All Forum Posts by: Bill B.

Make sure your taxes will be $400. They may be under a cap, they may be discounted for an owner occupant, etc etc. NV is one of the cheapest states in the country for property taxes but a $250k property would be facing about a $1,200 tax bill. 

There’s a reason the seller is selling, what is it?

Make sure this enough gains to make it worth worrying about. I assume they paid $50k give or take 5- years ago. If they are selling for under $250k I might just eat it. That’s $30k in taxes. 

If they’re selling for a $400k+ gain they could look at a 1031 for:

A super nice 2-4 unit they wouldn’t mind living in a unit of where the rental portion exceeds their 1031 sale. 

A nice home they might want to leave to any heirs tax free in the future. Maybe that heir would rent it until then?)

A nice home that may some day make a bad rental but a good primary home 

An exchange in to a state without state income tax to save that 10% in state income taxes.  

Or. Do a tax free chasout finance. (Probably net more cash (75%-80) than they would from selling. (8-10% in selling costs, plus 15%-25% federal taxes and depreciation recapture, and 8-10% state income tax means netting only 55-69%.) and then Hold until they pass. After all if they’ve owned for 50 years they’re probably 75+ years old. Then avoid all taxes. 

I wouldn't purchase a STR property anywhere it wouldn't work as a MTR or LTR unless its local economy is based on STR. It could EASILY be outlawed the next day with no grandfathering. I don't believe any jurisdiction is getting more lax on STR regulation. In Las Vegas they decided it has to be away form others, have sound monitoring equipment, ban parties, AND it has to be your primary home that you live in WHILE it's rented out . (No whole house rentals.)

If you have the electrical capacity and the drain I would spend the $1600-$1,800 to buy the MUCH nicer ventless GE or LG all in one units. They are full size and yet still run off 120v and just need a water source and drain. 

It seems like you’d get at least an extra $100/mo and it would pay for itself. Or maybe you fill the unit a month faster and it pays for itself. Otherwise you take your chances with nothing. But I wouldn’t use that portable unit. 

Find another cop. Not one lease in the entire country says a tenant can’t take the appliances when they leave, even long term leases. And yet every single tenant that stole appliances would be found guilty. 

There is ZERO chance this tenant took your stuff because they noticed you didn’t say stealing from you wasn’t allowed. They simply plan on you being a pushover and letting them get away with it. 

Worst case. Make an insurance claim and buy all new stuff. Next time please screen better or use a PM. But make that police report with the video evidence as the insurance company is going to want a copy. You can obviously bring them to small claims court for the amount of the deductible. I don’t know if the police would meet you there to arrest the criminal but that would just be icing on the cake. 

So in less than 20 years you have to give the building back to the government? (99 years from 1945). Seems like they be worth nearly zero in 10-15 years. 

The only good use I can see of the fees are based on rent charged would be for a tenant to purchase it and charge themselves $0 or near $0 rent to avoid the rent based charges. 

There’s also a small chance this means “not done/not attempted”. 

You forgot to put your location in your profile. Are you in a market where water lines could freeze in the winter if there’s no heat? If so, visit the property and see of the heat is on. (If there’s isn’t a checkbox for utilities on). You can always brung a few gallons of water and run it through a toilet. Though I would mix with antifreeze if the heat is off and your winters involve freezing. So you don’t end up being the cause of frozen pipes. (You should see pink antifreeze in the toilet bowl and tank)

You could try typing developer on to the search magnifying glass in upper corner. Not sure if you’d get people with developer in their profile by editing filters. Or if you’d be swamped by forum posts saying developer. 

If you can’t search with the search tool by member “category: that would be another miss. If you can’t search, then problem solved. 

Many BP members have “keywords” setup. Make a generic post about looking for developers in Market X under getting started or general questions. Lost the major city and maybe the state. Developers, builders and other local experts with that city in their keywords will see your post and respond. 

Contact a couple local PM’s. Ask how much rent they would charge and how much it would cost you. There’s only a few possible results and most of them a positive. 

They do a better job of advertising at the same rent and you avoid another month of vacancy, paying for themselves. 

They tell you you’re still priced too high, lower the rent and get it rented, saving you vacancy, paying for themselves. 

They tell you it’s your advertising and you could actually get more rent with better advertising. 

As it’s been said thousands of times. It’s the price or the marketing.