All Forum Posts by: Mark H. Porter

I’m happy to be flat against last year.  2022 was a fluke - Covid money created new vacationers.  These were folks who had never taken traveling vacations before and probably never will again.

My projections are against 2019, the year before Covid.  2020 we got hammered, 2021 people came back but mainly to single-family residences where they didn’t have to share facilities, 2022 was crazy travel-wise.

Hi Liridon - the papers make this out to be so much more than it really is. I live in North Myrtle Beach, have a large STR rental house in the Cherry Grove section of the beach, and frequent Myrtle Beach proper often for dining and shopping. Never have I felt unsafe.

The city allocated millions a few years ago to purchase and tear down a dozen or so older motor inns on ocean blvd that had been left to squander and had become havens for the less than desireable.  They’ve been torn down and gone.  They’ve also invested in an older area of the city that’s being regenerated into an arts district and will improve the walkability and bike-ability.

It gets blown out of proportion.  It’s just like rumors about hurricanes.  Newcomers and tourists worry about them all the time but in 170 years we’ve only had THREE category 3 hurricanes or greater hit Myrtle Beach.  People love to create fables.

Start by reading this -> 

https://www.scstatehouse.gov/code/t27c040.php

Do you have a copy of one of the existing leases?  Just use that same one.

Do you know if the parents co-signed?  How the joint-tenancy was considered (in case one leaves)?

Let’s get a pro in here for you - @Dave Foster

I've used Dunes Law for my large SF STR and Nelson Mullins for my commercial multi-tenant retail.

When your P&S is signed on your property, and it enters due diligence, you should already be running the numbers on a dozen or so potential properties. If you're buying in the same region as you sold then your broker should have already been doing their homework. If you're going outside that area then make sure you have a broker looking in that area at least 30-days prior to your closing.

Hmmmm…I'll disagree where this is going as I've had a different experience. I self-managed, while working full-time, in college, and in the air guard, until I had 22-units across 6 buildings in Vermont. I then had a PM company at 5% handling rents and billed me for R&M along with annual compliances. I eventually got to 55 units and was cash flowing, after debt and CAPEX, $450 per door per month.

Key to what you mention is cash-flow.  Because of the cost of debt right now (8-9%), this means that the less you borrow the higher the cash flow (unless a very high cap rate).

You need a very good broker and QI working for you now.  I’ve used @Dave Foster as my QI a couple of times and have been very pleased.  You can identify up to three properties at the 45-day mark post closing your down leg and then chose from any combination of that to satisfy the 1031.  Just remember, if you have any debt on the downleg you must take the same on the upleg.

What I've always done is have the three offers lined up and in due diligence at the time of downleg closing. My strategy has been recently to have a DST as my third choice as a backup in case both the other two fail due diligence.

I was 36, in college, working for IBM full-time, and in the Air National Guard.  My landlord said I could set up a nice little retirement if I invested in rental properties.

First 3-unit was bought with my VA loan for $136k which cleaned out my bank account. Built it up to 55 apartments through 1031's before I moved everything to commercial. Now I have multi-tenant retail in SC, VA, and NC and I retired at 60 and my wife at 52.