All Forum Posts by: Wei Xia

@Nicole W.

Thank you for sharing!

Yes it definitely helps! I will check the website out and talk to them. If we end up doing 1031 exchange that is my strategy too, to look around while waiting for the selling property to close, and identify them right after the sale. But in our situation it’s a little bit more challenging because we are looking to buy short term rental properties that will cash flow well and we have experience in two specific cities in KC metro area so we’d like to continue the cash flow so we are only looking in those two cities and maybe a 3rd city but not ideal so we don’t really have too many options. The past month I have been checking every day and maybe around 10 new ones went on the market and all gone within 3 days. And our realtor told us the inventory is just so low and people are buying so fast, that’s why I’m really concerned about the deadline.

@Caleb Brown

Thank you for your input! We are not going to pay cash though, we want to use the money to apply for new loans so we can purchase more properties, if we have to pay in cash we would only be able to buy 1 vs 3 down payments for 3 properties. And we haven't sold the property yet, just been thinking about it and we currently have a long term tenant living there and lease ends in about 4 years. We think that most people who are buying are buying their personal residence because of the low interest rate, most investors are not buying because the market is so high. But I don't know if we are right on this. So we feel like we are not in a great position selling that long term rental property or buying new ones in today's market. 

Hey everyone, I have a couple of questions regarding 1031 exchange and wonder if anyone has experience or input that can share with me!

So we are looking into doing 1031 exchange to try to take out the equity of one long term property and put into multiple short term rental properties, this way we turn one less cash flow property into multiple more cash flow properties.

I have 2 major concerns about doing 1031 exchange:

1. I am worried that in a seller's market like now, everything is selling so fast, will we be able to make the timeline to identify 3 properties within 45 days? From my understanding, if sellers have multiple offers on their property, they will most likely pick the one that isn't 1031 exchange? Just because most people who are doing 1031 exchange won't end up buying all of the 3 identified properties so the odds of the contract fall off is greater? And in our case we are trying to buy 3 properties, does that make the deadline even more tight?

2. I have learned from multiple articles/persons on BP and investor's meet up that there isn't any insurance or regulations regarding the QI(qualified intermediary) who will be holding all the proceeds from the sale. And some investors have unfortunately fallen into scams. How can we identify who are the scammers and who are legit QI and what aspects can we investigate before handing over such big amount of money?

Forgive me if I am not making myself clear as I am still trying to understand the whole process. 

Thank you again for anyone who can give me some advise or input!

Hi all. My name is Wei Xia and I am living in the Kansas City area. My business rents properties from landlords and then we rent to short term guests on sites like Airbnb. (We also own 3 ourselves.) If you're interested in joining the "sharing" economy and helping me grow my business please DM me. I am a landlord too and will strive to make your experience as trouble free as possible and hopefully be your last tenant you ever have. Thank you. 

@Erica Schubach I would say if you have a HOA, it all depends on their regulations, but from what i have seen most HOA in Kansas City area or the cities that are better areas like Lee's sunmit, overland park, they prohibit short term rentals, plus the rules of condo are much more complicated and more strict than single families or townhouses. That is why I'm trying to buy in the area that regulations are relatively less strict, like independence, raytown, grandview, and try to buy single families or townhouses, where you bave no HOA at all or HOA allows short-term rental. I will just always check HOA doc before even think about buying when I'm buying to rent out, long term or short term.

Hi Matt,

Thank you for your reply! I messaged you and we can start from there!

My name is Wei Cox and I am currently managing one of my investment properties as airbnb or short-term rental. I do notice a growing demand for short-term rental in the KC area. I wonder that anybody from out-of-state investing in the KC area want to turn their traditional rental properties into short-term rentals? And if you are doing that, how are you managing your properties? Do you need a local co-host to help you with that?