All Forum Posts by: Alex Olson
Alex Olson has started 14 posts and replied 2087 times.
Post: 2 Family Renovation and Hold
- Real Estate Broker
- Kansas City Metro
- Posts 2,177
- Votes 1,174
Great work. Way to take the plunge? What is it worth now?
Post: interested in income deferment with tax advantages
- Real Estate Broker
- Kansas City Metro
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- Votes 1,174
Originally posted by @Angela Zaitz:
I'm planning on retiring in 4-5 years. Any additional income now will push me into the next tax bracket. I am thinking about getting into buying and holding rentals, and possibly syndications that will mature in 5 years or that I can roll over using a 1031 exchange. From a tax prospective, do you have any advice for me before I jump in?
do you have experience with any real estate and syndication? I would be cautious regarding hopping in with little experience. If you haven't done so you should read all of the bigger pockets books on real estate. They have one for all aspects of MF and beyond investing. Syndication is great but takes hours and hours of training and prep to do it well as well as an out going personality. I know you can do it! Just prepare yourself?
Post: Developing rockstar partnerships
- Real Estate Broker
- Kansas City Metro
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Proof is in the pudding. Meaning - if you are going to work with me, you need to prove trust right away. I don't need to be sold on anything, I need to have real results. Hope that helps!
Post: HELOC: interest rates
- Real Estate Broker
- Kansas City Metro
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- Votes 1,174
Originally posted by @Chelsea Jeffers:
I was offered a 4.75% interest rate for my HELOC application. Does that seem low?
How big is the amount? What are the terms? Is it interest only? What bank? Seems fair enough to me.
Post: 3 good applicants - can I raise there rent?
- Real Estate Broker
- Kansas City Metro
- Posts 2,177
- Votes 1,174
Originally posted by @Adam Sharp:
Hi BP!
I am renting out my condo and in an effort to be competitive I priced my unit at $1850/mo. I have since received 3 really good applicants from people that I would happily rent to.
Is there any way to claw back and get more for the rent? I am asking because this seems unethical.
Also - any advice on how to eliminate one tenant versus the other?
Thanks!
Adam
I would not do that - raise rents. You could next time around but it is a damage to your reputation. I eliminate first based on credit score, then work, then rental history. Hope that helps.
Post: New cities for rental investments
- Real Estate Broker
- Kansas City Metro
- Posts 2,177
- Votes 1,174
Look at cities that you have friends, or family, visited often, visited once and liked. Then come in here and ask the forum for help Chin and why you like each one. Midwest has cash flow like kc, coasts have some appreciation.
Post: Kansas City Property Managers
- Real Estate Broker
- Kansas City Metro
- Posts 2,177
- Votes 1,174
Originally posted by @Toby Khan:
Hey guys,
I am looking for property managers for 4 plex in KC, KS.
Does anyone have experience or suggestions with a local manager?
Thanks for your help in advance.
Thanks
Toby
Colin Douthit of atlas rentals.theyanage in both ks and mo. Great resource for rehab too. What part of kck?
Post: Capital Gains treatment on the sale of two properties sold.
- Real Estate Broker
- Kansas City Metro
- Posts 2,177
- Votes 1,174
Originally posted by @Dan Delcorio:
@Cody Barna I’m aware of some of the basics especially on the personal home, it’s the second sale I’m trying to figure out. Will that be treated as short term capital gain and taxed that way?
It was my partner and I’s plan to hold the house hack for two years to avoid capital gain there but now I may need to sell the personal sooner that planned, to get the equity out to reinvest in Realestate.
I would get with a really good cpa and QI. Dave Foster on this site is awesome. You qi/cpa can be located anywhere as your issue is a federal question.
I would also consider doing a heloc on primary and use that heloc to invest in real estate
Post: Looking to network with insurance providers
- Real Estate Broker
- Kansas City Metro
- Posts 2,177
- Votes 1,174
@Matt T. I am not sure if Adam Schwery is able to help in springfield but he is with Country Financial and has amazing rates and terms in the Kasnas City market. He would be worth at least a call. He insures many of my clients properties and all of my investments.
Post: Primary residence BRRRR: buy and hold
- Real Estate Broker
- Kansas City Metro
- Posts 2,177
- Votes 1,174
Originally posted by @Nicole Frey:
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $800,000
Cash invested: $200,000
Primary residence buy and hold. We purchased in 2019 in an amazing neighborhood with incredible schools. Knew we wanted to rehab the property but didn't realize it would cost us $250K. Did the Kitchen, laundry room, and all four bathrooms, as well as doubled the size of the master closet. GORGEOUS. We are refinancing this weekend and plan to rent out when we move in two years.
What made you interested in investing in this type of deal?
Not sure it was a deal, but we needed a residence in the right school zone that was ideal for raising our family.
How did you find this deal and how did you negotiate it?
Zillow.
How did you finance this deal?
Did a 1031 exchange, and a conventional on the balance.
How did you add value to the deal?
Rehab. Tons of value added.
What was the outcome?
To be determined. I feel we will be able to cashflow $500 off this refi once we rent.
Lessons learned? Challenges?
BIG HOUSE. Probably too big for us at this stage but we will certainly grow into it.
Wow great work. Keep it up! What is your next step?