Always such quality content! When you decide to build the 7 micro units in the future. Could you give us the behind scenes view of what that process looks like?
Tarl, I learned so much! Congratulations to you! I love learning how part of your focus was increasing your cash flow. I’m very intrigued to hear all the details of how you will figure out if it makes sense, and when it makes sense, to build the apartment building, and how you will decide how many units to build, and if you will provide parking, or not.
Did you start the process for building the micro units yet? Would love an update on that to see how the project comes to fruition. Your channel is great because of all the useful information. Respect from Philadelphia
Once you find your property and formulate a value-add plan, how do you find a team / network to execute the vision? What are you looking for in a team? For example, do I need a property manager and someone with experience with rehab / floor plan execution experience?
The asbestos was a big yeah but. Personally, I would not buy a home like that unless I was going to remove it. I couldnt pass on something like that which causes death.
Great info. I have a question about the 1031 exchange. Ive never done one before but I thought you had to use all the money and put it into the next property.
You don't have to use all the cash you get from the deal...you just have to purchase a property for equal to or more than what you netted on the sale of an investment property. Example: Sell Price: $220k Realtor Fees, closing etc: $20k Exchange amount: $200k As long as you purchase a property for $200k or more...you've deferred your taxes. Now...let's say it was free and clear when you sold it...but bought a $300k and put 25% down. You'd put $75k toward the new home, get a loan for $225k, and use the rest of the cash to do whatever you want. Hope that helps.
is it true if you do a cash out refi withis property its tax free and you can do what you wantwith it? and what about getting interest only loans on these properties and just keep refiing
