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17 November 2018 | 8 replies
To the best of my knowledge, the fact that you already have the proposed property under contract prior to the sale of the relinquished property does NOT make a difference.Just don't close on the replacement property until AFTER you sell the relinquished property.Here's a link to a great explanation of the identification rules:https://firstexchange.com/content/top-ten-identification-rules-1031-exchangesThe resident 1031 expert on BP is @Dave Foster.
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17 November 2018 | 0 replies
I’m looking for a Bigger pocket Podcasts Episode where the investor that was on was talking about that he does not go into the properties he buys, he mentioned that he looks at the MLS pictures and if it looks like it need a little work he does $10 x sqft , small rehab $15 x sqft , & if it need a full rehab he will do $20 x sqft and subtract that after the 70% rule .
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19 November 2018 | 4 replies
Rules have been changed and in the past it was OK to borrow as collateral as temp loan.
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19 November 2018 | 4 replies
You borrow the $20k downpayment plus $5k in closing costs and $5k in rehab costs from your HELOC also at 6% (note $5k in rehab costs in nothing so the house better be newer and in great shape).Let's say you rent the property out for $1000/month and using the 50% rule you have $500 in expenses each month.Your mortgage payment will be $480/month.
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18 November 2018 | 5 replies
Filing the claim will only cost me about $125, which I could recoup if the judge rules in my favor and they pay what is owed.
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20 November 2018 | 13 replies
The only major downside is that by being licensed, you are now subject to the rules and regulations of your state's licensing board, so this exposes you to more scrutiny and you have to abide by their rules.
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19 November 2018 | 16 replies
I only have a few properties and wouldnt because I like to learn the rules and do it myself as I feel I can squeeze more out than the CPA will.
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17 November 2018 | 3 replies
However, it means you have to abide by their rules.
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19 November 2018 | 1 reply
I am referring to the following article: Ultimate Rule: Better Tenants = Fewer Management ProblemsThe ultimate rule to help you reduce bad tenant situations is to lease to better tenants in the first place.
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15 April 2020 | 9 replies
I'm assuminh that if I do the latter, then I'd also use my personal account for repairs, maintenance & improvements to my unit as well.Is there some other method?