All Forum Posts by: Levi T.

It’s called iBuy, and they are launching to compete with OpenDoor. OpenDoor has a 5% market share or better wherever they operate in number of home sells. This is a real threat to all industries flippers, agents, everyone. Your not going to stop it, it’s just the industry changing. We’ve started ramping up our own as well, carve out as much as you can before the consolidation happens.

 No I read her post wrong.

 Sorry Patti, for some reason I read your post wrong, that is 100% my fault. My company only works in that type of rental space, and I'm looking to expand to the Chesapeake area to hopefully by a few hundred sub 100k units over the following year. We are looking at Suffolk as we can likely buy most of the units we want for 15k-60k we think. We buy entire streets, block, neighborhood type thing. I don't mind a hard area as we can turn it around due to the volume we do, but we can not fix war zones. I would love to have lunch with you the next time I'm in the area.

I read "buy zone".. my bad. Here is an example of one of the houses we are looking at https://www.zillow.com/homedetails/5625-Gregory-Ct-Portsmouth-VA-23703/75409254_zpid/?fullpage=true

 You want our buy criteria, after you openly admit to sniping a zone by saying your going to add that to your buy zone for rentals 🙄 

Looking at buying some real estate as a rental in the Windy Pines area in Portsmouth Virginia, off River Shore Drive. I see a lot of foreclosures happening, just concerned about the quality of the area. Any locals have some input about investing in this area?

Also will be looking for a agent to show units for us if we decide to buy the property. Thanks!

Unless your going to go on some type of rant about how your braking the laws, or flat out admin your doing what they are claiming.. it don’t matter.

Little advice, your a landlord. No one likes you. It don’t matter what you dream, think, or hope to be as a landlord. Your tenants will never like you. Your a slumlord even when your not. Your robbing people of their hard earned money by requiring them to pay rent to live in your property. This is the fact of landlord life.

This is why you see veteran landlords speak from a point of facts. Not assumed, or any other bs a tenant is tossing into the mix. We only care about the fact of when rent is due, what happens when it’s late, and who is responsable for what according to the lease agreement. 

No landlord cares if their tenant thinks there is a ghost (yes tenants will tell you this), or some other reason they can’t pay rent. 

All that matters is that your following the lease and the law. 

I think I'm answering my own question, which is NO: 

Refinancing to pull equity out of a property prior to or after completing a tax deferred exchange can result in a taxable transaction under the “step transaction doctrine.” The IRS can argue that a “cash-back” refinancing, immediately before the exchange is completed, is just one step in many steps that results in not reinvesting all of the equity from the Relinquished Property. It follows that the refinance loan proceeds would be taxable as boot. This “step transaction” doctrine allows the IRS to re-characterize seemingly separate transactions into one transaction for tax purposes

I'm in the middle of closing, and I'm looking to use 100% of funds from 1031 we just sold, on a property we are buying, but I also have a loan already lined up behind that. The 1031 company say I can show cash being return on the HUD. Is that true? Is there a work around?

Example would be, I got 100k from selling a property, I bought another property for 100k, and used the 1031 cash, but then also got 100k loan at the same time.

Resisted what?