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22 February 2024 | 7 replies
At a minimum, I recommend selling it within three years of renting it so you don't lose the tax free gain on sale of a primary residence.
22 February 2024 | 7 replies
They didn't specify specifics, but they said that they will work out a new rent schedule to account for the transfer of costs from yourself to them for heating and cooling.Incidently, they were trying out these new window heat pumps that look like a horseshoe.
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23 February 2024 | 3 replies
I will share my "Most Expensive Lesson" in the comments.To kick things off, here are ten examples of expensive lessons or mistakes in real estate investing:Underestimated Repairs: The classic pitfall where the cost of repairs and renovations far exceeds initial estimates, impacting the overall budget and profitability.Tax Liens: Failing to account for or being unaware of existing tax liens on a property can result in unexpected financial burdens.Contractor Liens: Not settling payments or disputes with contractors can lead to liens against your property, complicating sales or refinancing.HOA Fines: Overlooking or violating Homeowners Association (HOA) rules can lead to significant fines and headaches.Bad Loan Products: Opting for loan products without fully understanding their terms can lead to unfavorable financial conditions, such as higher interest rates or unfavorable repayment terms.Ignoring Zoning Laws: Investing in a property without a clear understanding of local zoning laws may restrict its use, affecting your investment strategy.Overpaying for a Property: Lack of research or getting caught in a bidding war can result in paying much more than the property's worth.Neglecting Due Diligence: Skipping thorough inspections and background checks can uncover unpleasant surprises after the purchase is finalized.Poor Tenant Screening: Failing to properly screen tenants can lead to unpaid rent, property damage, and costly evictions.Underestimating Market Risk: Not considering market fluctuations can lead to investments that don't pay off as expected, especially in volatile or declining markets.We've all been there in one way or another, facing setbacks that seemed daunting at the time.
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23 February 2024 | 18 replies
Selling yes. 1031 in a perfect world yes.If you can find a property and meet the time lines then yes.I have done a 1031 and it worked out great.I have also just sold paid the tax and put the money in the bank to have working capital to deploy on my timeline.
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23 February 2024 | 6 replies
You can look them up on your county site: foreclosures, divorce, death, auction, tax liens.
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22 February 2024 | 9 replies
I'd schedule a meeting with the tenants to discuss the above, and at the same time I'd do a quick inspection.
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22 February 2024 | 9 replies
It will be underwritten purely on the rent scheduling covering the mortgage payment .
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22 February 2024 | 4 replies
The amount my tenant is paying me per month only cover 95% of my mortgage, HOA, and taxes.
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22 February 2024 | 9 replies
Probably,because they need to get their tax dollars.
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23 February 2024 | 24 replies
When I see rust eating at welds like this I wonder how much of the problem comes from the management company (Rust never sleeps).A maintenance tech scheduled for some time with a wire brush and some Rustoleum could have saved this expensive cement tread stairway.Now it a welder (if it's salvageable) and the Rustolem, plus the cost to construct that ugly unpainted wood bridging system, and tear it down.And despite all of the drama that's going on, Mrs Kitty still has her favorite spot in the shade next to her food and water--a natural foe to garbage rats.