All Forum Posts by: Dustin Beam

Pretty sure you have to be a Pro member to post there.

 I haven't used other online payment methods so I can't say who is or isn't better. Generally cozy has been good for me.

I like cozy a lot, but can't compare to other online payment methods.

One thing I really wish they'd integrate, is a way for landlords to have the option to automatically apply late fees after the grace period (if u have one). 

Can you find what the cap rate of the area is? If it's in a decent area, you might be able to "flip" it. Of you have the stomach and funds for it, that is.

There are plenty of people that love finding neglected property so they can value add, as long as the sale price properly reflects it. If it's in a decent neighborhood, it could be a gold mine. 

 Right. It's a good way to look to see if your equity in your property is working as hard for you as it could. You also have to consider your comfort level with riskk.

Using the example above, could you sell the 100k house and buy something around 400k? Yes you could. 

Would it bring you more than 20k a year, and if so are you comfortable with the leverage? That's what you have to consider. If it does but only by a small amount, maybe it's not worth the risk. Maybe it's twice as much and is worth the risk.

Whether people are consciously thinking about return on equity or not, it's what makes 1031 exchanges work well for some people.

Sounds like a good time to do a Return on Equity calculation. Go from there.

If condition is at least "ok" and not falling apart and you're not in a war zone, even $500/mo/unit would probably cash flow if you buy for $285k. Probably is the key word. 

If all contingencies above are true and they rent for $700/mo/unit, it sounds like a hell of a deal IMO.

Your first point doesn't apply if the OP plans to own the property under an LLC. You're automatically going to a commercial loan at that point. I think it's a wise decision to have the protection of an LLC, but opinions differ on that topic. Not trying to sidetrack, but the OP should know that 30 year fixed probably won't happen unless it's put under their personal name.

1. Ask an attorney

2. Best answer is yes

3. I got mine from someone here, however you could probably just google "kansas city real estate attorney" and talk to a couple.

4. Ask an attorney

5. Ask an attorney

Haha, that was somewhat of a joke, but in all seriousness it would be best to discuss all this with someone that KNOWS the answer. IMO, it might be ok to do most of what you want, but you absolutely should not listen to me. Personally, I've changed/added things to my lease without my attorney reviewing it. The risk is that maybe I worded something incorrectly and it wouldn't hold up in court. But I didn't do that to major parts and I accept the risk.

At the end of the day, spending $100-200 to get the lease you want reviewed and approved by an attorney is not that big of an expense. You'll use it often and it's your best friend in a court setting.

Hello beautiful people of BP,

I've kinda toyed w/ the idea of 1031ing my current apartments if and only if the market allows me to pull out enough equity after the sale. So, I'd like to talk with a broker about the possibility.

Does anyone have any recommendations? I need someone that has done some 1031 exchanges before (as this would be my first time and would like all the help I could get). Obviously getting someone that can close on the sale AND provide me with a good purchase is critical.

Any references welcome!