All Forum Posts by: John McDonald

@Melanie P.

>  The best thing you can do for the taxes on the property is die and let her inherit it.

Hahahaha.  I love these forums more every day. 

@Rafal Soltysek, Fix and Flip almost always makes sense, it really depends more on your market and your own personal objectives. Some markets don't lend themselves to fixing and flipping, like low turnover or bad economics. However, your personal goals and personality should be the driving force in your investment approach. 

If you're patient and handy, managing your own single family rentals may be for you. However, if you're like me, neither patient nor handy, I'm focused on scaling my team to run fix and flips in every major market. We're using predictive analytics to find opportunities in every market. Managing nationwide teams isn't for everyone. You see where i'm going here. Personality drives your objectives. 

Buy and hold may be a better strategy if you're looking for stable, long term, income.

Good luck on your journey and Merry Christmas. 

Cheers

I'm cashing out and moving more INTO real estate. Fix and flip for fun and SFR, multi-family and commercial for the long term.

After a certain point, we'll liquidate our single family as it's a headache to scale compared to MF and commercial but we see a part of our assets remaining in real estate for the long haul.

Cheers,

I agree with Edgar. Power of attorney is the best option in this case. It allows someone else to effectuate the notarization on your behalf. If you don't already, it might make sense to setup an LLC and apply the POA to the LLC.

Good luck,

Cheers,

Welcome LeeAnn, 

It looks like you're investments are off to a great start. Upstate NY is also a fantastic market for fix and flips. Potentially another source of revenue for you as your LTRs are marinating. 

Good luck with your journey. 

Cheers,

Hi @Christie Gahan, we're seeing the same here in Texas. Developers are already salivating over numerous developments coming to fruititon, mostly around Austin bu througout Texas. 

I'm not sure about Oregon, but it's like the Texas market, there's ample opportunity for everyone who's keeping abreast of the developments surrounding CHIP investments, in every segment of the market. 

Good luck.

Cheers,

Hi @Javier Osuna

I've never experienced any kind of prejudice associated with the age of a building. If age were a consideration for loans, the east coast would be full of new buildings. 

Merry Christmas,

@Alton Pettit,

Firstly, I'd start with a reputable money manager. They'll tell you:

1) Don't put all your cash in one place.(diversify!!)

2) Don't pay cash when you only have $5.3M. Always use someone else's money to make more money.

As far as RE investing goes, I'd find a solid mentor and learn all you can before diving in. It's fun and will only take about 6 months to really get your arms around where you want to start and they will be based mostly on your personality. 

Good luck with your exciting new journey. 

Cheers,

@Jeff S. Great examples and solid advice. @Bobby Rainbolt If you're going to successful, long term, your numbers need to make sense. As Jeff pointed out, your numbers should be based on percentages, not specific amounts, otherwise you'll run the risk of getting killed on a high end flip as in the example Jeff provided. If you progress from SFR to multi-family, you'll need a winning formula that will always involve risk evaluation based on percentages.

Good luck and Merry Christmas. 

Hi Sam, 

The Manchester area is full of great deals. Most of lower NH has some pretty solid activity in wholesale. The market in that area is blistering hot right now due in part to the covid migration and the millionaire tax in MA and overall low inventory.

Northern NH is a mess though with quite low turnover. Stay south of Lake W. However, you'll find a lot more volume in northern MA, about 5x in fact. 

Good luck with your journey.