All Forum Posts by: Adrian Orgill

@Sami Gren

I am curious to know what ended up happening with your oil tank scenario? I am going through a similar situation right now.

@Dave Foster thank you for the great insight. I will DM you regarding additional details.

I have a client who is in the process of selling an investment property in Miami and is looking to 1031 into a property in New Jersey where she currently resides. My question: is it possible to 1031 into a multi family, living in one unit and renting out the others? We have been looking at possible 2 or 3 family properties in the New Jersey area.

@Anthony Bowe congrats on your deals and on finding an investor with such a large portfolio. If your options are thin for friends and family private money partners it would be worth your time to consider alternative strategies. You may want to try wholesaling some of the properties to other buyers for cash or with terms since the seller is willing to offer owner financing. This would allow you to raise some capital while keeping the best deals In the portfolio for yourself.

@Luke H. As they say hindsight is 20/20 but that is why it is necessary to document, document, document. I suggest taking pictures when tenants move in as well as 1-2 times a year throughout their tenancy to document any and all damages/ repairs needed.

In your case I would recommend making a list of all damages and put them into 2 categories: normal wear and tear and excessive damages then get a contractor to give you estimates for repairs. Charge the tenant accordingly for any damages that you deem are excessive.

Hope this helps.

AO

@Alexander Archer welcome to BP. You are already off to a great start by joining this wonderful community where you can get your questions answered , learn the best strategies for you and also build your team of resourceful individuals as well. As for where to start: I started with wholesaling as it provides the lowest barrier of entry while allowing you to learn how to find deals in your local market or the market you plan to invest in. I wholesaling isn’t for everyone however and if you have the capital and can purchase right away house hacking is a great beginner strategy as well where you live in part of the house and rent out the rest to earn income and/or offset your expenses. Hope this helps and Best of luck!

@Joseph Michael Sutton. Welcome to BP !!

@Brandon Corcoran Welcome to BP Brandon. You will certainly find a wealth of knowledge and information here as well as the opportunity to connect with many people in the industry who of you use the site correctly will become your business partners and assets In the future. Best of luck

AO

@Alex Seaton, Welcome to BP and congrats on. Whining your RE journey. You might want to check out the DealMachine app to log the properties while you drive around. Also may want to consider wholesaling as it has the lowest barrier of entry into the real estate arena. Best of luck!!!

@Jay E.   I would recommend keeping this property.  As you well know Coral Gables is in high demand for rentals.  The quality of tenant that you will get here( young professionals working in the Gables)  is  potentially better than most other areas of Miami.  If this is  your first investment property then this is a "safer" way to get your feet wet and develop a comfort level with being a landlord.    After holding it for a year or two you may want to  sell at that time and then  consider  a duplex or triplex however you would probably want to expand your search area into Ft Lauderdale (Hollywood)  and Palm Beach as you are certain to get more for you money as well as better cash flow  in either of these areas.