All Forum Posts by: Charles Morgan

There are so many blogs and posts out there covering this already that it is difficult to pin down something specific. The best I can come up with is: start now, buy a fixer-upper house that you can reasonably afford, and join Bigger Pockets.

If you did sell eventually then you would pay taxes based on the depreciated value. I am thinking like you, I do not plan to ever sell, but if you do there are multiple tax strategies to reduce any possible taxes such as a 1031 exchange or the capital gains exemption.

Of course a good tax lawyer should always be consulted before implementing any advice in these forums, including my posts.

I am a big fan of refi, why sell when you can refi to take the "tax free" cash and use it to build your ADU, and still have a good chunk to invest in your next "cash flowing" asset. No worries about capital gains tax or 1031's, just tax free cash! The best part? You get to keep your current assets!

The local tax office and clerk(public records) would be the place to start a search. If it has been a long period, it may be city/county owned at this point. In some places like New Mexico it can be 3 or 4 years before tax liens are enforced.  Good hunting!

**satire** Seems to me a fence around the place paid for by the Mexican government would work just as well... **satire**

Don't forget to deduct depreciation, the taxman does understand that it may take a couple of years to fully rehab a new acquisition to the point where you actually make a profit. If timed right you can be losing money for several years through new acquisitions.

California is definitely high compared to my area. Of course these probably rent for $600-$700/unit.

http://www.realtor.com/realestateandhomes-detail/1...

Just because I put every spare dollar into buying cheap fixer-uppers I'm not fiscally conservative? LOL. Guilty! 

I have about 1 months mortgage reserves in the bank and can cover 3 in my Line of credit. Risky but I am pushing less than a year to retirement and need to make up for 40+ years of financial ignorance...

Don't give up on Orange county but it may take time and effort. Best opportunity: get a partner.

Out of state is hard but not impossible. 

1. Turnkey gives you all that but takes due diligence to find the right company, a couple of Bigger Pockets users have written blogs on turnkey.  

2. Relatives who live out of state can be good lead generators. 

3. Pick an area you would like to visit often and join a real estate group there.

4. More other possibilities than I feel like typing right now :-) 

Long hard process. I'm currently laying a floating laminate over old Vinyl tile. I'm just pulling up the tiles that are easy and leaving the rest. If you need it off, maybe one of those rotating floor machines with a scrub pad on it once the tiles are up.