All Forum Posts by: Gary L Wallman

Gary, you had to make it political! 

And personal!!

Point is, I like good stuff, I don't really care that much about expenses when it comes to my kitchen. You wouldn't know because you never had a high end glass cooktop. But you have an opinion, because your favorite TV channel told you so. With honestly very little respect for your unconstructive post, please keep your political views to yourself.

We are 100% electric in all units for over a decade. A smooth glass cook top is just much easier to clean and open flames are always a concern. As an agent I am well aware about the gas preference, but when you ask most people refer to the old electric coil stoves, which were indeed terrible.

I have a 36" high end electric cooktop in my kitchen and would not trade for a gas burner! The cleaning alone..

@Eric Grunfeld,

If you buying this property personally - you will not be able to use IRA funds for a down payment.

If you have a self-directed IRA and wish to buy this property in your IRA - that would be possible. It is also possible to finance this purchase, but the loan must be non-recourse (IRS rules prohibit personal guarantee). Typically non-recourse lenders will require 30-40% down. You won't be able to claim any tax benefits since you don't own the property (IRA is a separate legal entity). 

Portion of the income from leveraged real estate in an IRA will be subject to Unrelated Business Income Tax, self-directed Solo 401k on the other hand is exempt from UBIT on leveraged real estate, so this would be a better option if you are eligible. 

Howdy all just looking for some insight from other brokers, lenders and investors in the area and beyond..

I've posted regarding the state of the Oregon & southern California Coastal market, and as expected we've seen housing and market activity pick up notably in the past 3-4 weeks. 

Two recent multi unit closings, listings that were available for months pending and even a few properties with offers in that have multiple competing offers. 

Are you all seeing the same sort of market activity intensity? 

I suspect as the weather warms and rates stabilize or even drop we could see a mini 'market boom.'

Obviously great for 'business' but perhaps not as favorable environment for investing as there is increased competition? Thoughts? 

I've got 5 units (Duplex & Triplex) that I've owned for 4-5 years now. currently cash flowing $1500 total. 

Since I'm really busy with my job, I've been strongly considering paying off each one aggressively, which would increase cash flow by 2k which would be similar to owning another 5 units, but without the headache of 5 more tenants and the issues that inevitably arise with owning more properties. 

Obviously I could use the money to buy more more more, but there's something attractive about owning the rentals outright, then saving the additional cash flow to get the next one and so on. 

Anybody here regret paying off a rental or have any advice? 

thanks, 

Edward

So I am going to be doing a major renovation on a unit. Current rent is $1150 but I believe I can get $1500/1600 if I ball out on the renovation. My question is what type of hard surface countertop would you use? Granite, Quartz.. or am I being stupid?

Hello. We have a cabin in Gatlinburg managed by a small company. December 24 the guest notified them that there was no water. The pipes were frozen.  December 25 the guest notified them the heat wasn't working and the guest checked out. So the cabin was without heat. The management company did not turn off the water or go to the cabin. December 29 the cleaner went and the HVAC company. The cleaner discovered water was throughout the cabin. We were notified at 3:15 pm on December 30. We went and the floors throughout are warped and the entire place is damp. Now we can't find a restoration company available over the holiday weekend.  We live nearby and would have immediately turned off the water and contacted a repair on the HVAC. My question is, do you think the management company was negligent for not checking on the property or notifying us of the situation? 

Hi Everyone!  I've been pouring over the forums, books and videos on here about investing in real estate and it has always been something I've been interested in but never knew how to get in until I found this site.  I'm excited to start my journey but have to admit, there seems to be a recurring theme as I work to gain knowledge that much of this information is designed for the 20-something to start their journey and be financially free in 30 years.  Does anyone have advice for someone in their 50's starting this journey on how to implement strategies that can have a quicker payoff or can help fund the retirement years?  Still the same principles or are there specific strategies that might be better than others?

@Rob Chiang

I know people who have rented their entire life because they didn’t feel the need to own. They also have made considerable money, done well investing in businesses and stock market and now pretty much do what they want. There are other ways to do very well without owning real estate.