All Forum Posts by: Patrick Daniel

First, I would invest in yourself by getting educated in whatever niche you want to succeed in. $700,000 is a blessing and if not managed wisely can become a problem. 

Unless I was planning on moving back to the CO area, I would sell with your stepped up basis, and create a plan on how to deploy the funds.

Just don't go in blind.

 There are two tools the government has to control affordability (whether or not that should be their job is another conversation). 

1. The one everyone knows and talks about: Interest rates and total cash liquidity in the market (buying and selling of bonds).
2. Which I believe we will be seeing sooner rather than later, is the increased length of amortization in fannie/freddie backed mortgages.

     The idea of a 40-year loan mod has already been recommended for those that ran into COVID-related payment issues. I think that rather than prices adjusting, folks will just have the option of a 40-year mortgage within the next 5 years. 

From my vantage point, there are a few reasons:

1. New home builds over the last decade have lagged behind demand. It has started to more than catch up.
2. The pandemic caused more of a need and want for single family houses. With hybrid work here to stay, 2 bedroom apartments are not as ideal when you are working from home 2-3 days per week. 
3. The Baby boomer generation is getting older, staying in their homes, and the gen Y and gen Z populations have nowhere to go, so building is needed.

Hey Trevor, I am a flipper and multifamily investor in the area. Let me know how I can be of value.

Hey @Steven Gray, as @Dave Becker said, PIG is a great place to start and has meetups all along NW Florida. It is a great place to start, network, and learn

I am prior Navy and started out by getting my license right before separating as well. It has been very helpful in comping out properties and understanding market trends. PIG also has a ton of Prior, Active, and Reserve folks. 

Let me know how I can help and what exactly it is you are interested in. I am out of Pensacola and mostly focus on fix/flips, but dabble in buy and hold stuff as well. Do you have the exact amount of cash flow you are looking for? I would assume so based on the number of homes you stated you would need to own. 

Hey Cole. Pensacola has a great real estate investing community. Look into the Professional Investors Guild. A lot of us in the group are Vets and very willing to share knowledge. Small multi-family is white-hot in the area and goes quickly when listed. Are you looking for something turnkey or something that you will need to fix up?

@Erik Gensler, We source our deals from 4 main locations:

1. Wholesalers

2. Pay Per Click

3. Agents we have built relationships with

4. Our vendors that refer sellers to us

We don't rely on just one of these because they ebb and flow. I would find a couple of REI Groups in Portland and start networking and get yourself on as many wholesale lists as possible. Pay Per click made us a 10x return last year, so it may be worth consideration.

We have purchased 3 properties from relationships with our agents in the last year where people wanted to sell but didn't want to deal with showings. The agents called us and told us to make an offer. The sellers were happy, our agents got a listing out of it once we rehabbed, and we made money. Everyone was happy.

Hope this helps. 

The easiest way to think of this is that the seller is responsible for the portion of the year that they owned the property and the seller is responsible for the part of the year after.

For instance, The Home is Sold on June 1st.

The taxes are prorated from Jan-May and those are the responsibility of the seller. And June-Dec is the responsibility of the Buyer. H

Hope that helps.

@Grant R., What type of protection are you looking for specifically? Is it so if one person passes away then the funds would be used to fund a project? This is not an approach I have heard of before. Interested to hear what others think.

The old adage goes "Don't wait to buy real estate, buy real estate and wait".
My personal opinion is that real estate is always a good investment if it is bought right.

Considering that you will be an owner-occupant, you will have some benefits in lending that you would not have if you purchased later. Are the homes that are distressed that you could use a 203k loan on and build equity that way?

Maybe there is a 2 - 4 unit building that you could purchase with a low downpayment?

I would not put off buying. I would just be patient and not buy something until it is a good deal.

Just my 2 cents.