The building is fully leased and has positive cash flows of about $5,000 a month according to him (I need to verify that with his records).He did a cash out refi on about $300k a couple years ago so the mortgage is still close to that, let’s say $290k.The issue with a 1031 exchange would be that he doesn’t have any additional cash laying around, so even if the sales price was $290k, that would go directly to the mortgage payoff and he would have $0 to move into a new property.

Unlike, say, asbestos floor tiling where unless it’s cracked you really don’t have an issue.We were uncomfortable renting it—possibly to kids—without cleaning it, and it helped to make the numbers not work so we bailed.It feels right in between “oh cmon this is nothing” and “oops major problem” I think the trend is towards more regulation on that not less.

I would love to connect with anyone in the Chattanooga area to get more insight and a better understanding of the lay of the land.

Never just lay down on their first offer.

Never just lay down on their first offer.

I would not recommend videos sent via text message.If you opt for recording, let your realtor know what you're interested in to see, updates needed, smell, loose tile,  spongey floors,.... pictures are deceiving and expectation setting is extremely important to a successful partnership with your realtor and to secure a great deal. 

Replace tile or surrounds in tub area.  

You could pay them a base salary and structure something where they get a % of the Promote/Profit earned from the projects.As Matt lays out in his book, some type of pooled vehicle or syndicated entity ends up becoming part of the solution as well.

I’m closing on a property soon that might have the square asbestos ceiling tile on each of the two floors.

With the appropriate renovations (kitchen and bathroom tiles, kitchen counter tops and a few other small fixes) I can get about 250 more for each unit based on the rentals that are on the market now.