All Forum Posts by: Lauren Cutchen

I have a client who was gifted two residential lots that are prime real estate in California. The two lots have their own separate tax IDs and property taxes. She lives adjacent to the lots, but are fenced off. She has been approached by investors wanting to purchase for over $1M each. The question is, can she sell those lots and put into a 1031 exchange? I'm unclear if they would qualify by the way it was acquired. They were gifted to her as part of an inheritance. Secondly, being lots, can she do a 1031 exchange and purchase more investment properties? Does anyone know of the step-up tax she might have to pay? She's discussing with a CPA, but he is not helpful at this time. 

I followed your journey since the first time you mentioned these apartments. I thought it was a great deal too. Glad someone from the BP community got it! Sorry for your bad experience with the agent. Yikes! Wish I could have helped in some way. Good luck on your investment! Interested to know how this deal will work out for you. If you're ever in the Conroe area again, hope to connect.

Welcome! What investments are you most interested in? 

@Arturo Garza

Hey! Glad you are here on Bigger Pockets! We have a Bigger Pockets Meetup this evening in Conroe if you can make it. 

https://www.biggerpockets.com/...

@Barrett Bridgewater I'd be interested in speaking with you about this. I see many homes that were located outside of flood zones that did flood, and some houses in flood zones that didn't flood during Harvey. Can you explain this to me further about what you do? You mentioned you can do this before a client makes an offer - do you visit the place or go by elevation? 

Come to the Bigger Pockets Meetup this Thursday! It's a fun time. Hope you can make it. 

https://www.biggerpockets.com/...

Is the off-market property from a wholesaler? They require cash/HMLs. If not, then I'm not sure why you can't get a regular conventional investment loan. 

I would read the deed restrictions and HOA rules before renting by the room first. And make sure you have ample parking.

@Hina Pasha So many townhome monthly costs eat up the bottom line around here. Due to the sudden appreciation this last year, I've heard it takes about 18 months for rent to creep up (I forgot which BP podcast episode I heard that from). The market is tough in the Houston area, but it can be done! It's a numbers game. My clients recently put in 8 offers before getting one accepted. Persistence and being flexible about the property is what I've found to be most successful. Sometimes townhomes work, but most times they don't. 

Could use some more insurance folks for my clients. I'd love to have recommendations too. 

I know that you said you've been reading and listening to podcasts, so not to keep you going on that... BUT I love the book Set For Life by Scott Trench. San Antonio is a really cool city and lots of opportunity for growth there with lots of different types of areas. One thing in the book that I wish I did getting started in real estate was to not buy in the "best" neighborhoods/school zones. If you don't have children, or if they are very young, you don't necessarily have to seek the best areas. Average neighborhoods and putting in some value add like you want to do is very smart. Live beneath your means while you're there and save up for the next opportunity. Seriously, if you're in the early stages of your life, read that book.