All Forum Posts by: Dana Richardson

Rob, 

I don't know much, BUT  I just sold a personally owned vacant lot and bought a vacation rental using a 1031 Exchange to offset any capitol gains.  Dave Foster is the person that handled our exchange and he is WONDERFUL!  He always responded quickly to emails, texts, and phone calls.  I can't recommend him enough.  You can find him on here.  Wish you the best.  

Dana

Thank you to everyone that replied to my post to help me out.  We ended up doing a 1031 exchange to buy a vacation rental locally to us.  I am happy with our decision and thank all of you here on Bigger Pockets to help me to decide how to reinvest our money.  Thank you Dave Foster for making the 1031 Exchange so easy to do!   

I recently had the opportunity to sell a lot for a good amount of money.  I wasn't sure what I was going to do with this money, so of course, I started reading on Bigger Pockets to gain some insight.  Dave Foster was very professional introducing me to people that could help me  with my real estate questions.  He handles 1031 exchanges which I had already contacted and spoke to someone in Miami.  He never once tried to get me to switch to his services.  However, I did like that he was local to the Tampa Bay area so I did approach him in regards to helping us.  I just want to say he is wonderful to do business with!  I asked so many questions, and many probably asked 3 times or more, and he always responded quickly by email, text, or phone.  I can't say enough as to how easy it was to do the 1031 exchange with him.  If you are ever in need of someone, I highly recommend Dave Foster!  Thank you Dave!

@Michael Greenberg I would love your information also!  Thank you!!!

I'm interested as I own a lot in the Tampa Heights area and got an offer to sell for $150K.  I was going to do a 1031 exchange for a vacation rental on the beach, but after reading on here, I'm thinking of building a triplex.  My lot is zoned for it.  If I could figure out the parking situation I would do a 4Plex.  Keep me posted.

Thank you for your replies, as a newbie, I don't think I feel comfortable in out of state rentals. I prefer local. I am looking for immediate cash flow that we could use then to perhaps purchase another property. I love the beach, so I guess I would lean towards becoming the VR Queen. LOL My end goal would be to own enough rental properties to sustain us through retirement days. My husband can fix anything but is very busy, so I would have to manage and hire out for everything. On the conservative side, I should gross 28K as the VR has a 70% occupancy rate. Our monthly costs will be around $1000 for Mort/HOA/Taxes. Electric bill would be extra.

My thoughts are doing something local with VR on intercoastal or beach, mulit-family unit, or ?

Thanks again!

Dana

We were contacted by a Realtor that has a buyer for a lot we own. We will net $140K using a 1031 exchange. The big question is, where would you invest that money for the biggest ROI? I have identified a vacation rental that will bring positive cash flow and also allow us to use when not rented. The onsite rental program takes 20% if we rent it, and 30% if they do. I may self manage it down the road since I don't work and we live 15 min. away.

I like this because it has high reviews on trip advisor, we can use occasionally, and it is a nice property.  Is there a better place to roll money into since I don't have experience in any type of real estate investment ventures?  This place is located on the intercoastal and is across the street from the beach and has boat slips available.  1/1 sleeps 4, 735 sq ft.  with kitchen, dining room, sunroom, and  fenced patio.  I have also identified a unit on the beach that is a studio 350 sq ft.  higher taxes and hoa.  We can make the studio look great but the building is older and looks tired.  It's reviews aren't as good.

Thank you!

Dana

P.S.  I am a newbie, so any advice is welcomed!

Hattie, In this scenario, it was Grandma's house that the daughter (a recluse) and her son, (the grandson) live in.  The grandson conducted the tour and was selling it like crazy LOL  They have 7 cats and I am sure certified hoarders, as the garage is jam packed full with their "stuff" and the house is still full of crapola.  I am sure they moved stuff to the garage when the realtor said they must de clutter! :) 

Thank you again, for your help, Hattie, good points.  The house is WAY worse then expected and I believe will need 100K repairs.  So if an investor wouldn't be interested in it before, then I am sure the numbers won't work for them here.  It will be interesting to see.  I am no longer emotionally tied to this house because of all the work.  There is some water damage and we believe some work was done without permits which I will check on Mon.  Most will run from this house.  The homeowner conducted the "tours" which was a cluster..LOL  They think its a gem:)  I am doing a 203k loan so if the price is right may put in an offer.  Thanks again!

Dana

Thank you all for your replies.  The house is a 4/3 with 2260 sq ft. and the asking price is 200K.  Based on the neighborhood, houses are between $210K to $280K. (based off Zillow which I know isn't reality)  However, pulling comps off sold homes not knowing their conditions, homes in the area have sold at between $80 and $136 psf.  I am guessing the house looks worse then in the pictures, which shows outdated wallpaper, bad carpeting (in bathrooms also) and maybe even linoleum.  The pictures are bad and show clutter everywhere.  One plus is newer roof and A/C.   Old kitchen and baths and needs stripping wallpaper, and new paint/flooring and windows at minimum.  I am estimating $50-$60K in renovations.  My thoughts are to not have more then $270-$280K into it total when done.   I am preapproved for a 203K loan already.  I am not an investor, but I was thinking that its investors I am going up against which is why I posted here. 

 What price does an investor need to be at, to make the flip worth his time? 

Why would the seller only provide a one hour window for 4 potential buyers to look at the house? 

Thank you again.