All Forum Posts by: Sherwin Gonzales

Happy Friday BP universe! I've got a 1031 exchange question...

Do i have to purchase a replacement property equal to my sales price or just the amount of my capital gain?

Say I bought my property for 400k.

I sell it for 500k which gives me a cap gain of 100k (after I minus the routine selling expenses such as broker's commission, title charges, escrow fees, recording fees, exchange fees, etc).

Does my replacement property need to be equal or greater than 500k (sales price) or 100k (cap gain)?

Much thanks in advance!

@Duke Hartman

Welcome to BP!  I, too, was born and raised on Oahu, but I live in San Francisco now. It's great to see local people from Hawaii investing back home. One of my goals is to also invest back home which will give me an excuse to visit more often!

My dad is a realtor there and my uncle has a construction business. It would be good to hear experiences about flipping homes on Oahu seeing that it relates to my background in architecture.

Looking forward to hearing your stories and I'll have to connect with you and @Michael Mazzella to stay engaged in what's going on in the motherland!

Mahalo,

Sherwin

@Tea Houck...

Welcome to BP! I'm in a similar boat as you! I recently joined BP, loving the podcasts, and also recommend the weekly free webinars by @Brandon Turner! I recently got married and my wife and I are currently looking for a place to invest together probably somewhere in the East Bay seeing that the SF prices are just way to high for us!

Good luck to you and your fiance and keep us posted on your real estate investing adventure!

Hello BP universe! I seek your advice and wisdom! Much thanks in advance!

I have an architect friend who lives overseas and is designing a remodel project of a single family residence for a client in the Bay Area. The scope of work involves renovations to the kitchen, relocating toilet fixtures, demo/ relocating some interior walls, and replacing some exterior doors and windows.

Since I live in the Bay Area and have an architecture/ design background, my friend has asked me to serve as a Project Manager of some sort and manage the project locally for him. Tasks would involve helping with the code/ permit process, choosing/ interviewing GC's, managing the budget and schedule, and overseeing construction. All the design and drawings would be done by him though I could get involved in selecting finishes and appliances if needed.

I've seen on the forums that project manager fees range anywhere between 8-15% of the rehab costs and some even charge hourly.

How much would one charge for such services? Would you charge a flat fee or an hourly wage, and if hourly, how much per hour?

Thanks all!

@Kyle Scholnick

I posted a similar question on the forum a few weeks ago. You might wanna check the thread below. Hopefully that helps!

https://www.biggerpockets.com/forums/88/topics/254...

@Sergey Tkachev, @Jeff Pollack, @Patrick Diamond, @Matt R....

Thank you for your suggestions! I have not thought about renting my loft as a vacation property and the idea intrigues me. I guess first step is to see whether or not my HOA allows this or not.

I just like the steady "income" from a regular leased tenant, rather than trying to find someone to occupy the loft every month or so. But the monthly income from a vacation property could cover the mortgage and expenses for up two months!

I'll do a little a more research on the idea and definitely keep this option in mind. 

Thanks all!

@Johnson H - Excellent! Thanks for letting me know about the SF meetup. That is definitely much more easier for me and I just RSVP'd! See you there!

Yup...you gotta pay to live in the city!

There's a great documentary on HBO called San Francisco 2.0.

http://www.hbo.com/documentaries/san-francisco-2-0

It talks about how the tech companies are changing the landscape of neighborhoods in San Francisco and literally forcing out the locals because it's getting way too expensive for them to live in the neighborhood they grew up in.

I appreciate all the responses! I have a lot of thinking to do!

Hello BP fam!

My wife and I own separate properties on our own and are looking to purchase our first property together.

We are in the process of searching for a lender to get pre-approved for a loan and was wondering what questions should we ask lenders to find one that best fits us.

I just listened to a podcast that suggest we should flip the script and rather than just be so quick to hand over bank statements, tax returns, pay stubs, etc., we should interview lenders and try to make them want to give us the loan.

Any advice would be greatly appreciated!

@Ben Rice, I'm going through a similar dilemma as you. 

To open up my options, I have an idea to buy a SFH in the East Bay, perhaps with an in law unit or the potential to expand/ build/ convert an in law unit to rent out, while I live in the main part of the house.

It would be great to hear any opinions or advice on this strategy.

Another idea is to house hack and rent out the other rooms in your SFH if that matches your current lifestyle. Why would you stay renting at your current place?