All Forum Posts by: Paul Ivanov

My wife and I saved a bunch within about 6 months and borrowed from family to get the rest for the 10% down.

One of the best things we ever did was buy our first home which propelled us to where we are now with several homes under the belt.

Approach with wisdom and dive in! 🙂

Hi BP,

My wife and I currently own a few SFR long term rental properties in the Eastern, WA area. We have been looking to expand in the mid term rental area and recently came upon a couple that is relocating to Florida along with some family matters and are looking to sell their Furnished Homes business. The business P&L and previous years taxes seem great on paper and we feel comfortable pursuing the deal.

We have several businesses that we started from ground up, this is our first time purchasing a business. Any recommendations as to what we should be aware of? Any advice is much appreciated!

Thank you! 

Paul

Hi BP,

We are working on a deal that is a storage unit for sale on leased land. The numbers look good and the cash flow is there. What are the Pros and Cons of buying on lease only land.

Any insight would be much appreciated!

Thank you

@Bill Exeter thank you for your feedback. Much appreciated!

@Dave Foster I appreciate your explanation. This will help me with my next step.

Thank you @Bill B..

Hi BP,

Is it possible to 1031 exchange Land to purchase another home/ land for equal or greater value? If so, does it work the same as selling a home and 1031 exchange for another home at equal or greater value?

Thank you!

@Brent Coombs thank you for the correction. Looking to put that money to work.

Thank you, it helped being my own contractor on this deal.

@Brent Coombs we currently do spec homes as our main investment strategy and we pay capital gains every year on the homes we sell which is what we expect to pay.

Rental game has been new to us so we are looking to maximize our equity locked in the deal to continue buying more rental properties used/ new build. High cashflow is not our main goal, more so the appreciation of equity is what were after although I agree high cashflow is great! Right now we are looking to build the rental portfolio by acquiring more rental units.

@Andrew Holmes I have recently found that its 6 months and not 2 years. Some of the information I have received from different lenders and bankers have mentioned what you have said. Thank you for reaching out. I will DM you.

@Brent Coombs we built the home in 2018 with $73k down for land as down payment and 233k at the time for the loan. With 2 years of down paying the loan, we are down to $220k for loan amount. We built the home with some sweet equity which helped keep costs down. The home value is now showing $450k based off similar comps in the neighborhood.

$73,000 Land (Cash invested)

$220,000 Loan

$450,000 Value of home

=$230,000 Total Equity

Cashflow would be roughly $250/ month if we got 80% of equity which would drop it significantly lower but with the cash out refi on hand, we would be able to pickup the next deal.

@Marcus Burleson I will give you a call shortly.