BP Community,
I have enjoyed the education gained by reading the forums and now it’s my time to jump in. I would be interested in hearing your opinion on my situation.
I intend to sell a property in summer of 2018 when the current tenants’ lease is up. The house has never really been a great investment. I picked it up while stationed in the area with the Navy. I have offered to sell it to the tenants but they don’t qualify. I expect to realize about $75K from the sale after commissions, etc.
I will be retiring from the Navy next year and my intermediate-term goal is to invest in cash flow properties so that my post-retirement paycheck is supplemented to its pre-retirement levels. My longer-term goals are undefined at this point but presumably, once I get going, I will set the bar even higher.
My plan is to use a 1031 exchange to get into a property or properties that provide a better positive cash flow than the current property. I live in San Diego and fully accept that I will be an out of state investor due to the high cost of entry here.
I am soliciting your sage wisdom on the following questions:
How do I narrow down my search of the various markets? Which ones to pursue?
Do I approach turnkey providers or is there a way to learn about markets and assemble a team from a distance in these markets on my own?
Should I try to get into one B property or 2 C properties or some variation on this concept? What is the mix?
Once I acquire the property or properties in question, what is the next rung in the ladder? Should I specialize in the market I have gotten into or do I diversify into other markets?
I always appreciate the practical and creative advice I see in the forums and I look forward to seeing what the Community does with my situation.
Many thanks,
Dan
