West Coast Equity Group

Monthly Archive: July 2015

1031 News: Presidents 2016 Budget Proposal Seeks to Modify Like-Kind Exchange Rules

Background: President Obama’s 2016 Budget Proposal seeks to modify Like-Kind Exchange rules for real property and restrict some eligibility. The proposal would limit the amount of capital gains that can be deferred under section 1031 from the exchange of real property to $1 million (indexed for inflation) per taxpayer per taxable year. In addition, art and collectibles would no longer be eligible. The provision would be effective for exchanges completed after December 31, 2015. (more…)

Should you Hire a Property Manager?

A few of my apartment building clients have chosen to manage their properties themselves. After all, property management isn’t rocket science, and it’s not hard to keep you building full in a market like Whatcom County where in most areas we have sub 1% vacancy rates. Just post the occasional vacancy on Craigs List, screen tenants carefully, and turnover units quickly. Definitely doable, and part-time for most people. Even fully employed people can manage it and pocket the 5-9% per month it would have cost to hire a property manager. In many cases however, property managers do a better job keeping rents at market rate and making sure rents come in on time, especially if they’re incentivized to do so. (more…)