All Forum Posts by: Matt S.

Hey Tristian- I may not be much help here, but I'm curious to see what you find. I'm an out of state investor with a property in St. Pete. My property manager uses Midwest Mowtivation. From what I can tell, they do a fine job. However, they charge $150/month which feels like a lot for a tiny yard, but I don't have anything to base that on. I can get you their contact info if you're interested.

I would try banks that specialize in self-storage: https://www.selfstorage.org/Events-Education/Virtual-Trade-Show (click financing in the dropdown). Live Oak and Jernigan Capital are two I've spoken with in the past.

https://www.argus-selfstorage.com/property-categories/georgia/?silverghyll_tpicker=property_cats%3Dgeorgia

Good place to start with brokers.

@Jose L Martinez I did a 1031 exchange at the end of the last year. I didn't have anything lined up at the time I put the property on the market and had minimal real estate experience. The 45 day timeline seems intimidating, but at a minimum it will get you to start networking, looking for deals, having valuable conversations. Worst case, to @Dave Foster's point, is you don't find a replacement and lose ~$700 or so...not the end of the world.

In my case, I had a replacement property lined up that fell through on day 25 or so - the seller backed out a couple weeks after after signing an LOI. I was a bit worried at that point, but with 20 days remaining I was able find 2 great replacement properties. Repeating what @Steve Graves said, it's a tight window, but definitely doable. Good luck.

I agree with @Jason Lee. I think defining your goals will help lead you in the right direction. For example, are looking for some cash flow or just depreciation? How hands on do you want to be a landlord? Are you simply looking for a place to live? Buying a place to live in may not be the best option.

If you're willing to live with a roommate in NYC house hacking within a condo could be a good option. My first purchase was a condo in Brooklyn where I rented out the 2nd bedroom to help cover the mortgage. I wasn't making positive cashflow, but I was reducing my expenses. 

My suggestion, without knowing any of the details, would be to rent in NYC and buy property elsewhere (in a cashflow market). I doubt there's going to be significant appreciation in NYC in the short team (2-3 years) given where we are in the market. And cash flow is likely to be negative.  I certainly understand the desire to own the place you live in, but if you look at the numbers it's hard to justify. 

@Michelle Backer My personal opinion is that right now is not a good time to buy a condo in Brooklyn, especially if you're looking to rent it out. The rent to price ratios make it virtually impossible to produce positive cash flow. If you have the money for down payment for a condo in Brooklyn, I would suggest investing elsewhere with higher cash flow. And to @Morris Cohen, income restricted units are not a good investment.

@Tim Miner  I'm interested. Based in Brooklyn, invest both actively and passively out of state.

Hi All-

I just bought a property in Florida as part of a 1031 exchange. I had to buy it under my personal name to satisfy the 1031 requirements. I'm looking to move it an LLC as soon as possible. Does anyone know how this process works in Florida? Are there any lawyers you'd recommend?

Thanks,

Matt

I love when the feedback is this consistent. I’ll be reaching out to Jeff. Thanks all.

Hi All-

I'm closing on a 3 unit property in St Petersburg (my first rentals in this area) and I'm looking for a good property management company. Any recommendations?

Thanks,

Matt