All Forum Posts by: Ron Ripley

@Joshua Huggett

Hi Joshua, I am in the Bay Area and looking for the exact same thing. Curious if you found someone good that you can refer to me as well? I’m not too concerned about them being local to me, just that they are CA-based.

Hi Evan...and congratulations! That is very exciting. I know I am about a year late in my comment, but hopefully it will still help. I have been investing in real estate for about 13 years now but all SFH (out of state), until now. I live in CA (although my family is from MI, so we have that in common). I just got the syndication bug in November and am now an LP in 4 deals. I believe that like anything, the more you educate yourself, the more you'll minimize the unknown (aka nerves). I have done a ton of educating and have attended a conference to network/learn more. I also know that learning is forever! Your overall net worth and what you have as backup/reserves will play a factor as well. Everyone is different in that regard.It sounds like you feel good and have vetted your sponsor well - with that you should let the emotion of excitement/pride lead. ;-)

Hello Louis! I have not yet invested with Praxis but I hope to soon once their next deal is offered. I was at a local (Bay Area) REI conference a few weekends ago and Brian Burke (CEO) spoke. I had already had a great phone conversation with Bob Dreher and am on their investor list. I was very impressed by Brian and what he had to say about investing with syndicators. He also has a book coming out in a month or so focused on passive investors like me. I also like the fact that they have been in this business since before the 2007/2008 downturn (many syndicators are newer than that) and that they have never lost a single investor's money.

Anyway, that is what I can tell you so far - but I've also seen great things mentioned about them on BP and see Brian on BP a lot answering questions for folks. I like that!

Good luck to you.

@Marlen Weber thanks so much!!!

More great advice - thanks everyone! @Ronan Donnelly @Roni E. @Andy Webb

I feel very fortunate to even be in this position and love the community support! Thanks

@Charles LeMaire - thanks so much for those additional tips - very helpful!

THANKS everyone for taking the time to respond to my post with some great feedback! I really appreciate it. I am covered in terms of supporting myself financially but the focus was mostly around what to do with my NM SFH.

@Evan Polaski your post was especially appreciated in clarifying something I should have known regarding short/long term capital gains. (duh!) You helped me realize that my best strategy is to sell and shift the proceeds into syndication which is my #1 investment vehicle today - especially with my primary goal being cash flow. Thanks again gang.

Ron

@Donald Thomas that is so awesome - a huge congrats! I remember very well how great that feels. Each one from here on out will get easier and easier! Keep going! 🙂

Hey there fellow BP-ers!!

I am beyond excited to announce that, after much soul-searching and number crunching, I will be leaving a fantastic run in the W-2 world (tech) mid March. I plan to focus 100% of my time on my RE investing portfolio and continuing to grow it to a place where it pays all the bills...and more! I am 58, married, and was thinking this morning about something I forgot about in my planning for this new chapter. My plan with one of my "not so great performing" SFH rentals (Rio Rancho, NM) was to sell when the tenant lease comes up in March and 1031 into a like-kind SFH in a better market. This property has never appreciated in 10 years of ownership (it dipped big time and now the value is pretty much where I bought it at!). Cash flow is barely break-even thanks to the loan product I chose back then. Could be worse of course, but would really like to cut my losses with this one. Since I will be without a W-2 in 6 weeks - my plans for this property now change a bit. I see two options but please advise on any other ideas. Option #1: Try to refinance in the next 6 weeks so that I am at least cash flowing (although it would really only get me to about $90/month - still not great and again, poorly appreciating area. Option #2: Just sell and cut my losses paying the short term cap gains and redirecting what's left to what I am now investing in - multifamily syndications. (the property value is approx. $160k, loan about $115k)

Thoughts? Advice? Other options? I know it is possible to get a mortgage without a W-2 and I've been studying those options, but not sure I want to endure the hurdles of that scenario especially after this past year of 3 refis and 4 new mortgages (!)....even with good W-2 income, exceptional credit score, and significant savings - I was put through the RINGER with endless requests for more and more doc! ugh

Anyway, there you go...have at it! :-) Seriously, thanks for any thoughts or advice you might have if you were in this situation - what would you do? Happy to provide any more detail if needed. Have a GREAT day - LOVE this community btw.

Ron

Thanks very much @Lucas Miller and @Alina Trigub - appreciate the input.