All Forum Posts by: Clinton McGilvray

I don't know the Albuquerque market, but if I was PCS'ing without my family, I would try to do a live in flip.  It's the strategy used by @Mindy Jensen and she talks about it a lot on the podcasts.  I think your timeline would work really well with a live in flip since you are close to your 20 year mark and since you aren't bringing your family, I'm assuming you will be retiring somewhere else after this final duty station.  As long as you live in the property for two of the last five years, any of the capital gains are tax free and you can take those profits back to your home market and reinvest it closer to you (https://www.irs.gov/taxtopics/...). I'm not opposed to long distance investing in certain situations but I do believe it's easier when your properties are closer if your market is reasonable. I think the live in flip is the ultimate house hack if done correctly since there is a much greater upside potential in a relatively short amount of time. Probably easier to find a property and a great deal because you aren't competing with all of the multi family investors, you have the advantages of an owner occupier, and you have potential tax free gains of up to $500,000.00 as a married couple. The velocity of money is a powerful tool and most buy and hold strategies are long term plays, the live in flip is an accelerant to your money. Combined with a VA loan and if you did it with a rundown small multifamily, you could have a very profitable deal on your hands.

There's the Muskingum Area Investors' Association(MARIA) in Zanesville, OH or the Landlord Association in Cambridge, OH. You can message me for details on either one of those.

There's the Muskingum Area Investors' Association(MARIA) in Zanesville, OH or the Landlord Association in Cambridge, OH.  

Yes, balloon is part of the same note as the payments. 

1. Currently a title company is servicing it but I assume it would be up to the note buyer to continue using them or change services?

2. They are paying all closing costs.

3. I haven't gotten that in depth with them yet so would appreciate your thoughts on the different ways to do that.

4. One of the companies specified that I would retain foreclosure rights.

The property is raw land in Oregon but I'm in Ohio. The note is10 years into a 15 year term so it is quite seasoned. I've talked to a couple of local attorneys but I'm not sure if they have the experience with this type of transaction that I'm looking for.

I'm currently in the process of shopping a note around to see what I can get for it. I'm down to two companies that are bidding back and forth right now. I'm wondering if anyone has any advise on what to look out for or avoid during the process? The offers that I'm looking at are for the remaining payments and I keep the balloon in five years. Thanks for any help!