All Forum Posts by: Sara Peak

Hi. Any Kentucky attorneys here want to give a synopsis as to what we are allowed to do for non paying tenants?  my tenant seems to think they are protected from eviction due to the governor’s executive order? Are we able to charge late fees? Start eviction?

Tax people! Here's something I would love assistance with. I'm trying to get creative here and wonder if there is any possibility to what I am trying to consider. Currently, I own 2 rentals. One SFH, one six plex. The 6 plex will soon sell and I obviously will take the proceeds and do a 1031 exchange. Is there any way i can take those proceeds and put them into the SFH that I already own? Like, to pay down the debt on it? Is there some kind of loophole or arrangement where this would qualify as an exchange? Any assistance appreciated. Thank you.

Where can I find meeting times/locations?

Thank you all for the feedback. I do have owner's financials. They seem legit, though of course we will dig much deeper into the numbers. My concern is of course the expense of replacing/maintaining broken equipment.  This seems much more costly than traditional real estate. Everything is about 10 years old (original to when it was built).

I also put a call into my CPA, as I have tax concerns with the management side. If I manage the real estate only and not the actual day to day operations of the carwash, I assume the tax benefits are similar to my multi family? However, I worry that if I dip into the management of the car wash and take an active role than that would be different for passive income/tax purposes?

I am looking at purchasing a car wash. I am overwhelmed a bit with the thought considering it would be a new investment for me (currently one SFH rental and 1 mulit family 6 unit apartment). However, I am very interested in the car wash and am trying to obtain any info/advice/consideration regarding the potential investment.

Has anyone purchased a car wash?

Is it typical to assume about 50% of gross income in expenses? This currently has two employees.

What is a "good" cap rate for a car wash?

Is this still considered passive for tax purposes as long as I don't manage the day to day operations of the wash?

What do others think of the future of car washing? While it varies seasonably, I also assume it varies during economic cycles.

Any thoughts welcome.

Sara

I am looking at purchasing a bank owned repo, small multi family apartment. This will not be my first deal, but would be first Re Po. HELP! What are the red flags I need to look for? What are the most important things to consider and look for with the property and the deal? It is being sold As Is. I am able to get into the property tomorrow to kind of take a look around and see what I'm dealing with. I obviously want any offer contingent upon a good inspection and an appraisal... what else? How can I tell if the bank is anxious to get this off the books/know how low I can offer?

Thanks for advice!

What are the best places to look for these? Other than here on Bigger Pockets. Right now, I am going bank by bank on their website. This cannot be the most efficient way, right? Is it worth it to pay for a site like RealtyTrac? What are the ones worth paying for?

Thank you, @sujith!

Looking for an eviction attorney that handles Frankfort Ky. Thanks for any assistance

Following up: Yes, I did look into this some. I went and viewed some RVs and did some math. I still have concerns though, which are mostly practical. For one, a lot of these campers are not made very well in terms of holding up. It's one thing for us to own one and take good care of it so that it lasts, but adding renters to the mix will inevitably shorten their life span even more. parking is another issue. We live on 7 acres, so technically, have lots of room to park it, but we'd really prefer it be under shelter/garage.  That we don't have and would obviously be a larger expense than the RV itself perhaps. Still not ruling it out in the future, but mostly if it's something we personally want as a family and then can rent it to friends and family on the side to help offset the cost.