All Forum Posts by: Nicole W.

I have a rental near a base. I have tenants get deployed each yr or two. I just let them stay until they deploy. I have never had a problem with it except right when Covid hit and the new tenant coming in (newly being deployed to my area) had it cancelled so I had down time. They had given a deposit and I was holding it a couple weeks for them. That was the only time I had an issue. 

I just did a 1031 exc from Ca to Az SFRs right before the end of the yr. Prior to closing I had sellers of a 6plex and 4plex lined up but after I closed on my sale they backed out deciding to just refinance their places and buying new investments. We didn't sign any agreements as my property was for sale then closed within a very short amount of time with a cash buyer. I found it very hard to find multi properties in areas without severe weather issues (in my identification time) that were in nice enough shape to not have to be rehabbed. I looked around for quite a while for and found a great realtor & Property Mgr. I drove out, found the houses and closed on them. It was a real seller's market and crazy out there right now. On purchasing the SFRs it is taking a little set up. It depends on what passive is to you. I have had out of state properties using Property Mgrs and one without one. On these I just got I can live off the cash flow. It is passive enough for me. 

In my brief researching of NNN, DST and REITs, none of them fit my purpose or interest. I am not familiar with nor have I ever purcahsed NNNs. I really tried to see if these would work. There was too much of a learning curve for me with the time I had and from what I did see, it was not for me. I also looked into mobile home parks. My accountant advised against it. Mobile homes are not real estate unless you get the land with it as well. I didn't see that being as passive as I wanted, had again a new learning curve plus the exit strategy didn't seem as preferable as SFR or multi-units.

I wish you much success with your exchange. There are time limits and it is very important to have your ducks in a row. 

I just got a card instead of a stimulus check and it only arrived yesterday though my husband got his immediately. They may just not have gotten it yet. I understand they can just check the IRS website.

I was advised to get an irrevocable trust in the past and it was a nightmare. You basically sign your assets away. I wouldn't do that for my situation ever ago.  I just 1031 exchanged my commercial property out of California due to the rent control and other issues. I didnt' even realize this other part was even happening. I am so happy I did the 1031. On a primary residence, the child must live in it along with stating officially that they want the exemption within 3 mo I believe. I told my sons about this so that they know what to do in any emergency. 

@supada l

Yes. I sold a few a long while back when the crash occurred mainly due to 1) high insurance 2) so many properties went on the market that the rental rates went below my hold ability 3) I had a handful of these and couldn't hold onto them easily. I sold them about 2-3 yrs in. I mainly sold them as they were going to negative cashflow longterm at that point. Not short term. I have bought other properties since knowing that there was some deferred maintenance needed and got that all done then kept my reserves in place so that I could easily handle anything coming up. 

I advise studying up more on what you should look for in a rental property, the set aside amounts you need a margin for (vacancies, repairs, capital improvements). You should know ahead of going into one what you can rent the property for. Know what you need in a property mgr. Nothing is every "turnkey" no matter what you are investing in business wise or real estate wise. One piece of advise I found to be the most useful is "Look, not listen". YOU look at and figure out the #s. YOU see if there is going to be enough for reserves for these items. YOU look at the property. YOU are responsible for your investment decisions and for the upkeep of your investments. Also another piece of advice is "If it isn't in writing, it isn't true" so if you have a contract with someone on their service, ensure it is in writing with them on the contract. Even if out of state there are a lot of ways to do all this. I have a few out of state properties & they are all cash flowing well. Unfornutely when I first started out, being from Ca where the taxes don't fluctuate like other states do when prices go up and not being familiar with hurricanes etc, I invested in areas where the taxes and the insur skyrocketed thus leaving a negative cashflow after I had done my #s. I learned the hard way to also invest in areas that don't have the harsh weather/higher insurances or potential high insur due to their location. So, I didnt' really do all my homework back then on that point. I should have called insur agents well ahead and checked out the taxes. It was up to me to do that. I couldn't blame the realtors or anyone for selling them to me. This business is a business as well just like any other. You must train yourself in this area. Read books on it. You can learn as you go as well, but YOU must learn, apply what you learn, and then manage your investments properly. 

@Julie Hill

I have a similar issue. I just worked with the knowledge I do have and moved at the pace I could understand the deals and have done well. Probably not as great or as fast as some others but I do have financial freedom. I studied different ways of buying and have gone with the ways I feel most comfortable with and do understand. I am conservative and some have laughed at me but in the end my own statistics for myself have increased and I am so happy I followed the routes I did and am where I am today. I use spread sheets and take longer than others to figure a lot out. I don't conceptualize it all either. I know that if I were to sit down and clear up all the terms very thoroughly I would get them with practice. If something sounds too confusing or I can see things are not matching up to what I do know, I don't go with it. Should you find any other way to help you with this besides just sitting down and clearing all the terms very well, let me know. I am also interested. 

I had a 10 unit apt and some SFR. I have a condo but don't prefer them. The apt was very old and though I kept upgrading it over time it started needing a lot of major work so sold it and bought SFRs with it. I was able to leave a 9-5 job and live off the income from it all now. It took me around 24 yrs though to get to a really good place with it. I could've done it a lot faster had I been more focused on the RE business vs my job. Hope that helps. I also don't borrow for anything that is not an asset. I have no liabilities.

I have a criteria and keep to it with everyone. Violent criminal is not on my list. There is no scarcity of tenants anywhere. I rather wait to get someone who fits my criteria than not. It saves more time in the end. 

@marco Santarelli
I looked up the Norada Funding and see you are the owner of this company so that last post I made is irrelevant. Sorry about that. I can go to your site and check it out.