All Forum Posts by: Matthew Morrow

We have a client who is looking to sell one of his properties that is in his personal name, and use the proceeds to buy out his existing ownership share in a multi unit he owns. I don't believe 1031 guidance would allow you to exchange into a entity or other asset that you own personally either outright, or as a member of the ownership LLC.
I’ve  already reached out to our contact in the industry, waiting on some feedback. Anyone have any experience with similar situation? 

Join us for our May meetup on Weds 5/17 from 630-800pm - 

ONLINE AND IN PERSON- Links below.

Discussion Topics:

• -Benefits of using / not using an agent for investment purchases
• -Seller financing basics and how to structure / negotiate terms
• -Success stories / learning experiences
• -Open Forum / Networking

For the first time we are also offering an IN-PERSON option if you'd like to attend from our hosts location. 

The Morrow Wargo Group
4295 Tilghman St, Allentown PA 18104

Please RSVP to Matt Morrow if coming in person so we can plan for refreshments / space.
[email protected]

610-703-6173

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"REI Partners is a group of like-minded individuals who are learning and educating together for long-term wealth. Members are from all over the country and have varying levels of experience from new to career investors with hundreds of portfolio units. No information presented is legal, regulatory, or to be construed with investing advice in any way."

Matthew Morrow
Owner & Founder, Contrail Properties LLC
REALTOR- Realty ONE Group Supreme
610-703-6173
[email protected]
Richard Clark
CEO- Genesis Opportunity Development Corp.
REALTOR- Coldwell Banker
717-982-2876
[email protected]

We use a combination of Google Voice/ VA , apartments.com, and local contractors for emergency calls. Works quite well for our portfolio / manager. Our self managing investor clients also use this combination and it works.

Full blown software- have heard great things about rentredi and appfolio but never actually used. Best of luck!

@Justin Dziedzic - Mixed reviews here from every else but our experience in the Lehigh Valley has been quite eye opening over the last few years.

We have a very high rental demand with low inventory- competition is strong for the time being. If you advertise an incomplete unit tenants are not seeing what they will be living in- they dont see your true listing and attention to detail. Although we have had zero effective vacancy- there is a much better response and quicker timeframe of serious tenants if the unit is turn key and ready from pictures. If you do the landlord special paint and carpet on an old unit- don't expect premium tenants or rent. We choose to go to the next level and everything is done in full and above average / rental grade. 

If you self manage - always take clean and unedited pictures and dont forget to watermark them. Have a system in place for applications, review, and tenant move in once they do start. Realistically in the greater Lehigh Valley market you should be able to rent a nice condition rental 1-4 bed house or apartment in less than a week to a pool of very interested and serious tenants on various websites zillow, apartments, etc.

If you need help or have any questions- my contact info is in my profile. 

Good luck!

In our area- verbal's are a good way to test the water to see if it will remotely be considered by the seller. Grant it- these are not newly listed properties, we migrate towards the longer days-on-market where competition is not steep. So they are willing to atleast have a conversation. 

Anything other than a "no" should be written up.

They're charging you lots of up front fees. Many of the items on here are not negotiable- BUT it appears youre being charged 2% up front for "loan discount Fee" or points. Maybe talk with the lender to see if any other combinations of down payment / equity / loan products help you reduce the overall cash needed. Could also consider a seller credit to cover closing costs IF the deal is not signed yet and they're flexible. 

Is this a home that you're renting out- or tapping equity in your primary?

This looks awesome! and with 57 contacts already - that's a great sign. If youre working with a PM- are they the ones receiving applications? But after 15-20 days you should have some- otherwise it may be priced high. Pictures are great, price seems on point. No obvious flags we can see. Nicely done!

DM Sent with something that may help.