All Forum Posts by: Charlie Gruber

I have a perspective tenant who has a realtor representing them with their rental search. Is there anything to be aware of in this type of situation? Also, does the realtor expect to get paid as part of transaction? If so who pays them? Thanks. -Charlie

I have a perspective tenant from the U.K. Since he doesn’t have a SS# can I run a background/credit report on him? Thanks. -Charlie

Thanks for the help all.  I did a little more digging and came up with below list of books on topic.  

1. https://www.amazon.com/Making-Yield-Estate-Lending...
2. https://www.amazon.com/Invest-Debt-Book-Buying-Pap...
3. https://www.amazon.com/Paper-Profits-Beginners-ess...
4. https://www.amazon.com/Note-Investing-Made-Easier-...
5. https://www.amazon.com/Art-Investing-Distressed-Mo...

I'm interested in being s private lender. Got lots of great info about subject on BP but curious if anyone has a book recommendations on being a private lender? Thanks. -Charlie

Also, can I ask for any type of documentation to prove animal is truly an emotional support animal?

Thanks for feedback. For more background it's actually an emotional support animal. In terms of justification I'm in Colorado and more specifically Winter Park/Fraser area. Thanks. -Charlie

I have prospective tenant that has a service animal. Typically I charge a non-refundable pet deposit. Is it still legal to charge this deposit for service animal? Thanks in advance! -Charlie

@Selena Walsh, would like to see you AirBnB post as well.  Thanks!

Thanks all who added notes, this is great info. Really appreciate the help. 

So in summary to avoid paying capital gains I need to follow a few rules
1) Replacement property must be equal or greater value than relinquished property.
2) Must use all profit which is Gross Sale Price less your routine selling expenses (not all closing expenses, just the selling expenses)
3) "Replace" existing debt 1 for 1 with one of the following
      a. Traditional Financing
      b. Cash out of your own pocket (not from sale of first property)
      c. Seller-Financing
      d. Private Loan

Thanks again!
-Charle

I’m looking to sell a property and 1031 into another property and want to make sure I understand how some "real world" number may work.  Let me know if below looks correct:

• 1)The relinquish property (house I’m selling) is worth about $300k and have about $170k loan balance.Thus after realtor fees and other expenses figure I’ll have around $110k to use in an exchange.
• 2)I know my replacement property needs to be of equal or greater value but would like help to define this.Does this mean replacement property/properties need to be greater than sale price of the relinquished property or just greater than the profit?So in my above example does replacement need to me greater than the $300k sales price or the $110k profit?
• 3)Finally, want to make sure I understand the “boot” concept as it relates to mortgage debt.My basic understanding is that replacement mortgage must be equal or greater than mortgage on relinquished property.Thus in earlier example I mentioned the relinquished property has a loan of around $170K.So does this mean that even if I used all $110k profit in next purchase and purchased something over relinquished property sale price of $300k I could still get hit with tax if new mortgage less than $170K?
  For example, purchase something for $310k then subtract 110k profit from relinquished property and then minus another $35k I put into deal so net new mortgage $165k.In this example would I pay capital gains on the $5k difference between old mortgage amount of $170k and the new mortgage amount of $165k?

Thanks in advance!
-Charlie