All Forum Posts by: Buddy Holmes

@Tom Smart,

Not to criticize but just to compare your logic of the having a million dollars to pay off mortgages on all your "small cash flow" REI to get more cash flow. It you run the numbers, your ROI on the REI will go down as you pay off the mortgages. Consider keeping the many Small cash flows as is and take the million dollar to a different investment in DST's. The $1M can generate a 6% ($60k of your example) and up to 10% ($100k /year) return in addition to your small cash flow portfolio. BP member @Leslie Pappas has written an excellent book of the subject called "Cashing In Tax Free".   And if you should have something left over for your kids, the DST's gives it to them tax free.

I think it is great to do all your planning now and get off on the right foot!  Cheers, Buddy

@Dylan Tettemer,  @John Underwood has really given you some great advise!  Like a text book in a few paragraphs. I would add that there is a BP Book by @Scott Trench called "Set For Life" that details the path laid out above in more detail.  Get a copy to read as you prepare for the future. Thanks for your service! Cheers, Buddy 

Please see above:

@mike Nicholson,

@Melissa Searing, @Amy Bates, @Austin Hatley, @Brian Lobb, @Tommy Lamar

@Jason Ellis, @Bobby Wallace, @Kevin Latten, @Brian Lewis, @Andrew Merritt,

@Troy Gandee, 

@Russ Scheider, 

@Andrew Merritt

@Jason Ellis, I am also concerned that all those who read and said they were coming might think the event canceled. I will try to make a note to them that we are over here now. I have read Josh's note for this forum about the commercial use being prohibited. In full transparency, I have invited a REI savy Agent and a REI savy mortgage broker to attend to answer any questions in their area of specialty. I have used both of these gentlemen's services and can recommend them to all but I am not selling anything for them and didn't invite them to the event to sell anything.

On Steel City Pizza,  they have great food and drink but did not require we buy anything for the use of their patio.

I would hope that you might thank them for their willingness to host us, but that is up to you.

So much  for transparency... Happy hour ends at 7:00 so come a little early is you want a drink discount. :>))

@amy Bates

@John Semanchuk

@roy jenkins,

@kevin Douglas

@Landon Smith 

@Kara R.

@Russ Scheider

@Russ Scheider

@Jason Ellis Thanks for the re-post.  Just in the nick of time as the blog police removed the entire thread and the comments of some nine BP members that said that they were interested and coming.  Just for the record, I am not selling anything and @Mark Mattison is not selling anything.  We just thought a meet and great might be useful to the Charleston Area BP members.  Let's thank Jason for the re-posting and hope those that saw the illegal post in the Charleston forum still get the word and don't think we canceled the event.  Cheers,

Buddy

@Amy Bates, will do.

I am not up to date on the latest, but dropbox is free and allows multiple parties to get to the same files in a directory.  You can have different directories and different set of individuals with access to selected directories.  I think Google has something similar if you don't mind data mineing.

@Troy Gandee, I forgot to include you in the invite above.  Please try to join us.

@Brian Lewis,  We are hosting a BP meet-up of Charleston area folk on Monday evening Jun 19th at 7:00 PM  If you are down this way please drop in and network.   The place is Steel City Pizza patio, 8600 Dorchester Rd, N. Charleston.  Cheers, Buddy

@Kara R., I have been doing my own taxes to date and doing REI returns since 1998. I can give you some when we have our get-together or by email.

My last 1031 exchange got tricky with Turbo Tax. I spent an hour with a CPA out in Goose Creek to get an understanding of how it was supposed to be done.  But It seemed that although he knew the rules he really depended on his version of some software to do the specific math.  Since I am an engineer and a math nerd, I like to understand the rules, do the math first and then check that Turbo Tax is doing what I think it should be doing.

We need to get @Mark Mattison going on setting our next meet-up.

Cheers, Buddy