All Forum Posts by: Guy Yoes

Just to clarify that the trailer is 12 feet long. 

@Arvi Carkanji @Jeff Willis @Theresa Harris @Todd Rasmussen

Thank you all for the reply. 

This is a large enclosed trailer and takes up most of the side of the drive. It is parked in the space next to the space the other tenant parks. 

There are no sidewalks and the street is not an "official" street according to the city. It is paved but the street was not build according to city code. 

I contacted the local police and they said I do have the right to tow it but I should try to resolve with the owner.

I have 3 (soon to be 4) duplexes on this street. It is a small town and things are run pretty loose from what I have seen so far.

I agree that towing the vehicle would only cause more issues and cost me in the long run. 

I just bought a duplex that has a medium size trailer parked in the drive. The neighbor next door complains that it blocks her view when backing out. The previous landlord states he has asked the owner to move it several times. I am presenting them with a new lease effective the first of the year. I put in my lease that boats, trailers, RV's etc. may not be parked on the premises for more than 4 days per month.

Can I legally have the vehicle towed at the owner's expense? There are no HOA rules, so it would just be my lease prohibiting such vehicles.

We recently moved to Springfield and need the assistance of a Real Estate savvy CPA. Any suggestions would be greatly appreciated.

@Isabella White

As mentioned, look up househacking on BP. Also I would recommend looking at Tulsa if you are thinking of relocating.

Great town for young professional, lower housing costs, landlord friendly and there is a large group of people from Tulsa on here. They have a great RE group that is supportive.

Best of luck. keep us apprised of your progress. BPers love to hear success stories.

I currently hold duplexes and mobile homes, but i understand the issues. I've had a few complaints. But when I tell them they can move out and forfeit their deposit and pay the rent until I find a new tenant....  they suddenly decide it was not as bad as they described it was. ;-} Of course 90% of my tenants are elderly and on a fixed income and their issues are minor. Mainly they want someone to talk to who cares about them. So we have some coffee and talk and I say "bye, I'll see you next week. 

I have been using my SDIRA and personal income to buy first position notes. They provide consistent monthly income at an average of 9%. Currently I am using SafeGuard Capital Partners. I think they offer notes starting at $35000.00 and up. In my opinion, they are safer than crowdfunding as you are the bank and in first position. On average the notes are at about 60% loan to value. To my knowledge there is no tax advantage other than in the SDIRA which is tax deferred.

I currently am still holding some single and multi family properties which do have a tax advantage. It's a balance of both vehicles. I personally manage some of my properties which allows me to stay somewhat busy at a retiree. The multi family are managed for me. This allows time  for travel and of course the grandkids. ;-}

@Adam Byrne @Dave Foster

Adam- I agree with you that Dave is the 1031 GUY. He is helping us with our second 1031 in the last 4 months. He is knowledgeable, reachable and puts the process in words anyone can understand. Let's convince him to do a podcast on 1031's.  

Dave- Thanks again for all your support and assistance in our REI endeavors!

Bought my first foreclosure in 2015. I had two other SFRs paid off and took a HELOC to purchase this one. I paid 78K and put 6K into it. It rented for 1000.00 a month and stayed rented until I got a contract on it last month. Paid the house off in 2 years. I had 86K in it total and sale contract is for 125K. I"m doing a 1031 on the house for a duplex in the Branson MO. area that rents at 1200 a month. Adding up rental income minus repairs, maintenance, taxes and insurance, I have under 50K invested in the house. The duplex is valued at 128K but I have a contract on it for 100K. This is the third of 5 duplexes I am buying on the same street using a 1031. By next spring I will have 5 duplexes valued at 640K with a little over 50% equity in them. This deal will take about 12 months to complete, but will generate an additional 5K a month in cash flow. given the opportunity, I would do it again.

Welcome-

I suggest finding a nice duplex in a C+/B- area and house hack it. The stress of 3 tenants and repairs on a quad would be daunting. Spend 2 years building equity and learning REI. Then go for the quad. You'll be much better prepared and make better decisions in managing the property. Learn to do some of the repairs yourself. It will save money and give you more confidence. Find like minded people and cultivate a mentor and a possible partner.

good luck!