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[Parker Bowden]

Good Morning BP,

Just finished my 1st module of Rookie Bootcamp, and thought I'd post here to introduce myself to the broader BP community. I, like a lot of people here, have been interested in REI for many years, but always found an excuse why timing wasn't right. Hindsight is of course 20/20 and I regret all of those excuses, but the second best time to plant a tree is now, so I'm pulling the trigger, market timing, shmarket timing.

I'm in the process of selling some inherited hunting property to a family friend to fund down payments on my first few rental property investments, perhaps looking to 1031 if possible for tax savings. Currently, leaning towards medium or long term rentals, with minimal updates required to begin cash flowing ASAP. Longer-term goals would be to have multiple short term rentals in various vacation spots around the country(beach & mountains), allowing family vacations to be more frequent and requiring less budget considerations, plus reap the tax advantages of RE. I have 12 years experience in corporate accounting but I left the office 2 years ago to become a stay at home dad and assist my wife growing her online business. We've just had our second child and would like to begin transitioning back to traditional family roles and re-diversify our income sources. Naturally, I would love to remain out of the office and not work the hours accounting demands to remain an attentive and fully-involved parent.

I'm based in North Metro Atlanta, and initially looking to invest in that market. I'm looking forward to meeting new people in the community and building relationships.

[Dave Foster]

@Parker Bowden, Congrats on the decisive steps toward your goals.  If the level of profit on that hunting land justifies it a 1031 exchange would be good for you.  What your talking about is a diversification exchange where you sell one and buy several.  You'll need to be focused to find all of those replacements fairly quickly.  But selling to a family friend will alleviate most of the timing angst.

And it is fine to go from one type of real estate to any other type of real estate.  Start zeroing in on the area and type you want right now.