All Forum Posts by: Melani Sweet

That is exactly what I needed to know guys, thank you so much! 

Thanks Travis- our realtor recommended a reverse 1031, but with the complex transaction my folks are involved in, it didn't appeal to my Dad to pile more on. Maybe we will revisit that option. With some terms, seller was  even agreeable to a 120 day close. Just can't commit to that timeline right now. Might just need to move on for now, seller may have some challenges to overcome in selling it - and it could still be available when we have a more clear timeline.  

I have a question for you experts out there, I have a bit of a unique situation here in CO and need a little evaluation. My parents are working on closing a complicated conservation easement on the family ranch out of state.  It was supposed to be done by this month, but due to government agencies involved, it is dragging on. Once completed, they will be purchasing a few investment properties in a 1031 exchange.      A rural residential property came up here in Colorado that we are all interested in. Would it make sense to find a hard money lender for a bridge loan to purchase the property in my husbands and my name- then sell my parents the property within 4-6 months in the 1031? We are not in a position to qualify for a conventional loan of this size, but have a solid exit strategy here. 

The property does need a bit of work, and think I can get it at a discount from the motivated seller. This property is a bit of a unicorn in the market and location as far as fitting the bill on exactly what my parents are looking for in a rural property,  including a second dwelling.  I could have both units rented quickly. 

Looking forward to hearing your thoughts from an experienced crowd. We are not experienced in REI, but want to be. My folks are very finance savvy, I am just wondering if I should talk to a lender.

Thank you Randi! Great advice... all of it. I am in my mid forties, and my son is going on 4 so I am a late Mom and even later student! I am finishing up my degree in IT, something I started before all of this family business hit. Aligning our financial goals with REI is a great idea, something my husband and I definitely want to do. He is in a construction trade now, and he would like to pursue a Construction Management degree. Our problem is that we have been struggling, and we want to change that. And now we know that there is a light at the end of the tunnel, and want to make sure we catch the train.

The issue is that my residence will also be part of their property exchange. I want to be as smart as I can about it, and take this as an opportunity to build off of that.  It is extremely generous and I feel very blessed. We have been dreaming about moving for a few years, and we need to have our personal goals in place quick if I want to look for property elsewhere! 

Thank you for the sound advice Bill, that gives me a great start for discussions. I might be a little over ambitious. My Dad was the one that brought up the idea of setting up a property management company, and to help them manage whatever property they purchase. But maybe I just try to help identify a safe deal and help them grow an investment portfolio after the 1031 is a done deal. Truly he is thinking about setting up a nice legacy of income properties for us. We can always leverage equity in the property for some single or multiple family real estate investments, correct?

What is a good ROI on a triple net commercial property? This seems like a good option.

I'm new here and eager to connect with others!  I am currently putting together a business plan/proposal together for several reasons, and I have so many questions. I need to know that my ideas are sound in theory and solicit advice.  First, my parents are considering income properties later this year. Second, I would like to jump in and contribute by identifying properties, rehabbing, and managing the properties... and then build the family portfolio from there (for a percentage maybe? Not sure how to structure a partnership like this with family.) 

All advice welcome!!

1. I am a stay at home mom in Colorado and currently going back to school and do not have very much cash. I am interested in learning REI for the below reasons.

2. My parents in California will be receiving between $3 to $4M in easement options on their family cattle ranch and need to invest in income properties in a 1031 Exchange.   

a. Need to determine how to best and correctly identify and purchase a number of rental properties in a short amount of time - work with a Realtor and/or wholesaler?

b. How to determine the best area for them to invest in. If they choose their area in California, that could be only a few properties. I would like to steer my Dad towards the booming market of Vancouver, WA and surrounding area where we would like to move. Risk is not knowing the market as well, but I have been doing my research. 

3.  $750k of this money is earmarked for purchasing a residence for me. or trust planning purposes, my folks need to even things out between my brother and I. My brother was "gifted" some land to build his house, and now will also receive an easement payment. I live in Colorado, but want to possibly relocate to Vancouver, WA and Portland, OR area. 

a. I want to find a really good deal on a "forever home" and have enough left over for a rental property. This would start my husband and I out on our investment journey as well. Ideally, we want to buy a rural property that might have another rental suite on the property.  

b. Should I try to jump into the real estate game here and now in Colorado? Should we try and find a partner to try our hand at flipping for shorter term gains now?

Ready.... GO!