All Forum Posts by: Stephen Rager

I was just trolling this post and still took away good information, thanks all!

I have two properties; one with a FMV of $35,000 the other $48,000. Together, that's $83,000. Can I 1031 exchange two properties and buy one with a higher value than the two combined? Buy a property worth $100,000?

TIA, 

Stephen Rager

@Bill Kramer Stephen Rager here, a local investor in the Evansville market and home inspector.  Can we connect, our overlapping interest may work? My business has me business enough, I can't handle repairs/maintenance and improvements to our properties. 

Thank you for the input, it was helpful. 

I was looking for the equivalent information on the BP resources, I'm sure it's on here somewhere.  

https://www.youtube.com/watch?v=6k3PLt7nMF4

Of course, it's a pitch to sign up with him, but I'm sure it's here as well.  Anyone know where to learn to use partners to grow, so you don't tap out of resources. 

Respectfully, 

Stephen Rager

Hello All, 

Look for suggestions of questions for interviewing a Real Estate Attorney.  Just like other people in our network, what do you suggest I ask the Attorneys?  I'm not sure how to screen if an Attorney is worth what you pay for them. 

Are there any links to articles on this topic?  I've hired professionals in the past, that promised more than they delivered.  I'm doing my due diligence on this one. 

TIA,

Stephen Rager

Thank you for the information everyone.  I follow a plan, do, review and improve the system.  So while reviewing, I'm just verifying the necessary expenses related to the transaction.  The evaluation tools on this site were instrumental in keeping in line with the estimated cost.  

With loans, 20% down on each, I'll go back and ask my lender if they were required or not for the loans.  It may have been required and I wasn't aware. 

I recently purchased two rental properties, both less than $50,000 each.  The appraisals cost roughly $475 each.  I'm wondering what was the point? I don't believe they were required to close.  Being new to this I did order them. Now I'm reviewing to improve my system to determine if and when an appraisal is appropriate.  In this case, this is to buy and hold properties.  

TIA

As you grow and get more complex, consider something that ties into your accounting software.  For my business, I have vehicles that aren't solely used for the business so we capture those miles in a program called trip log.  This program integrates with our quick books for that business.  There are many others out there to consider.  So he's right don't overthink it, try a few out to see what you like, make a decision and move forward.