All Forum Posts by: Andrew Moore

Bryan Hedges with Hedges Realty Executives is a fantastic realtor and resource. He could put you in touch with Red and Gold Remodeling and provide a home inspector. If you're new to this, you might want to use a realtor to buy, unless you find something for sale by owner at a deep discount, and then you might want to at least get a contractor's opinion on costs before buying. I do not like paying big realtor fees when selling a property.

I'm a BRRRR, not a flipper, so my perspective is a little different. I haven't bought anything so dismal that I thought I needed a lawyer involved.

Red and Gold Remodeling is our go-to!  PM me if you can't find their contact info, not sure if I'm allowed to just post it.

My understanding of wholesaling is that you buy a super crappy property direct from the current owner, at auction, or out of foreclosure and then sell it at a slightly higher price to someone who is willing to put in the sweat equity.  That's not my gig.  All I can suggest is that you explore resources to get into those avenues.  If you want a realtor, the absolute best in Ames is Ralph Ring with Remax.

Hey Joe,

I'm on year 6 in the business.  Most of our properties are in Lawrence, KS but we have a converted single family home in Ames that is now three apartments and I live in one with my wife.  We're here for the next year and a half for her work, at which point we'll sell the property unless I can find decent tenants and likely a property manager.  If you'd like to chat online or in person, let me know.  I can share my experience and some spreadsheets.

Cheers,

Andrew Moore

Would you mind DM'ing me the address?  It looks like it's close to fitting my parameters.  If I end up with it I'd throw you some good will / dinner / bar tab if you're interested.

If it's not too late, your realtor needs to be Ralph Ring with Remax.  He's incredible and definitely has your best interests in mind.  

For an 'as is' property you should be able to get the sellers to agree to pass/fail on the inspection and get your earnest money back.  If they won't agree to even that... run.

I've scoured the internet it looks to me like the best case scenario would be that I could get the 121 exclusion only on the half I live in but would still have to pay recaptured depreciation tax. I'm not sure if I can even do that since the property has been treated as a 100% rental despite also being my primary residence. (I own 33% of the LLC rental business, if that matters.)

This is an old question and I think I've dug out the ugly answer, but let's see if anyone has more insight.

I purchased and have lived in a duplex for over 2 years. The property has a single tax treatment and single title, and I purchased it in my own name. Since my family runs our rentals through an LLC and this property needed a lot of repairs, my roommates and I have paid a market price rent to my LLC since I bought it and we have treated the property as 100% rental on both sides, claiming all income, expense, interest, tax, and depreciation deductions. Now I am going to sell the duplex.

Does the property qualify for the Section 121 capital gain exclusion at all?  If so, what are the details?  On the other hand, does the entire property qualify for a 1031 exchange?

Under contract.

I corrected the number of bathrooms.  In each unit, the master and downstairs bathrooms have a tub with shower, while the other upstairs bathroom has a large shower.  BP doesn't let me indicate a 3/4 bath.