Intro 1031 RawLand Investment and new Landlord investments

[David Uhl]

Hi I'm new to Real Estate investments, I have a Raw land property in Round Rock Texas that will sell 15 March and I'll have a nice cash out, after paying closing cost. I'll need to do my cost basis to determine how much I must reinvest via 1031 to avoid taxes; however, my gut is that I'll want to reinvest 300K with conventional loans totaling up to around 1.5m.  This will leave me with a nice comfortable cash reserve to start my buy and hold landlord investing business. 

I am in the process of improving my knowledge base via education, Rookie podcast on bigger pockets and the audio book by David Greene's and his book on Long Distance Real Estate investing.  I live in the SE Denver area now (Parker) and with the market here I am really considering remote properties.  I'm also looking at REITs that I could use for the 1031 process as a back up.  

My initial goal will be to secure an initial RE investment portfolio that will net a minimum of 2500 a month in free cash flow above the mortgage/repair/vacancies/capex/prop mgmt fees (With 300k of cash/1.5m of loans I think this is doable).  Once I get the initial investment going, I would then start to build by adding a prop every three months.  I realize from the podcast that I've listened to that the 1st deal can sometimes be your worst deal, I need to avoid that mistake and have some time frames to meet, 1031 provider by 1 mar, up to 3 props identify by 1 June, and finally close by 1 Sep. 

As part of avoiding the first property mistake, I need to build a network of experts, CPA, RE Attorney, Realtor/Agent(s) Electrician, Plumber, Inspector, etc.  Part of the challenge here may be that I will invest out of state, if in state I'd consider being the prop mgr for this first investment.  I currently don't have a W2 job to get in the way so I'm able to focus on RE investing.  

If you have local meetups in the Denver / CO Springs area I'd love to know about them.  If your someone who could benefit by partnering with me or advising / mentoring with me I'd love to talk more with you.  

David Uhl