All Forum Posts by: Phaedra Culjak

I'm ready to sell my rental and my great renters don't want to buy as they plan on moving out of state at the end of the lease in April 2021. Where should I list this house since it has renters and won't be a viable option anyone other than investors since it's occupied.

@Kyleigh Morgan It depends on if the asbestos is in the wall itself or just the texture on the surface. If it is in the wall, by code you will need to have anyone who does it follow the protocol (sheeting off the area and wearing protective gear N95 masks while working on it). I've had some experience around this and worked with Longmont Code Enforcement. The mitigation companies can be expensive and if the protocol is followed, that's all you should need. Just FYI, most texture has some asbestos, even if you go to Home Depot and buy it today.

Hi Taylor, I'm not sure if you're aware the Mr. Money Mustache (Pete Adeney) is headquartered here in Longmont (across main from Longs Peak Pub) and there is a well-established FI community here. You should reach out to connect to members of that group (you can look up NOCO mustachians on meetup.com) to find some mentors that have lots of experience and can give you some guidance. Best of luck!

What if the purchase price was off-set by the difference in rental income for the remainder of the lease term?

I've decided to move forward selling my rental property to liquidate cash for another purchase. I'm concerned that this rental might be difficult to put on the market as I have renters that pay $1,750 (which is under market value) and their lease isn't done until the end of April 2021. The house's value is ~$400K so I'm thinking this wouldn't be appealing to an investor. Do you think this would be a hinderance to selling? 

Thanks so much Dave, your response is greatly appreciated and I'll speak with my accountant to verify the details!

How to structure an investment to qualify for 1031 Exchange? My elderly parents want to buy a house but prices are much higher in Colorado than when they sold their house in FL. Their house sold for $200K and I have $200K in equity in a rental property that I want to sell. If I take the profit and invest in their home (50/50) so they won't have a mortgage, how can that be structured to quality for 1031 exchange? Any help appreciated!!

I currently have 1 rental that has $200K+ equity. I'm considering selling and investing in 2 properties but not sure about tax issues and timing. Any advice? I'm thinking of waiting until next year to see where prices are as I believe there will be a dip in the market.