All Forum Posts by: Marcus B Hsu

Hi @Amil D.,

mainly because there's enough equity in it for me to purchase additional homes. i could do a cash out refi on it, but decided i might as well cash out and invest the money in a different area compared to where the house currently is.

Thx

Marcus

My renter who has been living in my AZ property for over 7 years would like to purchase my SFH rental. Since i have quite a bit of equity on the home, i plan to do a 1031 exchange and buy something else. Both sides do not plan on using any realtors . Based on comps , house is between $380k-400k. Since they have been really good renters and have at times been some home improvements themselves without asking me to reimburse, what would be considered a reasonable and fair thing to do?

Would it be fair to say sell for $380k and as buyer, i'd pay for all closing cost? 

and/or take 3% off additionally since no realtors are involved?

@David Concepcion, thx. i tried looking on google but didn't find anything about policies for parking on public street for Chandler. i'll just call the renter and see if that's good enough. They are actually nice couple that lives there, so probably just need to say i got the complaint and they will move the cars.

Thanks @Doug McVinua,  the renter has been there for almost 2 years i did check on the property about 8 months ago and the inside was very nicely kept suprisingly. I know the renter does like to fix up beat up cars, but i wasn't thinking he would have 7 of them parked outside with a trailer in the backyard. 

Might need to find a good property mgr, will PM you and see if that's something i should be doing.

thanks @Theresa Harris.  yes good point, i'll use the lease comment that outside has to be kept out for the parking issue. i'll bring up the trailer issue as well as you suggested.

I have a renter in a SFH in Chandler AZ, Type B neighborhood. The neighbor of my rental complained to me that the renter up to 7 cars in the front of the house. one van has a smashed front end and blown out tire sitting next to the van and another truck that doesn't look road-worthy one car has sat across the street now for months that has not moved and a broken down washer on the side of the house also people are living in a trailer in the back yard.

I dont have anything on my lease that restricts how many cars a person can have, especially since its onn public road or restrict if a trailer is allowed on my lease. There is no HOA either.

Any suggestions? I dont have a property manager and i manage from OOS, so if i confront the neighbor, they will likely know it came from the neighbor.

@Jake Waslaski, i live in SD and heading out to Huntsville in May to establish the team. i believe with the potential growth Huntsville has, influx of people will be going there for new jobs, hence rental market will be good. PM me if you are still looking for agents, be good if we can share contacts, as i'm still trying to figure out the rest of my team. i have found an agent i'm going with and am in process of purchasing my first SFH in huntsville.

i think vacation rental is risky for beach front area in California. Residents in those area (such as Del Mar) are not happy with parties who rents for weekends (Article Here),and taking to court to try to ban short term rentals. If you buy a place, there's a risk that city might ban it from short term rental at some point.

i don't think so, you only make the effort of creating an LLC if you're trying to protect your personal assets if you get sued, even still, a judge could pierce through the LLC and go after your asset if it's poor negligence or other reasons. I would have an umbrella policy through ur insurance company if u're worried. i.e. go by the 1st and 2nd pillar listed in excerpt by @Scott Smith , that @PJ McLaughlin shared.

I've heard that too, that it's hard to get find a place and fit the 75% ARV, so cash is definitely less risky.i'm heading to huntsville too as i want to learn more about the city and hopefully meet the team i'm going to have in that area to help me with my BRRRR. Will PM you , be great to syncup