All Forum Posts by: Jake Andronico

Quote from @Arn Cenedella:

@Jake Andronico

I’ve looked into them but have never executed one.

Let me say they will be expensive and complicated.

I think what you will find if one is trying to defer $50,000 to $100,000 in gain, it’s not going to be worth the time and trouble.

On the other hand, if client is trying to defer gain of $500,000 to $1,000,000, it’s worth the time and trouble.

I use First American Exchange for my own account a dozen times and they have been right on the money.

Google them and reach out.

Arn

It's definitely more expensive than a traditional 1031 exchange, but being able to secure properties upfront can be super convenient. 

It doesn't tell you anything about a massively important metric.... EXPENSES. 

It can be a solid starting point, but has become much more unrealistic. 

There are a lot of forum posts in here about people only wanting the 2% rule...

Market conditions always curb and accentuate expectations.

I have a client in Reno doing two reverse 1031 exchanges and we've been able to secure some great deals putting out some cash offers (both weren't even countered). 

I'm curious, has anyone else done a reverse 1031 exchange before? What're the pros and cons in your opinion? 

@Charles Evans

Congrats!! Sounds like a great property from what you've shared. 

Here was my experience house hacking in my 20's as well: 

https://www.biggerpockets.com/forums/922/topics/1133476-hous...

Cash reserves have saved me multiple times, but my properties were both NOT renovated. 

Quote from @Trevor Davis:

Quote from @Jake Andronico:

@Karin Recalde

I'm sorry to hear that. Happens all of the time. Assuming you used financing, i'm assuming it appraised? 

We always check the assessor as we see people trying to boost unit count when it's not actually true. 

 Hi Jake.  I'm in the same boat as Karin.  The city is claiming my 4 unit is really a 3 unit. It has appraised twice as a 4 unit. What can I do to prove my case?

What does the assessor say?  

@Alan Asriants

Really not that bad (in my experience), and most people aren't willing to do it. Probably the most approachable way to get into RE investing (especially if you're younger), but just my opinion :)

Things definitely went wrong, but if that's not expected than it's definitely not the right strategy for someone. 

Quote from @Gabi NA:

Hi, I am a 20 year old college student looking to buy properties with the goal of either turning them into Airbnb short-term rentals or long-term rental properties. I'm pretty new to the game and would love to get some advice from more experienced investors here!

A few things I'm trying to figure out:

1. First-Year Living Requirement: I've heard some places require you to live in the property for the first year before renting it out. Is this something I need to worry about? I'm not sure if this is a local thing or if it's common in all markets. How do I know if this applies to the areas I'm looking at?
2. Airbnb vs. Long-Term Rentals: What do you think is a better strategy for someone just starting out—focusing on Airbnb (short-term rentals) or traditional long-term rentals? 
3. Rental Arbitrage: Is rental arbitrage still a viable strategy in today's market, or has it become oversaturated? I’ve heard mixed things about it, and I’m wondering if it’s worth considering as a young investor without a lot of capital to start with. Has anyone had success with rental arbitrage recently?

I’m open to any advice, personal experiences, or recommendations for someone at the beginning of their real estate journey! Thanks so much in advance!

Hi, I am currently living in south Florida and was wondering what are some good areas to look for condos or townhomes to rent or do Airbnb. 

Welcome to BP! 

If you can live with roommates, do it. Buy a single family home with as many bedrooms as you can afford and live like a college student for as long as you can. 

Most people won't, so you can eventually have what they can't. 

Easiest way to get into the market in my opinion. 

@Matt Powers

Really good advice from @Caleb Brown. 

There is no silver bullet. If you're able to house hack where it makes logical sense, you have a great chance of financially winning long term. 

Quote from @Kegan Scholl:

Quote from @Jake Andronico:

@Kegan Scholl

Awesome strategy!! I've done this twice in Reno, NV and it's changed my life. 

Where would you like to live? It's a big decision, and I recommend spending some solid time in each area. Getting an Airbnb and going to different spots to check things out. 

Also, what's the nature of your business? Would there be a certain area that may impact the business positively or negatively? 

Having cash reserves AND income in case something comes up is incredibly important. 

 thanks for the advice! I live in Minnesota but have a video editing business online so I can go anywhere and there wouldn't be positives or negatives to any. 

Super cool!! You're in an amazing spot. Your opportunity is also what's difficult, having virtually unlimited options :) 

@Cindy Ng

Good for you for taking care of your elderly parents. That is very kind and noble of you. 

I would recommend investing in something that you understand. 

I moved from the SF Bay Area to live and invest in Reno, NV because of it being much more landlord friendly, low property taxes, close to Northern CA and Lake Tahoe, strong appreciation, and I understood the market after speaking to a bunch of people and feeling confident about the future here.  

It may not make sense for you, however. There are a lot of different ways to deploy that $300K (or keep a larger chunk in cash for safety). 

Being able to drive by your properties frequently to see them in person (even if you have a property manager) can provide consistent peace of mind. 

It also depends on your goals and how safe/aggressive you want to be, how much you want it to earn, and what meshes best with your lifestyle. 

Whatever you decide, it sounds like you're in a great spot and I wish you the best of luck!