All Forum Posts by: Adam Craig

Last year I purchased my first 3 rental properties. This year I want to purchase 3 more. I am funding them with the cash from my consumer electronics internet business. I put about 19K in my SEP in 2013 and my CPA says I should add $18K more to max it and hold off on buying more real estate.

My first thought was that I never intended for my IRA to be my retirement vehicle - I want a large portfolio of cash flowing properties to be what I retire on. Not to mention 19K is a pretty significant investment when I am 30 + years from touching it. He keeps talking about the instant tax savings and compound growth but I dont think he understands all the financial long term benefits of real estate.

Am I wrong here? Should I listen to my CPA and max out my SEP or should I stick with my plan of 70% real estate 30% Stock market? It would mean I would buy 2 houses instead of 3 this year.

I researched online and found that if you get owner financing and the lender finds out you are renting it out they can call your loan.

I am looking to buy a vacation house near Fort Myers FL. How strict are the rules to get owner financing. For instance - I purchase the house as a vacation home (second home), then we realize we are not using it as much as we though - could we then rent it out part time without the loan holders fussing.

Owner financing would obviously be ideal. I just dont know how "flexible" the rules are. What trouble am I looking at if they deem it a rental.

Welcome Steve - I own a property in Lyndhurst and a couple more in RIchmond Heihgts. Message me some time if you have any questions about the market.

I just feel like diversity is a good thing. I have been looking at Columbus metro and Orlando metro near the new medical city ( lake Nona).

Its nice to hear BP members get excited about Cleveland...its reassuring.

Thanks for the tips!

For those experience out of state investors....

I am a relatively new investor in Cleveland. I own 4 properties in the suburbs that I have managed by a PM because I run an internet business that takes up most of my time.

The rent/price ratio is good here in Cleveland but I dont see the appreciation potential that I see in other markets.

How do you feel about turn key companies for out of state? Do you use them? It seems like it would be extremely difficult to purchase a property on my own and manage someone to get it rent ready from long distance. Something as simple as being there when utilities are turned on can be difficult from such a distance which seems like turn key might be good.

If you can share your steps involved I would appreciate it.

It wouldn't be hard to manage a rehab as long as I find good people. Im going to pick an area pretty soon and start trying to get a solid team together. I wouldn't be apposed to a rehab from long distance - hope it works out.

Thanks!

I was trying to avoid putting 60K down on a 250K house which is why I was looking for 150K or less..... Jon - is this a project house or turn key at 250K

I dont have a realistic idea of what prices are so I might be way off -

But I would like a house on/near a beach or with a pool so I can pull some decent rent. Any areas around 100K still?

I want to add a vacation rental to my portfolio with a single family house somewhere in Florida. What markets in Florida are still playing catch up where I can find some deals and prices are still low.