All Forum Posts by: Joseph O'Sullivan

It's like everything about working with students or children/teenagers thse days. A lot to compete with. I would start to see if your local high school, middle school etc have any teachers or people teaching business. When I was in high school we have a Business class, an automotive shop and even a building trades program where the class would divide into AM and PM groups where land would be bought and entitled then they under the supervision of an incredible teacher named Gene would build a home and sell it after completion. Over 40 years. Sadly this was shut down when Gene died and they couldn't find a replacement. 

We need more Gene types teaching and mentoring. 

Another thing I did with my son was have him buy everything.  Gave him the money and sent him to buy.  This can be frustrating.  Example.  Buy a shovel.  He brings out a flat versus round.  Send him back in.  This teaches him how much things cost, to ask questions, plus the cost of wasted time.  Even had him pay his friends who would help so he understood people better.  

After a while he could work in his own without me.  Might not do real estate but he learned basic things.  

 Welcome aboard browski.

@Joseph O'Sullivan, Yeah, the 1031 exchange is completely flexible anywhere in the 50 US states and those territories that @Bill B. mentioned.  I always volunteer to manage our clients purchases in person when they buy in the USVI :)

But just like you can sell any where in the US and buy anywhere in the US - You can also sell any type of investment real estate and buy any other type of investment real estate.  Whatever the market is tellin you is a wise direction, you can do with your 1031.  And like Bill said, you only have to identify your replacement in 45 days.  You have 180 days to complete your purchase.

I'll reach out via pm with some additional resources including our youtube channel.

Out of state investing is doable, I’ve done it.  But, it is a different animal.  You really need to spend a lot of time learning the area first and building a quality team.  The team you put together can make or break your investment.

My brother says don’t teach them, let them absorb.  You just don’t realize they are learning.  

We do Self storage and Country subdivision lots.  Had our son in high school help out landscaping, running skidsteer, putting up signage, clean out units, run software, etc.  Did he learn it?  Dont know.  

We are a big military family.  He joined the Navy. Whether he stays in or gets out he has all the tools to do housing, self storage or country subdivisions.  Would just need to coach him.   

Think everyone has to get Hungry first before they do REI.

We started ours off by watching "This old house" and other real estate "hands on" type shows together. My son & daughter were helping us "onsite" with plumbing at 10 years old and my son chose electrical. I wanted them to know that was between the walls and that they can fix most things.

Fast forward, my daughter went on to other things and my son owns a couple of 100 units multi families

I think you have to give them the opportunity to decide what they are interested in and will stick to.

In high school/college I 'd have them reading on creatively financing projects. But that's me, apparently most people prefer to put 20% down ($80,000) on a $400,000 house. I put zero to $5,000 down. To each his own. But that's what I'd teach them.

Get a property under contract first other wise you're going to sound like a tire kicker and they won't be too interested in discussing the services. 

You have 45 days to identify the new property and 180 days to close. It can be in any state plus a few areas outside the states. 

There are three:

1. Guam
2. U.S. Virgin Islands
3. Northern Mariana Islands

Ps. There’s a short but informative book written by @Dave Foster as well as some YouTube videos. I did my first 1031 last year and he was very helpful. It’s a very powerful tool.