All Forum Posts by: Jennifer Roberts

Thanks Connor. Appreciate the confirmation and feedback!

Thanks so much for the reply. Love hearing others experience on this!

A new person I just met, that's a realtor, offered for me to come out and check out the town. I'm willing, but the timing is tight. So I'm wondering what others think. David Green seems to think otherwise and has given step by step instructions how to do so. BUT, I'm also wondering for those of us, that are a bit more curious/concerned. I've heard of plenty of investors purchasing sight unseen, but??? 

Hello all, I'm currently doing a 1031. I have approximately 55 days to purchase. I'm selling California real estate and the prices of course are high, and I'm moving to a more stable market. I've decided to purchase near military bases in an area that has good wages/price/rent ratio. Possibly an airbnb as well. With that said, time is of the essence. Even though I've read "the books" and am in contact with trusted real estate agents, wondering what your thoughts are, if you are an experienced long distance real estate investor that buys sight unseen. Any info is greatly appreciated!

HI Viany, I live here in California. The market here is insanely overinflated. I'm looking to invest out of state. If you are looking to invest locally, I would personally wait. Out of state. I would consider it, but that is a broad statement. Just my opinion but I wouldn't invest here anytime soon. 

Investment Info:

Townhouse buy & hold investment.

Purchase price: $350,000
Cash invested: $100,000
Sale price: $665,000

Originally purchased as an air bnb, at that time it was more vrbo. Nightly rentals started to become a pain to manage so we went long-term rent. We started that before it became known as a popular 4 season destination. We probably could have held it, but with large HOA fees and a few other issues, along with it never being profitable, we decided to let it go. Last year, this time, it finally increased to the price we originally bought it at. Who knew vacation destinations were the last to rebound in a downturn? At least that's what we experienced. That's 17 years. With future uncertainty, we decided to put our money elsewhere. We hope to take the tax benefit of a 1031 exchange. Wish us luck!

What made you interested in investing in this type of deal?

We loved the location and knew we would travel there.

How did you find this deal and how did you negotiate it?

We just read rich dad poor dad and made an offer below market value. That was 2004. The good ol' days!

How did you finance this deal?

HELOC then 15 year.

What was the outcome?

Took 17 years for the market to rebound. Since it did it so fast (last year was finally at purchase price) This year was significantly more. The accelerated price increase was worrisome so we decided to sell 265K over the original purchase price. I forgot to mention we experienced the 2008 downturn with this townhouse. So it dropped significantly and took this long to rebound.

Lessons learned? Challenges?

I would definitely research the market. Wish I knew then what I know now.

Investment Info:

Townhouse buy & hold investment.

Purchase price: $350,000
Cash invested: $100,000
Sale price: $665,000

Originally purchased as an air bnb, at that time it was more vrbo. Nightly rentals started to become a pain to manage so we went long-term rent. We started that before it became known as a popular 4 season destination. We probably could have held it, but with large HOA fees and a few other issues, along with it never being profitable, we decided to let it go. Last year, this time, it finally increased to the price we originally bought it at. Who knew vacation destinations were the last to rebound in a downturn? At least that's what we experienced. That's 17 years. With future uncertainty, we decided to put our money elsewhere. We hope to take the tax benefit of a 1031 exchange. Wish us luck!

What made you interested in investing in this type of deal?

We loved the location and knew we would travel there.

How did you find this deal and how did you negotiate it?

We just read rich dad poor dad and made an offer below market value. That was 2004. The good ol' days!

How did you finance this deal?

HELOC then 15 year.

What was the outcome?

Took 17 years for the market to rebound. Since it did it so fast (last year was finally at purchase price) This year was significantly more. The accelerated price increase was worrisome so we decided to sell 265K over the original purchase price. I forgot to mention we experienced the 2008 downturn with this townhouse. So it dropped significantly and took this long to rebound.

Lessons learned? Challenges?

I would definitely research the market. Wish I knew then what I know now.