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16 November 2024 | 11 replies
I'm talking to the seller's broker, but I would like to find my own people to assist with the due diligence period, such as an SBA loan broker, an accountant with experience doing QoE for this kind of transaction, and a lawyer.
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19 November 2024 | 10 replies
The NoD must clearly state the missed payment, cure period, and consequences; consulting an attorney for your first default is a smart precaution.
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14 November 2024 | 3 replies
Inspection and closing likely to be extended 20 days.
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18 November 2024 | 9 replies
The fall is a slow period for Michigan, so we did great based on the time of the year.
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18 November 2024 | 47 replies
It works like this:(1) Save up enough money for a down payment(2) Buy a single family home that you will Airbnb/VRBO(3) Ensure the “average period of customer use” is <=7 days(4) Materially participate (5) Cost segregate the property, resulting in large depreciation deductions(6) Use the losses from step 5 to offset your W2 incomeWhat makes this possible is that operating an STR is considered “non-passive.”
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12 November 2024 | 6 replies
I have a guest nearing the end of their stay who would like to extend for an additional week.
19 November 2024 | 28 replies
The second of two homes I bought when I sold the rental, I would have bought a more expensive one as the one I got was close to the university and tended to attract students which had higher turn over (though it may also be my local market).I'd also look up how to do a 1031 (I think that is what it's called, I'm not in the US) where you defer capital gains taxes on rentals by buying another within a set period of time.
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19 November 2024 | 11 replies
Give the cost of money these days is around 7%, it would definitely be nice to have a paid off rental.Like Tim said, the 7% is largely irrelevant because your tenants are paying it with the exception of vacancy periods.
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1 December 2024 | 68 replies
Is it a big hassle to add the extra money at the end of each year, or whatever the reinvestment period is?
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17 November 2024 | 13 replies
The Earnest Money Deposit (EMD) is refundable during the Due Diligence (inspection) period, and goes hard at the expiration of the DD period.