All Forum Posts by: Steve S.

I have 6 SFH which are all rentals in Florida. I am moving to Texas in two years and would like to purchase a small apartment building 20-30 Units. What is the best way to sell all properties and pay the least amount of tax? If its even possible to 1031 into commercial, from a SFH rental, I wouldn't be able to sell all and find an apartment within allotted time (90 days I believe). Also is it possible to cash out refinance all homes and wrap them all into one mortgage?? Anyone know a lender in Florida that I could talk to about that?

Thanks all! It's frustrating because This is an out of state property, and I barely know the manager either. Not very happy so far. I am in town for work this week and drive by the house. They moved in over a month ago and the front porch is covered with boxes and rubbish. Dog crap all over the back yard. Doing a walk through Thursday. Not looking forward to seeing the inside.

I have a tenant who said they would like to have a German Shepard. I agreed and they paid the non refundable pet deposit of $300. I did a drive by and saw that there is not one , but 2 dogs! Do I call him out and make him pay a second pet deposit? Or confront him with a warning but let it slide? He just moved in a month ago. The property is out of state and I just hired the property manager recently....

As a long term, buy and hold investor, should I hold title to the property in an LLC to increase asset protection or is having an umbrella insurance policy enough? or both?

How do I know if I should cash out refi or not , how much equity should you have first?

Unless it's typical to include a washer and dryer in a rental in your area, sell em! I wouldn't consider providing them to a tenant unless you can get more rent $, then it might make sense. Just think, 2 less appliances to fix!

What are some creative financing strategies for buy and hold ?

Good points given , thanks for the help!

Where I live it's much easier to find tenants when you allow pets. I would definitely contact her prior landlord , as stated earlier , current owner might want her out. BTW why is she moving? Accepting pets is accepting risk. It's a gamble , but you have already done much of your due diligence! Great job on visiting her home! If you accept her, I would talk to her about your concerns with the wood floor. Just be honest . I think keeping a good relationship with tenants is a great way to mitigate risk. And of course , take a non refundable pet deposit.

What do you look for in the ideal rental property? I'm not talking numbers , cap rates , price/ rental income here, and I understand this question is dependent on local markets. If a property is just a product that is in demand, what are most renters looking for? In my opinion (and market) I like single family homes with at least 1200 sqft, 3B 2B 2 car garage. But what else , what makes the perfect rental? And what are the "must haves" in your opinion?