All Forum Posts by: Dan Lukens

@Dave Foster & @Jessica Zolotorofe Thanks so much for the information and your input!

Ok my BP peeps, I need some schooling on 1031 exchanges, I sold a property in Colorado and did a 1031 exchange I found a title company to hold the funds for me. I am about to close on a new property and I’m planning to use the funds from the 1031 to buy the property and rehab it. My question is I spent some money up front for inspections, meth testing, sewer scoping ect. and I wanted to know if I can technically pay myself back for those expenses out of my 1031 exchange funds??

Thanks so much for the help!!!

Readyyyy GO!

I am about to close on a deal but I'm having trouble finding a hazard insurance company that will give me a policy because the property is in bad shape. Anyone else in Utah run into this issue?

Thanks for the help!

Dan

13 to 1400 ft.² home needs kitchen, bathrooms carpet paint and windows.  Let me know if anybody's interested,  this would be a cash only deal and be able to close in five days 

-Thanks Dan

it's not that I think I can get more for the house it's more that I now have more of an education on keeping that home as a rental and it would probably be more profitable to do so in the long run, also you are correct the market has slowed quite a bit I was actually about to pull it from the MLS. Well lesson learned

no it was legit I put it up for sale with an agent  unfortunately  I didn't do enough research on market conditions before. 

Hello everyone, I moved from Denver to UT about 5 years ago and before I joined BP I signed a contact to sell a rental house in Denver, after doing more research seem like selling would be a huge mistake ( I'm leaving 30K of equity on the table) because I didn't know how much the market had gone up. Anyone have any ideas how to get out of the contract?? Or is this just a really costly mistake that I will need to learn from and move froward?

PLEASE HELP

Welcome Aaron!

I would listen to the past podcasts that has really helped me find more creative ways to find the capitol for my investing. I would also recommend that you and your wife sit down and decide what percentage of returns you need to make it worth your while for flips or rentals. Utah is a sellers market right now I have been reading the RE market reports here in UT and on average the market inflated by about 12% which is making flips a little more difficult, NOT IMPOSSIBLE just difficult. Hope this helps.

Thanks so much for the help! I'll give that a try!

Hey Everyone, I am evaluating a deal and I am working with an agent who knows the area better to me, but I would like to trust but verify, but I am having a hard time finding other Duplexes for comps and rental rates, has anyone used  the rentometer site before for rental comps?

Thanks for the help,

Dan