All Forum Posts by: Justin Hoggatt

Hello fellow BP members and investors.  If this isn't already a post, this is important information that we are faced against as landlords.  I hope that you take a moment to all stand up and let your voice be heard to our representatives regarding the Eviction Moratorium that is in place.  We need to move on from this and let our business get back to usual.  Please consider taking a moment to quickly and easily fill out the information on this link to send a bit to your representatives.  Thank you!

http://www.votervoice.net/Shar...

It sounds like you have a lot of good ideas.  Entitlement on a property is sometimes a very expensive and lengthy process - so if you have plans to take the property and do something with it, make sure you have a good plan in place and place the details in the contract that it's subject to getting the proper Entitlement.

I wouldn't do the first option, but also don't know that much about the second.  Personally, I'd keep looking though, you might be surprised by what you find.

I think it all depends on where you're located and what properties you're insuring.  Try an insurance broker, they can help.  Another option might be American Family.

@Lynette P., yes, absolutely! Isn't it great! The power of the 1031 exchange. Trading up form $500k to $2m is exactly what I would attempt to do with a 75% LTV type of situation.

@Mel Hayes, I would agree with @Eric James here.  Good job on the doubling of value, but if you're wanting to leverage and utilize your equity best, then try and find something that is going to cash flow well with 75-80% debt.

I totally get the question and I hate having to pay for taxes every year.  I think that's pretty reasonable, but yes, it's hard to say.  If they are really good at what they do, that $2000 is well worth it and you'll be getting that back in their worth.  You can go to another CPA that just files and doesn't really look into your financials and their cost could be less but you're actually paying for it in the long run.

@Scott Johnson, I think you bring up a good question here.  You're asking a very similar scenario of how we're getting started.  I think there are a lot of scenarios that you can base a decision on.  For us, we have been involved in multifamily ownership and management for many years that can relate to management of various real estate assets.  Where we differ a bit is that we didn't just jump into it.  We also bring a significant source of experience in RV Travel, living, and many years of learning and research in the RV Park world.  So, I think you'll find that it will certainly help to have experience or at least a solid game plan of why your idea(s) will work well and that could include making sure you have the right team around you.

@Sam Sala, I get the complexity and issue of getting started and trying to find a good solution that makes you feel good about what you're buying.  Sometimes it's easy to buy a turnkey solution and you're managing a good property.  

I also want to bring up, probably something you've heard before, is looking into syndication options.  You can bring a selected amount to the deal (above the minimum in the fund) and be apart of a deal that is truly passive on your part. 

@Amanda Smith, when I take over a building I will send out a letter of rules. But, to answer your question I would just go ahead and give them their 30 day notice right now. I do not see any sense of dragging it out out of courtesy. I would want the property performing as good as possible as fast as possible.