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19 May 2020 | 17 replies
My husband and I own a home in CA and moved to another state for work but decided to rent it out so we keep the option to go back there some day.However, our first tenants were a military family and left before their 12 month lease expired (we do not live near a military base).Recognizing the challenges covid-19 poses, we reduced the rent so it is below the cost to cover mortgage and property taxes.There is one family that seems to be interested, and quite pushy, but has made an offer that is 10% below our adjusted asked rent.They gave us a deadline to get back to them, and basically offered a “bonus” payment that offsets their low ball offer a bit but even with that we are looking at 5% discount.And they insist on the 10% discount for the second year (hence their framing of the “bonus” payment).
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19 May 2020 | 1 reply
Then, when you need to pay an expense for something like a repair you would just debit repair expense and credit the rainy cash account, as well as adjust the Excel spreadsheet.
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25 May 2020 | 13 replies
Now, in a B-class neighborhood with average demographic of 22-32 will have a focus on open spaces, modern, clean, simple and adjusted finishes of granite, modern lighting, modern closets and so on will capture the revenues.
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29 May 2020 | 25 replies
With syndications, you can spread the same capital across hundreds to thousands of units.Govt financing, conservative underwriting, and management execution properly combined; make multifamily (in my opinion exclusively workforce housing vs luxury, student, low income, etc) the BEST risk-adjusted return of all real estate asset classes.
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19 May 2020 | 3 replies
Austin’s housing demand is undeterred, and possibly strengthened by declining inventory.”Here are basic stats on residential sales for April 2020 for the City of Austin and the greater Austin area:Here's local market data on a more fine-grained time scale:Austin unemployment in March 2020 was a seasonally adjusted 3.4%, which was up from 2.5% in February (source).
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22 May 2020 | 5 replies
That said, is the seller's cost basis adjusted for inflation or is it based on the actual purchase price he paid in 1993 when he acquired the property?
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19 May 2020 | 3 replies
Your seller should be prepared for that reality.So, while you could certainly help by introducing your seller to note buyers, I don't know that there's much more you should be doing in this situation.I certainly would not be trying to retroactively adjust the purchase price.What am I missing?
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25 May 2020 | 4 replies
Therfore you would pay your capital gains tax on $60,000 and defer the other $40,000 into the new adjusted basis of your new property.
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20 May 2020 | 1 reply
A community bank or credit union may do that, but expect to be on something like a 5/1 adjustable rate loan with a 20-25 year amortization.
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21 May 2020 | 2 replies
When an appraiser submits the appraisal to the lender and then the underwriter wants a lower value and sends it back to the appraiser claiming they don't like his adjustments or comparable selections?