All Forum Posts by: Rick Reeves
Rick Reeves has started 2 posts and replied 2 times.
Hello,
In the beginning of 2022, I am assisting with the sale of mom's rental house in Los Angeles and the plan would be to do a 1031 and buying 2 + properties for investment in California. If I was a renter at one of the properties is there any conflict there? If she created a trust or LLC what kind of benefits are there?
She would have money left over and assuming she gets capital gains on that portion but has there been any changes to 1031 with the Biden Admin or is there any coming soon?
Thanks for your help.
-Rick
Post: First Offer/Purchase - Letter of Intent ?
- Santa Barbara, CA
- Posts 2
- Votes 0
Hello, I am an aspiring real estate investor looking for my first deal. I have real estate license as well, but currently only use for referral deals, as I have never been a "realtor". I found a tri-plex I like which is off market- coming on the market in a couple days. I had a chance to build some rapport with the broker/property manager who will be listing it in the next few days. I am still waiting on the financials from him and he was going to give me a list price as well. I have the gross rents. I already have done research on comps and a basic market analysis and have a price I am comfortable with.
I have pre-approval for lending and wanted to know if I should write a basic LOI? What is my best strategy here. Does anyone have a very basic LOI idea? What strategy should I use for the commission process? I could represent myself and have my broker help me with the PSA or I could have the selling broker give me a referral fee?