All Forum Posts by: Guy Yoes

@Dave Foster

Yes Dave Tammy and I are still kicking and knocking on some doors. I will be 63 next week and am fully retired. The children are managing the properties. All of our properties were bought with 1031 and are debt free. Thank you for your guidance through the years, 

Personally, I think being debt free is the best way to get a good night's sleep. We spend our time traveling and playing with the grandkids. 

@Randal Cornelison

Stay the course. Do what is working for you. Grow when you can and have patience. Best of luck from one Okie to another.

I've done multiple 1031s over the past ten years. We have grown our portfolio from a single rental to six duplexes, single-family homes, and trailers. Usually with little or no out-of-pocket costs.

I have used @Dave Foster for all my 1031's. I am currently doing another 1031 with ERG (make that two). Twice I have turned an SFR into a duplex and then 1031 a duplex into two duplexes. Often there is very little out of pocket costs. Check out his new book on Lifetime Tax-free Wealth.

Reach out to Dave today!

I have read Dave's book more than 3 times. Every time I read it; I learn something new. If you are a real estate investor, this book is a must-have for your real estate library.

Nate

It depends on where you are in life. Personally, I enjoy being almost debt free. I have 4 duplexes and two sfr's and a trailer. They are all paid off except the last duplex I bought (I owe 84K and the property is valued at 250K I paid 100K for it last year.} I own my home outright and have no personal debt. I am 62 and for me, I couldn't be happier. 

The best thing about being debt free (on your house) is not making payments and paying interest. Having that loan paid off is like paying yourself. I would rather pay myself than pay the bank. Do the numbers. what could you do with the extra money? The answer is... whatever you want!

@Ed Waggoner

Best wishes on your plans to move forward into apts. We have been using Dave Foster's book on Lifetime Real Estate Wealth to better our position regarding investing in Real Estate.

We connected with Dave about 6 years ago. Through his mentoring and answering a ton of questions we went from a small SFR to multiple duplexes, trailers, and SFRs. Our portfolio has literally doubled every year since!

@C. J.

If you don't have @Dave Foster book, I suggest checking with him to get a copy.

I am always referring to the book as it has answered many questions for me.

Good luck!

@Joel Schiffer

Joel-

These are all exceptionally good questions. First, I would like to recommend a book by @Dave Foster. He can tell you how to get the book I personally have read over 3 times. It has so much information that taking in all the information in one reading is difficult. It is not easy to decide on the best way to proceed. I am in my sixties and reducing my properties by selling out my duplexes in Springfield MO. There has been a significant increase in property values here. I am buying SFRs that will cash flow the same as my duplexes were. This reduces the number of doors I must manage.

In short, we plan to increase cash flow and eliminate what little debt we have left. Using the 1031 process, we will benefit from not paying taxes and be able to leave our properties to our children who are learning the REI process.

The effortless way would be putting it into DSTs. That is not my first choice but it is passive income (3-5 %)

The market is ok but there are still taxes and the chance of loss. Also, there would not be tax incentives like rentals.

If you plan to exit REI, you should consider the nicer house and rent for 2 years

I think that Dave's Book would give you some more options.  

Best of luck with your decision.

I am 62 and have a mix of multi family and sfr’s. Like you I also want to keep decent income but don’t want to handle the day to day issues. I am working on getting my daughter and her husband to handle the duplexes (six on the same street) and my will manage the sfr’s. Most all of our properties have 1031’s.  We also plan to pass the properties do our children.  
all that said I am retired and wife will be soon. We have enough to enjoy our time together and travel several times a year 

I think you are going to do just fine. If you decide to go to apartments will your children still manage for you?

I wish you the best in whatever you decide. 

 @Dave Foster foster @heatherpabon

I have done around seven 1031’s over the past 4  years.  My rentals and my rents have doubled every two years. In one case I did a 1031 from a 100000k into 2 duplexes now valued at $450k. 
after reading the 1031 book by Dave I have great cash flow which changed my lifestyle. I would rather get monthly than pay taxes.