All Forum Posts by: Buddy Holmes

@Scott Person, By all means.  Happy hour there ends at 7:00 so come early.  See you there.

Cheers,

Buddy

@Frederick Hines, we are all new guys!  We trid one of these last month and had 3 attend.  This time looks like over a dozen at least so we are all meeting for the first time.  See you there.  Happy hour ends at 7:00 so come early for a cool one.  Cheers, Buddy

@Andreas W. You are welcome.  Good luck with the fix.

@Will F. I guess it might be possible, but one would hope our President is quite familiar with this REI stimulant and the benefits of it for economic growth of our country.

Cheers, Buddy

@Account Closed. This book will get you started well for your future in UK or US REI.

Cheers,

Buddy

BTW, I don't claim to be a professional and I am not one.  I have read quite a lot and invested some as well.

@Bob Rifredi, Careful with the advice you receive! I would recommend a professional to give you the correct info. DST's come with various L/V (loan to Value) these do cover from very high to 0%, but the ones I have invested in are more between 50% to 60%.

This allows you to match the 1031 replacement property that you need. In the 1031 you need to :

1) use all the cash you get out of the exchanged property sold, or more.

2) you need to have at least as much mortgage in the replacement DST's as the exchanged mortgage, or more.

3) The total purchase price of the new DST's must be equal to or more that the net sale price of your exchanged property.

If you are short on any of these 3 items, you wind up with "Boot" which the IRS wants to collect tax on.

There is a great book called "Cashing In Tax Free" by a BP member @Leslie Pappas that leads you through the process.

To help you understand how the DST purchase works, assume you buy $100k of a DST that has a 50% LTV. As far as the 1031 calculation goes, you have bought a $200k REI with 100k of mortgage. So the Development company offering the DST has already bought a property and secured a "non-recourse loan" to help buy the property.

Just like a regular SFR, the DST offers your proportion of the rental income, Mortgage cost, the repair cost, the depreciation, utilities, the improvements costs or depreciation in the form of a typical Schedule E for you to file with your taxes.

Hope this helps. Cheers, Buddy

@Andreas W., My direct experience is somewhat dated. Not specific to your unit but in general it is normal for water to be in the tray of your unit, especially in a high humidity region.  By design, this water is always designed to drain to the outside via some drain.

Some amount of this collected water is often designed to be thrown up on the hot coil on the outer side as the fan blows air through it for cooling.

So your problem is one of not operating properly because:

1) The outside drain is clogged.

2) the pan drainage from front to back is clogged.

3) the pan is improperly slanted toward the front rather than to the rear

The moisture collecting on the filter will aggravate the function by causing the front coil to ice over.

If you are not a DIY type, a HVAC type should be able to fix your problem.

Cheers, Buddy

@Chris Armstrong, glad to meet you.  Seeing forward to see you Monday.

@John Semanchuk hope you can make it.  Cheers, Buddy