All Forum Posts by: Damian Leonard

Go for the 6 unit. I think you'll find that the more doors you can buy under one roof the better. Go bigger and partner with other investors. I wouldn't mess with duplexes if you have the capital to invest in bigger properties. You didn't mention what the purchase price would be, but it sounds like a good one to buy and manage yourself. If you find it to be a pain to manage yourself hire a management company to do it for you. 

I hire 3rd party property management to do all of that. I only buy properties that allow enough returns to afford professional management. Then I manage the manager, but they have the systems in place to collect rents. They handle all of the phone calls, no tenants call me for anything. Interview several property managers and see if that is something for you to consider. Best regards.

Join your locale REI Clubs, network, educate yourself on the different options. See what fits your situation best. But invest a little more into yourself and become more familiar with what you are getting into. If you don't already own a home, why wouldn't you start with a duplex, and go from there?

Damian in TX

Good points. I'll need to contact my CPA about the UBIT, probably right about that, but not sure if it is true if all funds stay in the IRA.

Need to get pros and cons of several Self Directed Co's in TX. Looking to be a passive in a few apartment deals in 2015, and 85% of our funds are in IRA's with Fidelity and Ameriprise. Any pointers on what to look for in choosing a company. Have been told to check into the companies back office and their efficiency and diligence.

TIA,

Damian