All Forum Posts by: Geordy Rostad

@Rosario Salamone

This is really something that is area-dependent. 

Does it have a crawl space or is the home built with slab on grade?

In my area, basements are certainly common but they aren't ubiquitous.

Basement square footage is always worth significantly less than above grade footage.

@Chris Houle

PM'd you a contact I'm working with who might be able to help with this sort of deal.

@Francisco Jasso

You should attend some local real estate investor meetups. Try meetup.com and the Bigger Pockets network events section. If you can hook up with those guys, you might found some future potential partners there.

@Jesse Graham

There are some great threads about this if you search around the forums a bit. Here's a couple to get you started:

https://www.biggerpockets.com/forums/90/topics/592540-1-rule-area-in-canada-income-properties

https://www.biggerpockets.com/forums/785/topics/394852-best-areas-to-invest-in-buy-and-hold-on-vancouver-island

@Pascual Torres

I would say this depends if you are keeping it as a rental or flipping it. For a flip, you want new stuff that looks sharp and impressive. For a rental, you want stuff that is very clean and functional.

For the answer about stainless, look at your comps whether rentals or other flips. See what sort of appliances most of them are offering and try to determine if they seem to change the price range.

Ask whatever store you are dealing with what is on sale. Usually they will have packages. If stainless is just a few bucks more, I'd do it. If it's double, I might be inclined to do black or white instead.

@Peter Lee

The things my CPA usually start to get confusing when I ask a question like this but I think the answer has to do with what your day job is. If you primarily make your money as a real estate developer or real estate agent, then I think it can be considered income. Otherwise, I think it is capital gains.

I think the real answer to this is somewhat complicated and has to do with legal interpretations of tax law but this was the part that I distilled down. Hopefully a CPA on BP here can fill in any important pieces I'm overlooking.

@Shari Nott mcKinley

You should get yourself educated quickly before you do anything hasty such as selling your rentals. The property you own is always easier to obtain than the property you don't own...

Learn about the BRRRR strategy first off. There is a book about it right here:

https://www.biggerpockets.com/store/brrrr-ultimate

After that, you also should go to some local real estate investor meetups. Check the Bigger Pockets events section as well as meetup.com.

If I had the situation you do now, I would probably refi all of the properties to pull as much equity out as I could while still maintaining a cashflow with a safe margin. I'd use all of that money to go seed the purchase of more properties and do BRRRR deals as long as they made sense. Ultimately, I might lever up into some triple net commercial rental properties such as a strip mall or office park.

@Christian Meng

@Gulliver R.

Looks like there is a great thread with more information on the seller financing issue. 

https://www.biggerpockets.com/forums/30/topics/135243-dodd-frank-safe-act-regarding-mh-investing

@Gulliver R.

It’s not a mortgage because it’s not a loan on real estate. It’s personal property like a car.

@Bastian Kneuse

If I was your realtor, I’d take as many pictures as you possibly wanted to make the sale. 😀