All Forum Posts by: Matt Ridenour

Finally coming back to this thread.  You guys are awesome.  Thanks so much for this.  I'll be working through these responses and will try to update on my actions.  

 Thanks Marcus.  I'll start asking around locally for a tax advisor.  I guess I'm looking for more than tax strategy though.  I'd like to find a business coach that can help me work through highest and best use issues.  Flipping and buy and hold are going great in my market.  Also launching my first Airbnb and I'd really like to find someone that can help me add a zero.

Thanks again for the input.  I'm on the case.

 Thanks David.  Exploring.

HI everyone.  I'm looking for some help finding a wealth coach.  My real estate strategies are paying off well, but the taxes are crazy and I'd like to focus my machine a little, with an eye on legacy wealth.   I am looking for someone who can listen to my ideas and help me refine my approach for optimum financial gain.

Thanks all!

@Dave Foster thanks for the reply.  Long time no talk.  Hope you are well.  I still may try and 1031 that property into something bigger and better.  I'll reach out soon.

Thanks again!

 Sorry, Erik.  Autocorrect.

Hi everyone.  Looking forward to some discussion on this question, so thank you in advance if you have time to weigh in.

I have a rental home with a fair bit of equity stored in it, with a non-performing tenant.  Bought it for 115 and rehabbed it at the beginning of covid.  Mortgage is for 115k, and the value is 320k or so now.  

Once the tenant is removed (should be about 30 days from now) we can either sell it and 1031 that 170k (after fees, etc.) or we can rent it again and cash flow about 500 per month.  It's in great shape as it was just rehabbed and won't need any cap ex for the next several years. The problem is the trapped equity.  I'd love to recapture that equity, but rates are high and I've had trouble making it make sense financially.  It is nice to have an asset with such a low debt/value ratio.  

On the other end of this, I have 4 vacant parcels waiting to be developed.  Does anybody know if I can use those 1031 funds to develop a new rental?

Thanks for any input here!

 Thanks Eric.  We own the land.  We bought a 14 acre parcel and split it into 4 pieces.  One lot is already built and is now an airbnb.  The other 3 are vacant.  We'll park this tiny house (on a trailer) there until we are ready to build.  I'm checking with a couple of credit unions tomorrow regarding financing the trailer.  

Thanks for the input.

 Thanks, was also wondering about some kind of motor home financing as it's on a trailer frame.

 ;)