All Forum Posts by: Tony Mai

@Jay Hinrichs you are right, heirs do get a stepped up basis but eventually the estate will need to pay taxes in the form of an inheritance tax when assets exceed inheritance tax limits. Eventually taxes are paid in one form or another at some point and time.

@David Plaunt

Got to agree with everyone. If it wasn’t in the contract it didn’t exist. Lesson learned for the next one. If you were counting on filling the vacancy yourself best to get out of the contract if you can. Good luck.

@Kevin Hintz

Use the biggest and best company you can find even if it cost you more money short term. The quality of the PM will save you money in the long run. A quality PM are likely not going to scam you and will have processes in place with the right staff to handle your property needs. Make sure you have capital reserves because something is always broken. Good luck!

@Joe Splitrock

Taxes is inevitable. If you have heirs to the estate, the estate will pay the taxes you owe at your death. If you don’t have heirs the state takes your property. So eventually the taxes are paid one way or another.

It will be difficult to sell all at the same time but not impossible. If it were me I would follow your strategy. Do a partial exchange with the properties with the largest cap gains and sell some others and pay the taxes. You can always pay down the debt or buy another investment or enjoy life.

@Nnamdi Okwerekwu two tips add 1-2 months to the time line of scope of work and add 10%or more to your budget to account for unforeseen repairs,delays, and good luck!

@Christopher Spear most people will care but some won’t. You already know you need to disclose and it just depends on the asking rent. If you get no apps then you are priced too high and will need to lower the rent until you get the right tenet. Good luck!

@Luis Serrano I respect your drive and effort to make money wholesaling. Best way to market is reach out to agents in the area. Look them all up and start with the busiest one and go down the list. Don’t let no’s stop you from achieving your goals. There is always someone wanting to make money. You just need to get connected if it is a good deal. Have your numbers ready and present. Good luck!

if it was built poorly it may cost just as much to fix then demo and build new.  At least with demo and build new, it will be permitted, increase value, and after construction, low maintenance. 

You should look for a new property manager.  Also your tenet sounds entitled and it is a slippery slop.  One day its the fridge, next AC, next bathroom fixtures, unless they are paying top dollars and you can afford to upgrade their life, its better not to fix it unless it is a safety issue or broken (and sometimes tenets purposely break it because they want a new one).  If they are paying under market rent, you have loss rents, so might be good to loose whoever you inherited and bring your units up to market rates.  It will cost you money in the short term but may end up saving you in the long run.  I would also look for a new PM that can order the correct size fridge or care about your investment as much or more than you do. 

@Kale Leavitt In my market Orange County, CA proof of funds is required for some sellers before you can view their property. So a screen shot of POF is normal. I would say just screen shot enough POF to do the deal. If the seller asks for a higher offer you can always transfer more money into your accounts. I understand how you feel about the seller asking for more because they know you have more but also if it is a good property that also means someone may be willing to pay more as well and the seller could sell to someone else. Don't feel too bad, my market is super competitive congrats on being in contract.