All Forum Posts by: Tom Manna

@Dave Foster very good to know. Of course finding something is the hard part. I dont want to buy something just to buy it and avoid the tax. I dont think that would make sense.

I’m fortunate enough that my condos are very hot already and they haven’t been listed. I should be able to get them closed right around the same time.

I really appreciate you taking the time to answer my questions with such detail

@Dave Foster I was hoping you would be the one to answer my question. I hired an agent to rent it out. She came to the property a month ago and told me I would be crazy not to sell them as condos instead. Explaining how easy it would be and what I could get for them I would be insane not to sell them.

Now I need to find my long term investment. Does it have to be multi families? Or can I do commercial if something doesn’t come up?

Hey BP!

I bought a 3 family march 2019 and have been rehabbing since, vacant since day 1.

My plan was to BRRRR it and keep it forever. Now I'm nearing the end of the project my agent suggested I sell them as condos, which I'm now going to do.

Can I 1031 this into something else? I know if it was a fix and flip 1031 doesn’t apply but I didnt decide to sell it until the end of the project.

Thanks for any info!!

@Blake Hulett I  agree I do love that process as well, one of the reasons I bought this one. I want to try and build my rental portfolio so chances are I will hold onto it until I find a larger property to buy and trade up

@Allan Smith Your right. The "what ifs" get to me. I was just in Nashville a couple weeks ago and I can not believe all the development going on there its crazy! I would love to convert one of those old buildings into apartments. 

@Michael Noto Im going tot ripple check all my numbers. I need to figure out where I would invest that profit

@EricBeck thank you! my long term goals are to build my rental portfolio. The market cooling part is one of my dilemmas.. I    could end up selling too soon and sitting too long on the profits

@lienvuong thank you! 

my refinance number is based off of the cap rate calculation and the local agents numbers.

good advice! I agree I should have the next property identified. I have not lived there.. bought it in March 2019 and gutted the entire place that week. So the capital gains tax I should take into consideration.

Hey all!

I’m looking for some advice on my current triplex..Its my first buy and hold

The deal..

3 family in southern suburbs of Boston in need of major rehab.

PP $170k

Rehab $270k

all in $470k

ARV $675k

My original plan was to BRRR this and hang onto it long term BUT seeing what I could now sell it for. I'm weighing the pros and cons of selling and renting it out.

total gross monthly rents.. $5,500 which should have about $2,000 in cashflow. After I refi I should be able to pull out around $25-$30k

Or I could take the profits of the sale (just under $200k) and wait until the market cools a little then buy something bigger.

I know this is a situation depending question but any insight would be appreciated!

Thanks!!

Thank you @Account Closed! 

Sorry I wasn’t so clear. I would Be buying it for 2MM while she continues to hold the current loan for $500k. That’s where I’m getting the subject to from. 

I am Worried about the bank calling the note due. I will have refi out at that point. Which is doable. 

She is willing to do a subject to and work with my. This could be a great opportunity if I get Everything lined up right