All Forum Posts by: Jason Maguire

 I think you hit the nail on the head right there Dave. I really appreciate the advice & detailed response! My biggest concern was definitely using a corporate online company that doesn't have too much involvement with the client- so i agree vetting is a must & have to go with my instincts. Also good to know how the 1031 industry operates as a whole.

Thank you @Tony Kim, i appreciate the point in the right direction! 

Hi All,

My partners & I are putting up our duplex up for sale in Albany, NY & are looking to transition a 1031 exchange into an out of state STR in Savannah, GA.

Does anyone have any company recommendations or anyone on BP that can do 1031 exchanges? I tried calling a few local tax attorneys in Albany and most of them aren't taking on new clients so going back to the drawing board.

I have also seen more "corporate-y" online exchanges like "First American Exchange" among a few others on other BP posts but haven't see any recent posts. Does anyone have any experience with these? I really like the face to face discussion and want to make sure that communication would still be good with sites like these. 

We were planning on reaching out to our agent this week to get the ball rolling on the sale portion & wanted to start working in parallel. Appreciate all the help!

-Jason M

I would get ready to evict. What is the reasoning the tenant can't pay? Is COVID a valid excuse if he hasn't lost his/her job at the Refinery? I actually just walked away from my first deal due to inheriting a tenant who was already late on Rent, something i just didn't want to deal with.

Try & get a valid excuse and if not, like other members have said i would evict if possible. Sounds like they are going down a slipper slope.

Best of luck!

Justin- Thank you for your feedback! I 100% think you're right, especially for a first time rental investor it may be a little too risky to budget only 5% for CapEx & Repairs. I updated both calculations to 7.5% to be on the conservative side. Last thing i want is to not have enough money put aside for these expenses, thank you!

As for property management, the prop. is only 15 minutes away from my house, so i should be able to do all of the property management and heavy pulling myself.

Jay

Took the tax info + home insurance info directly from Zillow. Units are on separate meters as well for electric.

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Hi Everyone,

Would love for some good feedback on this deal analysis. Analyzed a bunch of deals over the past week but this one stuck out the most. I know the 25% CoC ROI seems to good to be true, that is why i would love some feedback.

Units need little cosmetic work (paint, mowing the lawn, general landscaping, etc) but nothing appears major whatsoever (pending inspection if offered). Both units are rented & apparently one of the sellers house burnt down doing a flip last month and is looking to liquidate some of his properties. He tried to sell the unit for 120,000 for the past 2 years. It was even listed in 2016 for 100,000 and didn't sell then- that is why i put purchase price for 100,000- thinking that may be the magic number or the top of what i would be willing to pay. Property is in a C class neighborhood though. Budgeted for gas, snow removal in the winter + the 5% for CapEx, Maintenance & Repairs per piece. Let me know your thoughts.

Jay

 Hi Russell- thank you for the words of encouragement! Would love to have a few great loan officer/ agents in the area to choose from & build a relationship with. Just invited you to connect!

 would love to discuss further Shaun, i will drop you a message!

Good Evening Bigger Pockets Community,

I wanted to take a quick minute to introduce myself as i try to emerge myself in the amazing community of REI!

My name is Jason & i currently work at a local pharmaceutical company doing Supply Chain Management & Logistics in the Albany, NY area. I was inspired to get into REI as for the past few years i have seen the success my brother in law has had with "house hacking" It really opened my eyes up to Real Estate.

Over the past 5 months or so, i have been quietly "lurking" in the background. I have read most of Brandon's books, Rich Dad Poor Dad & i have to say i have been truly inspired, attended a lot of the free webinars & have been listening to a few podcasts a week to stay fresh. I am hungry, ambitious, motivated and ready to take my life to the next level and willing to do whatever it takes.

The main thing i am looking for from REI, is financial freedom as i think most of us are looking for. The idea of being in the rat race for another 35-40 years quite frankly scares me. I do not want to be like every average Joe pumping money into my 401K, because it's safe.

I could probably go on for another 8 paragraphs so i will stop here- i would love to connect with like minded individuals in the Albany/ Troy, NY Area or anyone in general. It's important to surround yourself with people trying to do the same thing as you and that is a big reason to why i am here.

Feel free to reach out & i look forward to talking to everyone more!

Thanks,

Jay