All Forum Posts by: Frank S.

I found a property prior to selling one of my existing rentals.

Does anyone have experience or can advise me on doing a Reverse 1031?

Thanks!

@Shawn Marschke I started investing in STR's around mid December and I'm doing well, for now. Instead of a down payment and furnishings I bought ABNB stock. Another way to ride the trend that I think is a long term play for this business model. So, I'm hoping you all have good success in your STR businesses!

This topic has come up so many times and you will get a variety of answers so this is my opinion only.

Go to college – get a degree - the world is moving at light speed with technology and change is guaranteed. How will you adapt to the world and stay relevant? It’s through education, continuous learning and adapting. If you don’t, you will be left behind.

If you don’t like engineering that’s OK get a business degree or minor in it. If you want to own your own business or be an investor then learn accounting, finance, marketing, etc. You need to know these things and they can only help you.

Also, going to college tells me you want to learn, you see things through to the end, when it gets tough or you don’t like a subject you persist because it has to get done. It’s more than a degree it tells people a lot about who you are and what you are capable of.

It can also open doors for you. Be intentional with who you friend, connect and network with.

That is only part of the answer. Opening doors is good but you should want more. Kick the door down and run through it. After the degree it becomes more about the hustle, drive, integrity, work ethic, never going to stop, work nights, work weekends, stop looking at twitter and research RE, Stocks, businesses instead.

My opinion. Good luck!

I know the area well. Great place for hiking, camping, mountain biking, winery and anything outside.

Check out Land Harbor – https://www.linvillelandharbor.com

Before investing in the market you should have between 4-6 months of reserves and living expenses saved up. If you have a W2 job, do they offer you a 401k option with a match? If so, take advantage of it before investing on your own. 

With current world events, I would hold on to some cash right now and build up more reserves. I’m conservative and live by a simple rule – before you buy anything have an exit plan because you are going to be wrong – having the reserves and a solid  exit strategy can save you.

A couple of months ago we closed on a house and it had a home warranty through AHS. We had issues with our hot water heater that took almost 2 weeks and a lot of money out of our pocket. Today, we had issues with our AC and they barely cover anything. Worthless and very poor customer service from that company.

What is your experience with home warranties – are they worth it – of did they (sellers) purchase from a bad company?

Thanks for the reply. I pull and analyze comps to compare my home to others and I’m pretty fair as evident that some of the flips sold first week or even weekend and they close, several for full asking price. Of course, I want more money and I fight for my right (and hard earned effort) to maximize my profit while balancing the need to move it quickly.

I had one house on a great quiet street, all new electrical, kitchen, master bath, floors…etc. One of his comps was a house on a four lane busy road that was not remodeled. I showed them a house similar to mine around the corner that was remodeled and sold (closed) within a couple of months of my listing. That was not one of his comps.

I only want them to be fair and consistent and that is my hang up with some…not all of them.

Great discussion! I have always questioned their independence and “non-objective” appraisals and comps. In my experience, I often feel like they are working for the other party (buying agent or bank) because some of the comps don’t make sense. I have the experience and know how to pull recent sold’s (closed public records sold) along with pictures to object to what they have but they won’t listen or even take into account what I found.

I would like a way to challenge the appraisal. Maybe there is and I don’t know?

Be open to buying stocks – I know this is a RE forum – but I consider myself an investor. Take advantage of opportunities no matter what the asset class. Some good quality companies are on sale right now and could give you significantly better returns than RE. Do you homework and know how to manage risk and the potential downside. Always buy (RE or stocks) with an exit strategy first because if you are wrong, and it will happen with anything you buy, know when to get out to limit your loss.

Great thread and read! The answers vary and you can manage your business as you want but in the end the customer will always be…well, I’l let Sam Walton finish that line, “There is only one boss. The customer. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else.” Makes you think about the customer experience. It’s about them not us so think about win-win proposals that can benefit both parties.