All Forum Posts by: Leon G.

Quote from @Matt Eklund:

@Leon G.

Don’t get out of real estate. You just need to get into the right properties with the right property manager. For a more hands off approach, which it sounds like you’re looking for, do turnkey investing. I have properties in 3 states and loose very little sleep over them. You wouldn’t abandon the stock market over a couple of bad stocks right? You would dump those and get into stocks with better proformas. Do the same for your real estate. Use the BP tools to analyze a deals. Use property managers that specialize in turnkey. Find your PM FIRST and then have them find you properties.

Yes, I want that. Thanks for the input... where are your properties?

Quote from @Jaron Walling:

After reading this I'm surprised the OP lasted 2 years... Agreed with @Charles Carillo sell or better yet 1031 into passively managed real estate syndication. 

Given the markets don't sell these units FSBO. Good grief that's just another headache. Find a valuable agent to list them, or work with @Dave Foster to 1031 properties, and you'll be less stressed. 

FYI, I just sold it myself... no stress.... why are you surprised? you don't even know me... don't judge people you don't know... this is not twitter 

I just sold my Duplex in TX and still have a SFH waiting for the tenant to leave. With the super high valuations and 2.1% tax rate I was just renting to get maybe 7 or 8% return. I finally decided to sell my assets and move my rental business to Oklahoma. I am just browsing places to buy, I have been looking at Tulsa, Durant and Oklahoma City.

@John Kunick, do you have a Real estate agent you can recommend? How much should I pay for a 3/2 for rental? Other than the property taxes of about 0.5% are there any other payments I need to make. I wont buy into an HOA.

I am just a bit hesitant because I don't live in Oklahoma but could move there if I start growing my RE portfolio.

Thanks!

Quote from @Albert Hasson:

If you’re truly convinced the country is going “socialist” then you should probably buy gold and turn off the news. Maybe you’ll sleep better at night.  You’re currently getting a 10% return PLUS appreciation.  Good luck finding that somewhere else without a lot of risk.

Renting has a loooot of risks... much more than people realize. Gold is similar to bitcoin; The metal itself has only the value that the markets think it has. Gold is a useless metal and the price is completely disengaged from the supply. If more gold is needed then there are enough mines to meet hundreds of times the demand. It would be a better investment to buy lithium or platinum, at least they have some uses in the battery and oil industries respectively; Gold has no use anywhere, it is just a shiny metal.

Quote from @Henry T.:

Quote from @Shaniqua Knight:

Quote from @Mike Dymski:

While you are figuring it out and/or deploying it over time, US Treasuries and certain CDs are paying 5%...and 4% for certain online savings accounts.

 Can you share how to access these CD's? 

https://www.treasurydirect.gov...
I know you asked about cd's , but the IBond is currently paying 6.8%. Hard to beat for zero risk.

 Yes, the problem is that you can only invest 10,000 per year. not more.

Quote from @Bud Gaffney:

@Leon G. And a good attorney !

So I pay the property manager $200.00 per month and the lawyer $200 per month? what is the point? I am having a rental business to make a profit, not to feed parasites and offer housing. I got this advise 8 years ago... the lawyer part, till now I have not had the need to use them whatsoever, and I had to evict a tenant myself. I can also hire an accountant and a maintenace person that way I can make -$1,000 per month. Good idea

Quote from @Account Closed:

Quote from @Leon G.:

Hello; I currently own two rental units. a duplex and a SFH. I just got notice that both renters in my duplex are vacating end of March. After a $500 plumber bill I no longer wish to continue stressing out about this business; at the beginning (10 years ago) it was fun and challenging, now, after seen how we are the ogres (landlords in general), the outrageous government response with the eviction moratorium during Covid, the raise in taxes and insurance, service people who charge you more than a brain surgeon, the fact that this country is becoming dangerously socialist and the tenant drama I finally decided It is time to look elsewhere for investments.

I just cannot find any information of what to do when I sell my properties. I do not need information about how to do it. I have already sold by owner and am well aware of 1031. I am seeking advice of what to do with the money from someone who exit the business and successfully got similar income and appreciation of capital. I understand it will be hard to match (if not impossible) the 10% yearly income and 5% appreciation of properties (those are my numbers). I really am just seeking a peaceful life without screwing up what took me 10 years to build.

All my properties are paid off, I did try to go the rout of hiring a property manager (two actually) and it was sooo bad. One of them hired a landscape guy, well, the landscape guy never came so I was paying $140 per month for nothing for about 7 months.

