All Forum Posts by: Michael Bettencourt

I've recently move to the Chicago area and looking primarily in Kenosha. Any thoughts on pro and cone of investing in northwest IL. Like Beach Park, Zion, Winthrop Park VS. Kenosha?

Juan Rango, fair argument. Leverage, tax advantages and the ability manipulate your investment is why I invest in REI. It's great to build wealth, if your job does that sufficiently and your just trying to protect your wealth against inflation then stocks would make sense to me. Also if you are a very high wage earner maybe your highest and best use is your job. If spending 2 hours a month on a property that cash flows $200 is a pay cut then your probably on to something.

Quick question. if I buy an investment for $80k less then the property I sold, then put that difference back into the new property as improvements within 180 days would that be a different type of exchange? More difficult? How would they determine the value of improvements? Thanks in advance!

Looking for recommendations for a Commercial broker/ agent for Multi Family from $375k- $600k near Chicago. I'm moving from CA to Chicago and looking to invest soon! Thanks BP.

Hi @Rebecca Holmes, I'm getting stationed at Great Lakes Navy base and looking for multi families from $400k-$700k. For my fist investment I am looking for turnkey or close because I am not established in the area yet. Let me know your thoughts and if you know of anything available. Thanks - Mike Bettencourt

Quick question, wanted to confirm what I read in the IRS pub. 523. I lived in my home in San Diego from June 2010 to Oct 2013 and Moved to Ventura Ca. (180 miles north) on Active Duty Orders. From everything I've read I should considered Qualified extended duty and be exempt form capital gains on its sale( hopefully this spring). Thanks BP!

Thanks a lot for the tips!

I'm about to have a house on the market for $450k with $175k in equity and plan on doing a 1031 exchange. The difficulty is I move from CA to Chicago in June (active duty Navy). I am looking for a 4+ unit with and 8 cap+ that is near turn key. So I am looking at several states to find the right investment. Two Questions: 1. How to find a commercial Broker? I haven't found anyone on board to search the whole South and Midwest. Do I need to find a broker in each state or narrow down my search? 2. Financing? I talked to a local bank and they told me they may not be able to finance me depending on the location of the property. Should I use the sellers preference? Will a big bank be able to finance in every state? Thanks for the help!!

Issac had a good point that I neglected, still complete due diligence but I. My opinion if lack of 3x income is the only disqualifier I would go for it. Ask for the Members LES(leave earnings statement) it will confirm there pay, rank and length of service and most importantly their ETS (expiration of service). You don't want to rent to somebody who is separating out of the Military. For employer and time left at current command ask for their orders.

Sarah Dumm, I think a young couple is less Likely to be rambunctious as I spoke to several young single guys. I think they would be fine tenants, just maybe a little naive ie. scanning and emailing a doc might require guidance.