All Forum Posts by: James Slaughter

Sounds great Dave, count me in.

Congrats @Federico Gutierrez!

@Ryan Dossey Would defiantly like an update on progress your making.  Pictures!!!!

@Randy Phillips Lots of hundred dollar bills and two hand guns.  Only thing missing in the photo are drugs....but maybe they are inside the yellow bag in the background.  Congrats!

@Steve S. I would also agree with @Todd Plambeck.  I just bought a rental and relator told me she wouldn't do a thing to it.  So what did I do?  I tore out and replaced kitchen, new SS appliances, ceiling fans, refinishing original hardwood floors, new paint, new roof, etc.  

Could I have done less?  Absolutely,  and possibly should have.  But I would rather spend more on the front end and have less headaches down the road, be able to choose from a pool of potential renters instead of just hoping someone will take the place, and also plan recouping some of the extra costs in slightly higher than market rents.  Also (and I may be wrong...may depend on renter), but I believe if your rental looks like you don't care about it, you can be pretty sure the renter wont either.  It has defiantly crossed my mind more than once I may have over improved, but I believe the potential lack of headaches in the future will far outweigh the added expense.  Good luck!

@Sheila F. I am an investor that owns a couple of rentals in Statesville and would be interested in connecting regarding other investment opportunities in that area. Hope to catch up soon, Kevin.

Own six, selling one and hope to use funds to purchase additional rentals.  Five local and one long distance purchased and managed thru @Federico Gutierrez and the Holton Wise Group.  So far so good!

Thanks @Dave Foster and @Lynn McGeein.  Most of what your saying is pretty much what I thought.  One thing I haven't figured out is if you have to have a property purchase lined up before you close, or if you have a set amount of time after you close to reinvest.  The tax consequences are not so much that I will be hasty purchasing my next rental, but would sure rather spend money on a kitchen full of new appliances than a check to Uncle Sam.  I DID not realize there was a cost for using the 1031, but now that its the weekend, will have time to research further.  Thanks again!

I own a townhouse that I moved out of in December 2012, and current tenant is purchasing next month.  Since I have not lived there two of the last 5 years, am I correct that I will have to pay capital gains on the difference between what I purchased property for and what I am selling it for?  The property has only been a rental for about 2.5 years, but I don't believe that changes anything.

The difference between what I purchased it for and reselling it for is around 15K (after agent commission).  Not a huge profit but I would obviously like to keep and reinvest as much as possible.  Going to research 1099's since I plan on reinvesting in real estate, but any BP advice greatly appreciated!

@Tim Richardson I think you will find that most everyone goes with a neutral color to appeal to the masses, and there are threads on BP complete with before and after pictures.  I am having a future rental rehabbed right now which will be my first that I did not inherit tenants and will have to pick paint color.  I cant remember the color off hand (kind of a cream color with semi gloss white trim), but I did go with a good quality paint Behr premium ultra thinking that it will hold up longer.  Although I am hoping the tenant, will not find the need to paint (everyone thinks they can paint but few take the time to do a good job) I have read in other posts that when tenant repaints they are making the place their own and tend to stay longer.  Don't have any first hand knowledge of this but sounds reasonable.  I actually wanted to go with a light gray thinking it was a more modern color...but wife vetoed that.  Good luck!