All Forum Posts by: Joel Schiffer

Situation is, buyer wanted to owner finance.  Drug his feet on getting together the $12k down payment but eventually came through.  1 month later has missed the first payment.  99% sure I'll have to foreclose on him.  Why would someone even attempt to buy if someone doesn't have the money?  Strange to throw $12k just to lose it a few months later.  How difficult a process is foreclosing on an empty lot?  I am first lien and have all the correct paperwork filed with the state.  

 I bought the house in 2017 for $220k, selling for $379k.  The lot was $30k selling for $100k.  So, you're right it's actually around $200k net.  I think my taxes would be at 23% so maybe more like $45k.

San Antonio here. Occupancy rates and nightly rates have fallen off a cliff. I have had a STR for 7 years. I use to be a top 10 house in the city. I've never seen it this slow. The city taxes are destroying the viability as well.

After sales i'll have about $300k.  I'm experiencing analysis paralysis.  If I want to save ~$60k in cap gains tax i need to 1031 into something.  Or, should i just pay the tax and throw it into the S&P500?  I figure over 10 years that's only 2% a year in taxes.  1031 isn't a ton of savings spread out.  People here advise against paying all cash for a house but at the moment my market has negative cash flow on rental properties at 20% down.  Should I buy a nicer/newer primary residence, rent it for 24 months, and then move in to satisfy the 1031 requirements? s&p 500? or some other strategy?  

Thanks for the feedback everyone.  Via a not so scientific method I am seeing that most of these rental properties (on zillow) are renting out pretty quickly.  Since I am new to real estate the number of rental properties listed out there was at first strange but the demand is there for sure.  It seems that @Brad Larsen analysis on average home rental times of between 20 to 40 days is correct.  

Thanks for the replys.  I've just been looking on zillow at all the single family houses for rent and wondered why there are so many.  I'm sure they're prices are a bit on the high side for the quality of the house.  

Can anyone tell me whether or not a business like www.weslandinvestors.com is actually reputable?  How would I go about vetting a potential investment path like this? 

Are 20% returns even plausible?  

Thanks for your insight.