All Forum Posts by: Account Closed

Just wanted to chime in here and ask, who normally sets up a 1031 exchange?( Lawyer maybe?)

I'm asking for my own near future knowledge when I'm ready to sell my house .

Eggcellent!

@David Faulkner Totally agreed with everything you said. We actually don't like Massachusetts very much and chose not to invest here. Not to mention its almost impossible to cash flow SFR here.

 We have a friend in Georgia that moved there from here and loves it. Me and the wife actually stay in our friends vacation home every year so thats what gave us the idea of a vacation home there. We will have someone to keep an eye on it. Plus I would like somewhat of a passive experience, at least for now...

@Robert Gilstrap I've been looking around the Marietta, Kenesaw area all the way to Jasper.

Jasper is where me and the wife like to vacation each year and plan to move there and/or buy property at some point.

To answer your question, at this point in time I am learning how to find cash flowing properties and not sure if I'm doing it correctly. I have come to the conclusion that I do not know the rental market very well there or I am not very good at analyzing deals yet. Probably abit of both if truth be told.

I'm glad you chimed in here as you seem to have plenty of experience finding deals and managing property. 

We will be in Georgia April 30th - May 5th. Would love to buy you lunch and pick your brain =)

@Nick Frostbutter Great job jumping in! Sounds like you're on the right track.

Just FYI to tag someone type the first 4 letters of their name( I believe its 4..correct me if I'm wrong)  and wait for the box with their full name to pop up then click it, otherwise I don't think it tags people.

Best of luck :)

@Kyle H. You have given me a great starting point to my analysis! I wasn't sure if I was supposed to be looking at 100k properties or 200k properties. After reading your post it gives me a great start and a realistic expectation. 

I will run numbers on 100k property and compare them to the 200k just for my own curiosity. Thank you!

Some awesome info in here. Much appreciated!

The monthly rental income is my inexperience at analyzing vacation rentals.

In my efforts to get better, I just got a VR spreadsheet from another BP member which has Nightly high and Nightly low rates and estimated nights rented at high plus low rates( I will verify these numbers with property management in person in 3 weeks when we go on vacation ).

I plugged some numbers into the spreadsheet and it seems to be working abit better than the way I was doing it...For now these are just rough numbers but the analysis already looks more reliable!

I'm kind of learning as I go here and asking alot of questions. I would never just jump in to a property without having some kind of understanding about what I'm doing, so thank you for helping me on my journey to my first investment property. @Jon Latorre @Michael Greenberg

@Joseph Hennis Monthly income is averaged out. I'm not sure how to calculate peak and off peak rental times in terms of income. I will talk with the PM and hopefully get some answers as to what those numbers are. Right now this is just my attempt to do a VR analysis on my first investment property. I'm sure I will get better at analyzing over time. Hopefully I'm on the right track.

@Tony Castronovo Great job you two!

So jealous right now :=)

I'd like to find someone to shadow and help do some routine maintenance... I think its the best way to learn. I've always learned alot better being hands on than from reading books. 

Two guys with the same passion, Sounds like you guys had a good time.

Thank you @Jon Crosby . Great post, Kudos!

Quick question, what's the "14 days year allowed by the IRS" refer to? Is it a requirement to stay there 14 days per year or we can only stay there 14 per year? Can you elaborate? 

Thanks .