All Forum Posts by: Tim B.

does that mean that i could not paint or do small repairs myself?

email sent to you jay hinrichs

is there a way to take some of the $ out of my ira & use it to pay cash for an apartment building without causing a taxable event?

if so, can i stick the cashflow generated from the apartment building into my general living expenses account or would it have to be deposited back into my ira account?

note 1: i have a 7 figure ira & this purchase would only represent a 37% withdrawal from it.

note 2: i also own 21 other rental properties (with another house & another duplex in contract to buy & offers on two more that i want to buy, all with cash.)

note 3: i retired last december at 49 & am living very well off the cashflow generated by my rental properties.

note 4: my vanguard funds have been totally flat for the last year. havent made a penny on them, but my real estate holdings have exploded in value & the rents have all been raised, fantastic cashflow even after all expenses

could you do a 1031 exchange to avoid paying capitol gains now?

@jay hinrichs

yes, Winchester bay is where the Umpqua river meets the pacific, just south of Reedsport, between Coos bay & Florence. fantastic fishing & the Oregon dunes are right there for atv riding.

i thought about using them for my cottage in Winchester Bay, but decided to rent it out with a 1 year lease instead. got $900 / mo. 

we paid under 100k for it. owner carried 25% of it at 3%. it cashflows $231 / mo after the tenant pays the mortgage, tax, ins, & p.m. 

i'm happy with that.

if you do not need the cash to live on then i would do a 1031 exchange to avoid paying any capitol gains taxes.

 then what.

i already have 10 financed properties but want to buy more

i think you need to keep looking for better financing.

paying that much in closing costs just to have to refi & pay them again in 36 months seems nuts to me.

@J Martin, where is the sj meetup info?

I am cash poor & currently have 10 mortgages so until I sell something or find a portfolio lender I can't get into another property but always want to learn more.