All Forum Posts by: Daren Weintraub

Hi @David Fernandez. I am still narrowing down what type of investment to start with. We are looking at both condos and SFH in the Arlington market.

@Amy H.That makes sense. I'm looking for a property management company in Northern Virginia. Do you know of any good ones?

@Amy H.What great things did you hear? I am looking for a property management company and from what I see the reviews are horrible.

https://www.yelp.com/biz/dodson-property-management-richmond?utm_campaign=www_business_share_popup&utm_medium=copy_link&utm_source=(direct)

Thank you @Dave Foster. I got your PM so we can chat more. Appreciate your help!

@Bryan Mitchell Thank you for your feedback. I'm familiar with the timeline so I wouldn't want to start the process until I have identified the potential properties to start making offers. I am new the most difficult part has been trying to find good investment opportunities in at least B class neighborhoods that cash flow and have a good cash on cash return (10-12%) in the CA market. It seems like most people go outside of California to find something affordable that meets those criteria.

@David M Trapani My and my girlfriend (soon fiancé) are open to either options of a multi-family and living in one of the units or a single-family home and renting the other rooms. If we were to do a single family we would prefer a property with an ADU, guest house, mother-in law suite, or a furnished basement with a kitchen where we would live in and rent out the main part of the house.

@Steve Morris That sounds like a good plan, thank you!

@Dave Foster I won't get into too much detail here but let me give you some background. Originally my mom and I were in a trust with her siblings and their kids. My parents went to court, the commercial property was sold and my parents and I did a 1031 exchange on a new commercial property which was paid for using all cash. This new property is about 70% less than the former property was worth. Because my percentage was a lot smaller than my mom's I only own about 5% of this new property. It's still about $150,000 which is something I can use with my savings for a first house hack. My parents are now thinking of refinancing and purchasing something new using a 1031 exchange. I'm just exploring options of breaking away from them and going out on my own without paying capital gains tax. I figured as a new investor we could start with a house hack so we can learn how to be good landlords before we ever do anything like BRRR investing or fix and flip. If you want to talk offline I might be able to answer more of your questions.

Hi! I have a 5% investment with my parents in a commercial property. I was wondering what the tax implications would be if they were to buy me out? I was hoping to use that money and some of my savings to purchase a house hack. Is it possible to do a 1031 exchange from a commercial investment to a residential investment? Would the residential investment have to be worth more than the commercial investment property?

Bump