All Forum Posts by: Jie Li

@Gilbert,

I'm running out of conventional loan for this 2nd replacement property. so I have to either pay cash, or get a commercial loan. At this moment, I'd like to try a lower priced market (maybe $65k is more realistic than $45k) to see whether it works. All our rest turnkey properties are $120k+. So I'm learning here too.

Thanks!

Jie

@Gordon,

I've heard of Independence, but not Raytown, MO. Could you send me some sample properties to see the prices and rental incomes? Do those properties fully rehabbed, and managed by a good company?

Thanks!

Jie

@Jim

How would William Robison help you with the renovation work? Is he accurate on rehab cost estimate, and return projection? how long have you been working with him? and how is your returns compare to turnkey?

Thanks!

Jie

I had some experiences on rental properties 1 hr drive away. Initially I though they can make good investments since nothing make sense in where I live and that is the nearest place I can find rental properties.

However, it doesn't take too long for me to regret on my decision. Even with referred property manager, the properties/tenants still have all kinds of issues that I'd prefer to double check it myself. That's when I realized that I hate to drive 1 hr to just get there, and stuck in the traffic frequently make it even worse. Now I only invest out state turnkey properties and have others manage the property for me. And as Johann said, good property manager is so hard to find.

Good Luck!

Jie  

@Jay

Thanks for your advice. Me and my husband figured out that adding up the cap gain tax,  depression recapture and CA state tax make it a big chunk of the profit. So we would prefer to exchange it and just put a little more cash out of  pocket. This is our 1st exchange, so we're learning here too.

Jie

@Swat

What submarkets of TX at this price range? Do you have more info?

Thanks!

Jie

@Mark

 Do you have Philadelphia turnkey companies contact info? Which provider do you use for Kansas City? What's your experience with them?

Thanks!

@Curt

That is what I'm doing now. I'll check the website. Thanks!

I was trying to check some turnkey providers in Biggerpockets, but not a lot of info I can use as references.

This is the 2nd replacement property for 1031. The sold one is $335k, 1st replacement is $270k.

Right now I'm looking at Kansas City, Pittsburgh, Cincinatti, and Indianapplas for $45k - $65k turnkey property. I've never heard of TX market for this price. And I'm open to any healthy markets with good team. 

Usually I buy $100k+ for turn key properties. This is going to be new for me at this price rang because of 1031. I do need to have a good property management company taking care of it for me after closing.

Thanks!

Jie

Hi,

this is Jie. I'm a new member to BiggerPockets. 

Right now I'm doing a 1031 exchange that I need to buy a replacement property for $45k or more. I plan to buy in the price range of $45k-$65k for a turnkey property since I don't want to pay too much out of pocket. Can anyone give me some advices on good market and turn key providers in today's market? I'm looking for long term investment that can give me decent cash flow (cap rate 8%+)

Thanks!

Jie

Fremont, CA