All Forum Posts by: Casey Walker

Ok,

That makes sense.

Thanks for the reply.

Hello,
I have  a1031 question.
If I sell one of my properties, can I 1031 into another property that I already own in my personal name if I change the ownership to an LLC?

I think if I change a property that I own in my personal name to be owned by an LLC that I own I would have to pay the 2% transfer tax. So it looks like they view that as me selling it from me to the LLC. If I did this would I have to pay capital gains tax on this property?

At the same time could I sell the first property and 1031 into this property I am putting under an LLC?

I apologize that this is confusing.
Thanks Casey

In my personal house, when my old hot water heater needed replaced I upgraded to a tankless and love it, we can run all three showers at the same time for as long as anyone wants and never run out of hot water.  Looking at the monthly gas bill I think it is the same as before.  

For my rentals I just replace hot water heaters with the old kind.  They are cheap, last a long time and it doesn't require any new gas lines.

Thanks

I just started using Buildium to help manage my 20 units.  I am looking for someone with experience with Buildium who can input my information and get it up and running.

Thanks

Check the zoning to make sure this would be allowed, lots of neighborhoods are for single family homes only.  Even if it is zoned for single family homes, you might be able to build it and rent it on Airbnb for WAY more then just an apartment and you get the added bonus of a guesthouse on your property without the loss of privacy with having someone in the apartment all the time.  

We have built an apartment in a garage and rented it fulltime and we are going to build another to rent on Airbnb.  

Have fun!

Home adviser works well and its free for the homeowner to use.

Also ask any FB group in the area for those trades people that people are happy with and would recommend.  

We would like to purchase a lake front property and I am wondering about the available forms of financing.

We have 18 units in our hometown and rent some units on Airbnb and we love spending time at the lake so we would like to combine the two and end up with a beautiful house on the lake that we can rent out on Airbnb and use as a second home for ourselves.

What type of loans should I consider for this type of an investment/purchase?

I believe I could buy a second personal home with a normal mortgage but would they consider the future earnings that it could produce from Airbnb to increase our income to be able to afford it?

We have considered renting our personal home on Airbnb to build a track record of having that income from our personal home, would that be helpful?

In addition to buying more multi family buildings, adding units to the ones that we currently own and continuing to improve the properties to justify continuing to raise the rents each year, what other steps should we be taking now so that we can purchase a lake home/investment in the next two years?

Thanks for any guidance that you have to share,

Casey

In my limited experience, partnering or raising money from friends and family is tricky.  

I have four properties and I borrowed money to help buy one of them, simple deal where they put in cash and receive interest only payments till I fix the property and refinance it at which point they get all of their investment back.  It worked well with an older friend, it did some lasting damage to the relationship with a family member even though we did exactly what we said we were going to do and the deal went amazing.  

I will definitely not be doing it again with family and I am conflicted as to if I should borrow from friends or just wait and save my own cash.  I feel like I could grow faster if I made use of other peoples available cash and they could make more interest lending to me then the bank but after the hurt feelings from the family member I am hesitant to borrow from anyone other then a bank. 

Thanks 

Most showers back up to a wall where you can cut a plumbers access hole and cut out some of the floor under the tube to make the needed repair. 

I would ask your plumber if that would work.   

Another advantage to this is then the access would be there for the future.  

I agree with @Marc Desrosiers,  add 1" blocking and use a double hanger.  Great idea.

Also, just call the inspector.  Its a great chance to chat with the inspector and let them know that your trying to do it the right way.