All Forum Posts by: Alan Grobmeier

@mark 

@Mark Manglicmot

Actually, I got a divorce.  I decided I needed a new start elsewhere.  I inherited my parents house in La Mesa and bought a bunch here.  I happened to have shown up in AZ at the bottom of the market.  Not sure it would work out as well today.  Lol.

@Bill Goodland

I hope you realize the book was almost pure fiction.  There is no 'rich dad', just like there is no Santa Claus or Easter Bunny.  It was 'motivational bs'.

Best thing to do:  save money, buy real estate.  ;-)

@Mark Manglicmot

Welcome.  Unfortuately you find that 'nothing that is good' is easy.  If you try to keep your investments in San Diego county you will find a very high barrier to entry in the cost of the property.  The infamous '1 percent rule' is not possible and a pipe dream, especially in high cost of living locations.

I am a San Diego native.  I moved to AZ in 2010.  Now we have 9 good cash flowing properties.  I retired in September.

It depends.  A lot of information is left out to make a good decision.  Other assets, salary, years to retirement, present salary.

If these 401ks are stranded, maybe you just need to move them to a self-directed Ira where you can invest in real estate.

Another option is to move portions to a Roth IRA. 140k is a significant hit on most ppl taxes, so be careful. Talk to your CPA.

If you want to see how your 401k is getting screwed, go to 401kaos.com.

AG

@Diane G.

It depends.  I owned a 4 plea in phx that was not a good deal.  A lot of hassles and outside my business model.  My business partner has since grown his mfh business to 22 doors.  I'd never do it again, but it was a good learning experience.

I stay in my sfh, nice house, business model.  Much less going on.

AG

What about asking to see if the seller would finance?  Write up an offer and send it. Worst case is that they say no.

If you need money to fix it, try to see if you can get friends and family, a LLC, or maybe a business plan on what you are going to try to do.

AG

@Eric DeVito

You need to talk to a CPA, but here is ONE possible way of doing it:

1)  Sell house

2)  1031 exchange into a slightly more expensive house, creating new cost basis and profit

3)  Sell new house for price paid

Poof.  No more gains.  ;-)

@Eric DeVito

@Nathan Miller

Have you seen anything with numbers attached to it?

Thx

@Tracy Springfield  I am a buy and hold investor with a very specific goal.  I am wanting assistance in getting properties that meet my 'pain in the A$$' business model.  The 'kicker' is that I am wanting to acquire via subject to or owner financing.  I have too many loans in my name and don't want the hassle of banks.  In addition, I do not want to spend zillions of dollars on yellow letter ad campaigns.  I have zero interest in wholesaling or doing fix and flips.  It's NOT my model.

I've approached a number of people to mentor me.  Many would not return my email questions after my initial contact.  No one wants to teach me to acquire what I want 'my way'.  I go for 'everyman' houses, that most people would not mind living in.  The problem is that all the 'mentors' want to either teach me wholesaling, fix/flip, or lease/option.  Did I say that I don't do those things?  LOL

I was a member of the local REIA for a year. I found 3 classes of people: Sharks (the ones selling 'knowledge', services, or stuff), the wannabees (have nothing, no nothing), and the Social Lites (get together and BS types, but actually are doing something).

My conclusion is that the people you want to learn from are NOT at those meetings.  I think they are probably too busy 'doing' their business.  I THINK I may have found one, but that is a different story/post.  

For those of you reading this:  You are PROBABLY better off doing a deal vs paying someone thousands of dollars for 'education'.  If you need education, you should go to a Barnes and Noble and look for real estate books vs. handing thousands over to a guru.  $50 vs $1000+

I'm looking for documentation.  The only thing I can find is from 1991, published in 1996.  Is there anything like this that is more 'up to date'?

Thx.

Alan

http://www.census.gov/prod/1/statbrief/sb96_01.pdf