All Forum Posts by: Chad Walker

@Alex Deacon  Maybe at some point, but right now we just want to try and park the money in a neighborhood we are familiar with.  Have seen to many local properties that look great on paper, only to find that the neighborhoods are just a step up from a demilitarized zone.  Would love to reach back out to you once I've gotten my feet wet in this market though!

Hello everyone,

Timeline has got me freaking out a bit. Any advice you guys might have would be greatly appreciated. If you've seen some of my prior posts, you know that I am utilizing a 1031 exchange to defer taxes on some inherited farm land. We should close on the 15th of March, which sets the clock running for me to identify and close on new property. There are plenty of properties out there, but if I can't find a couple of deals, I'll have to purchase at market value and most of the multi property homes in my area have been up on the MLS for pretty long stretches so I doubt any of them will be jumping at a low offer.

With financing, barely any of the properties would cash flow and the ones that would are in super sketchy areas.  If I buy the properties outright, almost all would cash flow.  So I guess my question is this.  Am I making a big mistake buying properties outright at market value.  My thinking is that even though I won't be getting a great return (5-6%), I'll have 100% equity that will allow me to easily secure loans in the future.  At that point (without a looming deadline) I can begin investing properly.  Am I crazy to be thinking this way???

Looking for a local agent/broker in E. Cleveland and spoke with Darrell Imbrosciano at McDowell Homes.  Seems to have a good handle on the Cleveland market, and experience working with investors, both in and out of state.  Just curious if anyone in this community has had any experience with Darrell, or a member of McDowell Homes Real Estate Services?  Any info would be greatly appreciated.  

Thanks guys!!!

Hi @Lisa Mauritis

Well, it isn't as buttoned up as I thought.  According to our lawyer we are okay, but we haven't had the chance to meet with our accountant yet, so I'm still a bit stressed.  

@Johnny Borrelli  It's kind of a convoluted situation. He passed away back in 2000 but my wife didn't take ownership of the property until 2015-ish.  Regardless of all that, after a quick panic we got the issue of the 1031 ironed out.    Thanks for chiming in though.  Nice to know there are folks in these forums eager to offer assistance!

Hi folks,

A plot of farmland that my wife inherited is going to auction today and we would like to defer any capital gains with a 1031 exchange.  Have I totally screwed up by not positioning ourselves for this prior to the auction.  Can I still set up a 1031 after the sale and prior to closing, or have I missed my window???  Any help would be greatly Appreciated!

Thanks so much @Brooke Noth!  Just started following the podcasts.  I'm really enjoying them.  

Thank you for the warm reception @Michael S. and @Dave Visaya.  I plan on lurking for a while to avoid posting questions that have been asked and answered a hundred times.

Hi everyone. Just discovered "BiggerPockets" and am excited to start devouring the content. I've listened to a few of the podcasts and the hosts have mentioned how important it is to take advantage of the forum.  So here I am.  Although my wife and I have purchased two homes, they've been as primary residences.  Both were purchased in California.  The first was purchased in 2005 and sold in 2010.  We were fortunate to get out of the house unscathed.  We came very close to breaking even, which isn't great, but considering the impact on a lot of the country, we were happy with the outcome.  We had better luck with our second home.  We got our hands on a short sale just before the market began to recover.  

  We had never really considered real estate as part of our investment strategy.  The reason that changed is that my wife's father passed away, leaving my wife and her sister a small 90 acre farm in Illinois.  Initially the plan was to hold onto it and simply split the annual crop revenue down the middle.  Unfortunately, as is frequently the case with inheritance, each of them have very different ideas about how the farm would be managed.  Rather than create tension between the two of them, we decided to put the land up for sale, and split the proceeds.  We aren't too excited about paying the capital gains, so it's time to get our feet wet with investment property.

My wife is getting her P.H.D at Case Western and we will realistically be here for a few more years.  That means we will probably be purchasing multi family homes in East Cleveland.  My real estate investing knowledge is non existent at this point.  I'm hoping that through the wealth of information on BiggerPockets and the wisdom of the investors on this forum, I can move forward competently.  Not to kiss up to the admins too much, but from what I've seen so far, BiggerPockets looks to be an invaluable resource.  I'm actually starting to get excited about investing in real estate!  Hopefully once we acquire a few places I'll have some insights of my own to share.

Looking forward to the journey!

Thanks for the replies everyone.  Really appreciate you taking the time to outline the different scenarios for me!