All Forum Posts by: Patrik Kusek

I kind of thought so ...but wishful thinking.....

Hi everyone

I'm am considering purchasing a couple of condos next door to each other. They are in pretty good shape and are tenant occupied with long term tenants. However, on the inspection reports the inspector listed one unit has " a tobacco odor and stains present throughout the unit" and the other has "tobacco odor in unit that seems to be coming from the neighboring unit."  Should I be concerned about this? The tenants seem to be happy and don't want to move. 

I'm thinking about the future and re-renting or selling it. Can the tobacco smell be easily removed?

I have multiple properties that I have purchased using 1031. Even though I'm not yet completed with the transaction I am looking to the future. I would like, in a year or so, to sell and do another 1031x. Can I use the sale of one property to pay down another property that I currently own?

Congrats! Very inspiring!

We are in the middle of a 1031X. My husband and I were on the title and loan for the relinquished property. Do we both have to be on the title AND loan for the relinquished property? or can we be both on title and only one be on the loan. Does it matter? QI says we both need to be on both title and loan, lender says we can both be on title and only one on the loan. Our taxes are filed as married filing jointly. We live in CA. We will be buying in Florida and Indy. 

Thanks for your insight Nathan. It sounds like a good strategy. I hope to get there some day soon! 

Anybody else want to share?

Hello, I'm trying to plan for repairs and vacancies for an upcoming purchase. However, it occurred to me that once you reach a certain number of properties then the standard amounts don't apply. ( 3-10% vacancy, 5-15% repairs Etc ) For instance if we own 10 properties then the chances that all of them will be vacant at the same time would be slim. The same is true for repairs. What is your system for making there is enough money in reserves to service your properties without having to stock pile cash? 

Yes of course

Matt, this is the first I've heard of any limits on value. I better find more info on that. Yes, team is ready to go!