The other property manager didn't tell the tenants they were responsible to replace the ac filter, that bill was $1000 to replace the AC fan motor.

I am really afraid of blowing off the money. I want to preserve it the best I can and I am sure there are people that exit perhaps 5 to 10 years ago and did better with a truly passive investment than with rentals.

After turning 40 (I am 43 now) I keep wondering this.... What happens if at the end of the day I actually did have more than enough to be happy and all the stress (of the rentals) was not necessary.... Lets say I die with $200,000 in the bank and right before I die I remember the time I had to go to court to evict one of my tenants..... that would be so sad... I really want to just relax and have a happy life and hope for the best. I am tired of preparing for the worst... preparing for the worst is killing me slowly and I might not ever make it to experience the best. So, I guess I will hope social security pays something in 20 years and the stock market is still there when I grow old.

BTW, I am an experienced investor, I know I can dump everything in the stock market but I am hesitant to do that. I have 50% 50% stock market/real estate allocations right now. I have thought about Fundrise (medium success when I invested there), Crowdstreet (I have not invested there but might consider), farmtoghether (20k invested there already) and groundfloor (bad experience so not looking to invest there).

Any advice will be appreciated.

There is no greater wealth than peace of mind - Buddha -

Where are the properties, I may be interested.

 Tyler TX

Quote from @Jaron Walling:

After reading this I'm surprised the OP lasted 2 years... Agreed with @Charles Carillo sell or better yet 1031 into passively managed real estate syndication. 

Given the markets don't sell these units FSBO. Good grief that's just another headache. Find a valuable agent to list them, or work with @Dave Foster to 1031 properties, and you'll be less stressed. 

I don't think the sellers agent does much. maybe take pictures and "review" the contract... the buyers agent is the one that shows the property and the one that draft the contract. As long as I read the contract carefully I don't see the value of the sellers agent. This is not the first time I FSBO, this would be the second time. My first it was completely flawless.. not a single problem whatsoever.

Thankyou for your reply. I am planning to invest in a OZ, the capital gains will be about $60,000 (hopefully) so I will have about $210000 to invest in something else. Could you please suggest me OZ funds and Syndication opportunities. I am new on Syndication.

Thankyou Charles 

Hello; I currently own two rental units. a duplex and a SFH. I just got notice that both renters in my duplex are vacating end of March. After a $500 plumber bill I no longer wish to continue stressing out about this business; at the beginning (10 years ago) it was fun and challenging, now, after seen how we are the ogres (landlords in general), the outrageous government response with the eviction moratorium during Covid, the raise in taxes and insurance, service people who charge you more than a brain surgeon, the fact that this country is becoming dangerously socialist and the tenant drama I finally decided It is time to look elsewhere for investments.

I just cannot find any information of what to do when I sell my properties. I do not need information about how to do it. I have already sold by owner and am well aware of 1031. I am seeking advice of what to do with the money from someone who exit the business and successfully got similar income and appreciation of capital. I understand it will be hard to match (if not impossible) the 10% yearly income and 5% appreciation of properties (those are my numbers). I really am just seeking a peaceful life without screwing up what took me 10 years to build.

All my properties are paid off, I did try to go the rout of hiring a property manager (two actually) and it was sooo bad. One of them hired a landscape guy, well, the landscape guy never came so I was paying $140 per month for nothing for about 7 months.

The other property manager didn't tell the tenants they were responsible to replace the ac filter, that bill was $1000 to replace the AC fan motor.

I am really afraid of blowing off the money. I want to preserve it the best I can and I am sure there are people that exit perhaps 5 to 10 years ago and did better with a truly passive investment than with rentals.

After turning 40 (I am 43 now) I keep wondering this.... What happens if at the end of the day I actually did have more than enough to be happy and all the stress (of the rentals) was not necessary.... Lets say I die with $200,000 in the bank and right before I die I remember the time I had to go to court to evict one of my tenants..... that would be so sad... I really want to just relax and have a happy life and hope for the best. I am tired of preparing for the worst... preparing for the worst is killing me slowly and I might not ever make it to experience the best. So, I guess I will hope social security pays something in 20 years and the stock market is still there when I grow old.

BTW, I am an experienced investor, I know I can dump everything in the stock market but I am hesitant to do that. I have 50% 50% stock market/real estate allocations right now. I have thought about Fundrise (medium success when I invested there), Crowdstreet (I have not invested there but might consider), farmtoghether (20k invested there already) and groundfloor (bad experience so not looking to invest there).

Any advice will be appreciated.

There is no greater wealth than peace of mind - Buddha -