Inspired by The ABCs of Real Estate Investing, BRRRR and insights from BiggerPockets, I’m focused on building long-term wealth and replacing my current income with rental properties. 

Sale price: $175,000 Key Features & Upgrades-New roof, fresh interior & exterior paint-Luxury Vinyl Plank (LVP) flooring throughout-New doors with updated locksets-Rekeyed locks & updated hardware-New kitchen cabinets & quartz countertops-Updated bathrooms with tiled tub surrounds, new vanities & toilets-New light fixtures & mini blinds-Full HVAC replacement (686) & condenser/A-coil (688)-New water heaters, plumbing updates & landscaping

The most frequent complaint about the 1031 process is the short time frames of 45 days to identify your replacement property and 180 days to close the purchase. 

The reason this was successful was because once the commission check arrived I replaced the IRA funds (within 60-days).   

Home Equity Loan (Cash-Out) – Texas 50(a)(6)Texas allows a cash-out refinance on an investment property, but it would be treated as a 50(a)(6) loan, which can limit how much equity you can pull (typically 80% LTV max).Problem: This would replace your existing low-rate mortgage, which isn’t ideal.3.

I need to redo the roof of the house lift up the second floor, the entire front deck of the house, demolish the old stucco, And replaced a lot of rotten wood and messed up beams.does anyone have any recommendations? 

However, after participating in the City's lead water replacement program, I was informed that I had been underbilled.

Here’s a breakdown of the pros and cons of each approach based on my experience:Tenant Swapping:Pros:Tenant Retention: Keeps the property occupied, which helps avoid vacancy periods.Minimizes Turnover Costs: No need for cleaning, marketing, or re-screening tenants if the new person is already known.Flexibility for Tenants: Can be seen as a more tenant-friendly approach, allowing them to find a replacement without facing penalties.Cons:Risk of Unknown Tenants: The new tenant might not be as reliable as the original one, leading to potential issues down the line.Lease Violations or Delays: If the new tenant doesn’t meet the lease requirements or fails to sign a new agreement, this can lead to complications.Operational Complexity: Keeping track of the lease terms, managing paperwork, and ensuring proper screening for new tenants can increase administrative work.Notice for All (One Notice to Vacate for Everyone):Pros:Clear Expectations: Everyone knows what’s expected, and there are no surprises with last-minute tenant changes.Consistency: Easier to manage leases and tenant turnover with a straightforward system.Quality Control: You can screen all tenants that are moving in, ensuring the new occupant meets your standards.Cons:Longer Vacancy Periods: The property may stay vacant for longer, especially if finding a replacement tenant takes time.Tenant Frustration: Current tenants may not be happy with the requirement to vacate, even if they want to stay.Marketing and Re-screening Costs: You’ll have to go through the process of finding and screening new tenants, potentially leading to increased costs and downtime.I’d love to hear what others are doing!

The entire partnership could all agree and do a 1031 exchange but the LLC would have to purchase the replacement property to maintain the same taxpayer.After someone passes the heirs receive a step up in basis.

There will be a huge gap between coverages and replacement costs. - Renters are majority uninsured. - In September 2024 the FAIR Plan had $6B in exposure to the Palisades alone.