All Forum Posts by: Al D.

I predict March 7, 2018, 1408 Zulu. It will be a sunny day with a chance of clouds. Changing the name to “biggerknockers” (you know, the metal things you attach to the front door of a house to announce a visitor, so the name is totally appropriate for real estate) would likely cause your servers to crash as soon as tomorrow... I know, marketing genius here.

I do not know how New York is different from any other market in relation to 1031 exchanges. Perhaps it’s fair to say that there are more sales in New York in favor of purchases (“exchanges”) into other, less-expensive, markets, rather than exchanges into New York - currently. For your general questions on 1031 exchange, you can’t beat the authority on the subject, the IRS, for answers: https://www.irs.gov/newsroom/like-kind-exchanges-under-irc-code-section-1031 Does not look like the link mentions this: You should never handle the money from the sale directly - always use a qualified intermediary who will pay the seller of the property you’ll be buying on your behalf. Costs vary from one intermediary to another - you can shop for one across all states, regardless of where you buy and sell. As it happened, I used one in New York for a California sale with multiple purchases in states other than New York. Just make sure to verify that the intermediary is legit.

A 60-day notice for your intended increase sounds right. Like everything in our state, there are nuances. Here is a concise guide: http://www.dca.ca.gov/publications/legal_guides/lt-2.shtml

I only have one rental in Florida, but found this person responsive, as well as inexpensive: Steve Shattuck, of Mitchell Insurance Agency http://mitchellfl.com/meet-the-team/ (I tried to post phone and email, but cants outside of Marketplace.)

I am not an expert, and, as such, would not make a suggestion where your money or freedom is on the line. I would just like to point you to the “authority” source against which you may want to verify responses you receive even from certified experts: https://www.irs.gov/publications/p547 I wish it were an easy read.

I have a lot to learn about flips. I’d love to tag along. So very nice of you to offer.

@Bill T. I think you would have sounded more intelligent if the first concern with investing in The Netherlands’ RE you brought up to a Dutch person (regardless of his name’s origin - clueless much?) was about whether his country would be covered by water in ten years. Even though your comment had nothing to do with water, I’m just gonna profile you into the global warming non-believers camp - like I said, I am profiling you. Judging by your place of residence, profiling is totally welcome - by some. Good luck, @Ozgur Gonuru . Sounds like your fellow countrymen are giving you sound advice.

Nikolay Voronovich 1. 40-45 days to get paid is on the long end of "normal" for me. Typically, I've seen companies wait 7-35 days. 2. The turnover costs will depend on (a) how long the last tenant was in the property with little/no maintenance performed since previous vacancy, (b) pets allowed, (c) smoking allowed, (d) eviction with vandalism/theft. So, circumstances would dictate the costs... I do not know what can be done better without the context of what was done in this case... Did you ask the PM for an itemized list? Did the PM use the whole security deposit before charging you for the difference? I am assuming this is not a driving distance from you. I would also ask for photos of claimed damage. 3. Yelp reviews are more often left by unhappy tenants than by happy ones. It would depend on the specific allegations in the negative reviews for me. Repeating statements like, "I made a payment, but they claimed they never received it and charged me a late fee," would be a warning sign - for one, the company could be lying to stuff its pockets with late fees they get to keep for themselves; for two, if the unhappy tenant leaves, they get to charge you another lease-up fee; for three, this creates a civil/criminal liability situation... Statements like "the house smelled," or "my car was broken into in the driveway," or "it took them 3 days to get back to me when a burner on the stove stopped working" are not necessarily an indication of a bad PM... Negative statements from property owners/clients are also a warning sign. Where is the property located? @Patrick Jackson: I am interested.

I don’t know. Putting my Dr Phil hat on, I think the OP actually has pretty good self-assessment, and a healthy sense of self-worth. What he needs professional help with is in assessing the economy and out-of-state investing pros and cons for someone in Southern California. At “worst,” he is impatient - that should be cured with age. P.S. Hotteenia, thank you for keeping this fun.

I think it’s too late for Dave Ramsey to weigh in. This conversation has been in the Dr Phil territory for some time.