it's been nothing but a headache since it started 4 months ago. Getting 4 people that get along has proven difficult and collecting 4 separate rents is a pain. So I would be careful there. Ultimately a 6 bedroom house might be tough to rent. Local laws are another thing altogether. Sorry to be a downer but in ten years of being a landlord I've never had so much grief. I'm even considering selling this house.

Hi all, while looking on Zillow at Cleveland area properties I've seen some pretty good deals on duplexes. But then when I look to see what the property taxes cost it kills the cash flow. I've been looking in places like Lakewood and Parma. Sample property would be $115k or so but with $3500- $4000 in property taxes. I saw one place they was $85k or so with $9000 in property taxes, what? I can't imagine why someone would buy that property so seems like the owner is stuck with or just gives it up. Is it a situation where up and coming neighborhoods have low property taxes now but they gradually rise? If someone could shed some light on this subject I'd appreciate it. Thanks Wayne

I think it's best to put down as little as possible and keep reserves for unexpected capex or vacancies. Having liquid cash is always better in my mind.

Good for you for doing the right thing. I have a similar scenario with a boarding house situation. The problem is it's my mother in law that's the wild card. A lot harder to deal with haha.

Hi everyone, my wife and have lived in the mountains of North Carolina for the last 23 years and we have 3 rentals here which we would keep and our primary residence which we would sell. We are looking for a change of pace and are thinking of moving to Cleveland to continue buying rentals there. I have a sign shop here and would start up there. I'm wondering what life is like in Cleveland. We are in our 40's and 50's with no children in the house. Does anybody live in Cleveland who could give me some input/advice? I'd say the winters are the only thing that gives me some concern. Thanks in advance.