All Forum Posts by: Mike D.

6 people in a 2BR? No way. The kids will be playing in the parking lot all day because the house is so small. 6 people in a 2BR would probably violate the local housing code for number of inhabitants per dwelling.

Close to desirable schools and grocery shopping. Away from massive apartment complex parks. I'd look for areas that are part of a future development plan in the city. No violent crimes in the area. You're always going to have theft and domestic assault, but hopefully no rape, murder, etc. Also, unless you are buying into a downtown that is part of a redevelopment plan, I'd stay away from older neighborhoods (1970s or newer).

We have almost $30k of built up passive losses from depreciation, repairs and improvements. Due to our income being over the AGI cutoff we are only able to apply these losses to the cash flow of the apartments we own, which could take a couple more years.

However if we were to buy another building using a 1031 exchange, are these passive losses allowed to rollover to the new property? Or do they have to stay with the building they were incured on?

Thanks

Here in IA I've seen ready to build lots for $40k-$50k in subdivisions with new houses going for between $200k-$300k. So $50k for a lot is retail price around here. And that is for graded lots with utility hookups ready to go.

Offer him $20k cash take it or leave it! Just my .02

If she's not causing problems I don't see why you want her to leave? Is your plan to fix and flip?

I've inherited several section 8 tenants. One I had to kick out because they didn't follow the rules, but the others have been great. They're long term, pay above market rent and I have the section 8 do a direct deposit so I dont even have to collect the rent.

My experience has been this happens because the "occupant" can't find anywhere else to live because they are unemployed or have a sketchy background.

I stipulate that they must must not have any previous evictions, criminal background, or any type of pattern of behavior that would suggest they might cause problems such as disturbing the peace, disorderly house, etc. In other words, a spotless background.

You do not want able bodied people without jobs hanging around all day long.

How many apartment units will it take to support a full time property manager? SOmebody who can collect rents, turn units over and coordinate repairs. I've heard anywhere from 50 to 100 for one person.

From what I understand most residents don't own their homes. They are on a small contract with the park owner. Which begs the question how do these people come up with money for maintenance and repairs?

You have to wait 12 months to repay the loan?

Is there not a 10% penalty for using these funds for a non-primary residence?