All Forum Posts by: Bo Goebel

@Izaiah Jacobson

Great job taking initiative and starting a post here on BiggerPockets. That is a great way to get a wide range of excellent answers from some of the most successful investors in the game.

There is an abundance of information out there. Until YOU’ve figures out what investment you want to learn about, you shouldn’t be getting information from one person.

Search best books, BiggerPockets, YouTube, google, etc. for information on each investment strategy. If you have specific questions, post them here.

Simply saying I need an experienced investor to give you the answers won’t get you very far, though.

Good luck!

Please feel free to connect with me if you have any additional questions! 

@Tigran Kalaydzhyan Evansville is one of the two markets that I am actively investing in. You historically see a very stable (or slightly declining) population, but that is only one piece of information. When looking holistically, Evansville is a high-yield (cashflow) market that you can build a great team and find some great opportunities in. (The people are the best part!)

@Harrison Barber My Guy! We need to catch up. First beer is on me.

That concept is absolutely feasible. Most of your seasoning periods come from government-backed loans (VA, FHA), which you can only get as a primary residence. It doesn't sound like that's what your going for here.

We just completed our cash-out refi on our home here- had to wait 6 months from the date of the first mortgage payment to exit that loan because it was a VA loan. It was no problem because we accounted for it on the front end.

Let’s talk about approaching a local credit union or bank- Kinetic, Regions, or Synovus. They will have packages that you may not even need to refi out of the original loan- as long as you have a business plan. I also know some rehabbers here that may be valuable to you. 

Come join the discussion as we run through the ultimate way for getting started in real estate investing! 

We will start with a deep dive into several different methods of house hacking, some basic concepts, what to look for, what to avoid, different loan options (with a special emphasis on using a VA loan to house hack with no money down!), and move into a discussion with the experienced members in the room.

Afterwards, network and enjoy some pizza and a beer at Speakeasy. This is where relationships are made. 

Surround yourself with people that are taking action and shaping their future. 

Also, to answer your topic question, there are absolutely bad markets. I'd argue Columbus GA is not one of them. 

@Adrian Maynard
Hey man. You need to make it out to the next meetup if you are available. I'll be hosting one on military house hacking in November. 

Spending your time on Zillow looking for properties is not efficient. It's like looking for a girlfriend on Facebook. I'd tell you to find a good broker and explain what you're looking for exactly. I know several. Quads are a great start to the investment world and Columbus has several hit the market from time to time.

As far as the Columbus market, I am surprised to hear your opinion. The south side has some rough areas, but overall Columbus is a consistent, high-yield market. Wallet hub just ranked this market's economy # 57 in the nation for being so diverse, out of 501 cities/towns studied. 
I'd like to know where you got your data, because I have completed market analysis of Columbus and found sources for ~5% unemployment, slightly higher than GA average. 
I'd be happy to share with you some info on the city. 

@Natalie Kolodij @Andrew Gingerich
You are completely correct, Natalie. Thank you for clarifying, as I was a little vague in my explanation. 

The point that I was trying to make is that the capital gains that would be realized from the sale of a property are completely FORGIVEN if held for 10 years. With a 1031, you simply DEFER (possibly indefinitely) that gain. 

Gamble on the taxes you owe today, yes. But I'd argue that in most scenarios that risk is compensated for because you have a total of seven years (if closed by December) of your deferred taxable money generating a return. The fact that you can then sell any property and realize $0 of taxable income from the appreciation (both natural and forced) is possibly a tremendous cherry on top. 

For long-term, value-add, buy and hold investors like myself, it is an incredible tool. 

I'm just going to yell down the echo chamber.... the rehab cost is very light. I'd have an inspection done on the property immediately. Anything built in 1940s has a great potential to have issues.

$19k per unit that rents at $400-600? And it is fully occupied for a year... quite frankly those numbers just don't make sense. It's either the best deal I've ever seen or something is massively wrong with the property.

Also, check out J Scott's book on estimating renovations.