All Forum Posts by: Jim Cummings

Vitaliy

YES - Thinking we'll need to go that way as no one seems to have any documents that seem to specifically address the circumstances of this particular client. 

Appreciate your input.

JIM

Vitaliy

Thanks for your reply. This particular situation is for a client that would like to rent out a room within their home. 

look forward to your reply.

JIM

Looking for someone with House hacking Experience willing to share their Tenant Contract. 

Appreciate your response.  

Dave Foster. 

Thanks again. I consider tour counsel invaluable. 

For 1031 Experts:

Sold one (1) property via 1031 Exchange in 2016. Rolled the  Monies over and purchased two (2) Properties on 1031 Exchange, in 2016. 

IF I just SELL ONE (1) of the properties in 2023 or subsequent years, am I liable for Cap Gains taxes on all the 1031 Money  carried forward or is it prorated based on Monies Invested into the property at time of purchase or what other guidelines should I be cognizant of?  

Appreciate your help.

@Adam A.

I would send a copy to my local Congressman and ask for their help in getting your case heard and adjudicated.

@Joe Funari

Think we can both agree in regards to Landlord & Tenant relationships and responsibilities, the controlling Document in Texas is the Residential Lease. As Agent we are encouraged to use the Most Recent Version of the Promulgated Form (TXR 2001) 09.01.19. 

Just reviewed the lease and there is nothing in the Texas Residential Lease establishing any Right Of First Refusal for the tenant to purchase the property, if and when it may be made available for purchase. Matter of fact there is an expressed prohibition in Paragraph 26, (Special Provisions) against inserting Lease-Option Or Lease-Purchase Clauses without the advice of counsel. 

@Joe Funari

Can you quote chapter & verse on the tenant's first right of refusal to purchase? 

Not something I'm familiar with.

@Anja Schepp

1. How long has it taken to lease the property?

2. How long would it take to do rehab envisioned? 

3. How much would a rehabbed unit rent for?

For example, if you are currently Leasing for $1000 / Month, and you have a one month vacancy while rehabbing and subsequently lease it for $1200 / Month, it would take you 5 months to recoup the lost rent.  

Many of the Rental Units near UT are pigstys, but people still lease them strictly on location. I'm of the opinion, a "better looking" unit will lease quicker and you can probably be more selective (get a better tenant) than  an unrehabbed unit. 

@Thomas O'Donnell. Welcome to the crazy world of Real Estate.

I would suggest you break your problem into several decision points.

1. You've obviously very far along in deciding to leave CA.

2. Can you transfer with your current employer from CA to Texas?

3. If 2 above is YES! Does it put me where I want to be in Texas or it gets me to Texas and I'll work on the ideal location afterwards.

4. What can I qualify For and buy if I relocate.

5. Seems you may have already started College. If you relocate to Texas, can you work Full Time and afford your property and still go to school. 

Above items are certainly not all inclusive of the decisions to consider, in making the relocation decision. 

Good Luck wit this one!