All Forum Posts by: Deanne Bourne

@Katie L. katie I have been looking for a tax attorney/CPA . Can we schedule a meeting about my portfolio on Zoom ? Are you a real estate investor in any state?   Deanne Bourne 

If the 1031 Exchange is on the table there is hope. If that is taken the big investors NATIONALLY will rise up.  Prop 19 will force sales bc property taxes will be very high. The CA Realtors that wanted Prop 19 had little pushback. 

I don't have an answer from my attorney yet but I am trying to get an appointment as we speak.

Seriously!! Biden may be eliminating 1031 Exchanges?  I guess I need to speak with my attorney about an irrevocable trust then. 

If I don’t create an irrevocable trust as my attorney is suggesting and I miss the February deadline on Prop 19, maybe I can 1031 exchange my two investment properties out of California before I die. 
Is that a viable option? I don’t use either as a primary residence.  The equity in them  is over $2M total.  I do have mortgages for about 50%. 

My partner and I are just headed home from MO to San Francisco after evaluating some deals in MF.  Our planes are full, few masks.  
  My Airbnb had one cancellation in San Diego bc people traveling didn’t want to be stranded and not be able get back to their country.  

I am not in a risk group so it is business as usual but the false sense of risk does have people shutting down.  Certainly those hosting the conventions and other large group events will suffer and there will be a ripple effect as workers are not needed for these cancelled events. This may cause local rent payments to suffer. Rates for money have been low and seem to be positioned to stay that way. Good time to invest before the summer buying.
  We have left the stock market with our retirement money and continue to move toward investment properties.  It feels safer if you are able to manage this type of investment . I seem well suited and my partner depends on my experience. 
So has it cost me some income ? Yes, a bit so far but otherwise it’s business as usual.  

I am  shopping for a Missouri at this time for a 3 family.  My situation is complicated by property in several states, Airbnbs, a partner and 5 mortgages but I did find someone in San Diego who would work with me for about 4%, 25% down.  I will try to use a buyers credit to roll the closing costs into the loan which will make it more like a 20% down when it all nets out.  HomePoint Financial Brendan Kolesar ..This is my 3rd loan with them and their team is organized and the rates have been good.  D

http://housingnewsletters.com/valuejedi/5e50387d36cb2817a8af8b92?s=em

@Eric Mitchell    I have rentals in several states and Short Term Rentals in 3 states.  I have 2 property managers and I have recently hired a co-host for the Airbnb help.  

STRs are NOT passive income.  You must respond day and night to guests and you can not leave cell coverage to go fishing, go camping etc without a co-host.  That said, they can be lucrative in certain locations. 

My smaller or higher end places that wouldn't rent well long term  have become STRs.  Message me and we can talk about out-of-state rentals. 

St George is a great location and I almost bought there 8 years ago and it would have been right but now the developers are there with huge housing tracks.  Prices are doubled for my niche. 

It may continue to climb bc the standard of living is very nice still and there are a lot of programs like Senior Olympics that keeps bringing buyers. 

I would try a short term rental if you think you can devote the time. 

Hi @calvinsmith

 There are many things about a property that even a great inspection can not identify.  A partially collapsed sewer for instance ( had one of these) so you have to be ready for something to go wrong that stops cash flow and is expensive.  Keep enough cash so you can bail yourself out of an issue and pay the bills.  

I read somewhere recently that rent control is not favored by anyone who understands markets and economics.  The long term effects are not good.  Sure more people will own  homes bc the investors don't want them but the people who must rent will find that no one can remodel a kitchen, change carpets or do any kind of major improvement while collecting the minimum rent allowed.  Housing stock will deteriorate noticeably, and even more so if the owner can not increase to market rents during a vacancy.   

 I am investing in different states and plan to move out of the ones that continue to give me issues.