All Forum Posts by: Mark Rechkemmer

Dave's advice is directed to the average person's total portfolio and not towards a real estate investor. So for the non RE investor out there, 5% is the target.  As a RE investor, you will obviously have a much higher percentage.  The rule here is to don't put all your eggs in one basket or you can get scrambled eggs that many of us got in 2008.

I would run away if the seller is going to perform the significant repairs you have identified and not use a licensed contractor getting permits.  The sellers surprised reaction to the report could be a bluff and looking for a newbie to take over his problem.  

I didn't read the entire inspection report, however you need to get your own licensed contractors in their to provide their 'unbiased' advice to you and not someone that the seller has provided. Suggest you link up with a Mentor in your area to help you out on your first deal. Did the seller disclose many of the significant visible issues that you feel they would have known about?  You should have criteria on what you want on a return and if it doesn't meet your criteria, then back out of the contract before assuming someone else's problem/mistake.

I wish to evaluate Self-Directed IRA vendors and wanted to know if there is a comparison chart out there, that would facilitate a review?

The city passed an ordinance that will go into effect January 2020.  You can operate a BNB yourself and see if you get fined or wait to hear about it in the news. If the financials work, you could switch from a short term rental to a long term rental and having only paid a fine. 

It sounds like you may need to speak with lenders for both scenarios and see what/if you can get pre-qualified for.  Their response may give you the direction you are looking for. My first property I purchased was a duplex and lived in it and it covered my expenses, so for me personally, it was a good way to start in investing.  

I think you'll really enjoy working with the higher clientele and fewer repair headaches

You may wish to consider purchasing a 4-plex (home owner occupied loan) and living in it for a year and then buy another a year later.  After 4 years, you could have 16 units.

Does anyone have a good experience with vacation property management companies in North Carolina for Lake Toxaway, Brevard or Blowing Rock?  Thanks in advance.