All Forum Posts by: Richard Sherman

 Oh Boy!  I had one of those...bought this little place in Labish Village (north of Salem) 2009, NOTHING was selling I think I got it for $27k...haha...it was a mess, but 3 bedroom for 27k?  Anyways, remodeled and rented it for 4-5 years.  Ended up being a senior tax deferral lien on it (CALL THE COUNTY AND STATE AND CHECK)  you should have heard the silence when I called the Title Insurance company on that...they paid 27k of the 35k owed...since it only covers up to what you paid for the property.  Ended up selling it 2 years ago for $165k, so still made out...but what a flipping mess!

@Steve S. , shoot me a personal message and I will send you what I use

@Reggie Maggard  I usually just upload a form I need to use (one that I already have in PDF etc) and set the signature boxes.  So if you are doing really complex forms with lots of signatures etc, that might not be really useful.  If only a couple of places, then make the document you one on Google Docs, Word etc, upload and set the signature boxes

@Svetlana Kleinhenz  Sure thing!

The reason you want to get the term in place first, is to make sure you are insurable.  My cousin had whole life like you do now, he was diagnosed with cancer (he is doing ok now) and because of that was not able to get term.  If he had cancelled his Whole life before he checked, he would have NO insurance.

NO LIFE INSURANCE < Whole Life < Term           :)   i.e. better to have WHole Life than NOTHING

@Philip Ganz The cost seg will only apply to what your basis in the property is.  So the more 1031 gains you have in the property the smaller portion of the property (proportionally) you will be able to accelerate with teh cost seg.  i.e. if your basis is only half the purchase price (minus land) then assume your will get accelerated depreciation on roughly half of what it would have been, not an exact science but you get the idea.   Since the cost vs benefit for a cost seg is the time value of the money you get now vs later, this can make a cost seg less attractive, esecially if the cost to do it are high.

Of course if you then 1031 that property you continue to roll the lower basis to the new property.  Also complicating it is if it was a previous year purchase and needs a change in accounting method form filed AND if you have too much "banked depreciation"...i.e. you still have depreciation from previous cost segs to use up...which we do right now.  It can make the cost benefit complex.  

I am not an accountant but have done several of these.  Just things to consider.

@Steve S. We absolutely have an addendum for that though we rarely enforce it.  We 100% have a bed bug addendum as that can be VERY expensive. 

@Shannon Atkinson If you need the funds to go onto the next project, I would sell it.  If you are interested in the income and lower taxes of the installment sell then do that, but you MIGHT very well get that house back.  A better option might be some kind of lease option.  Less problems up front and easier to get back without a forclosure proceeding.

@Joey Dwyer  Sure, do it, thats a LOT of offers so you will need a system.  You will get a wide variety of responces, make sure your letters leave a lot of ways out in them...i.e. do not accidently construct a purchase agreement.

@Reggie Maggard  I like this one better than Docusign and most basic options are free.  More user friendly as well.

https://signrequest.com

@Sara Taslitt  We had a similar issue on a 8 unit (2 buildings, and the end unit of each building had the car port lights wired into them.)  It was too expensive too have another meter put in due to where is it and getting wiring run under the parking lot.  We just counted the lights, put LED into them, put timers on them and did the math and it works out to $10 a month for each unit and we take that right off their rent.  Lighting with LED is SOOO cheap now I would just do that and not mess with meters.