All Forum Posts by: Scott McDonald

Is there a vendor list or network for such help on BP anywhere? 

I recently retired from a large municipality but continue to do contract work. I have a pension, a 401a (pre tax), a 457b (pre tax), a SEP, and cash savings. My wife has an IRA. Additionally, we are selling our primary residence and will be leasing in the area for another year or so before retiring permanently, so we will have that equity in cash. Our plan is to immediately purchase either single or multi-family rental property, for an income stream. Once I retire permanently, we will buy another permanent residence.

Our annual tax preparation, to this point, has been fairly easy.  Now that we are wanting to move pre tax money and start investing, things are getting extremely more complex.  With so many moving parts, the situation obviously requires the management of a seasoned professional, with RE experience.  I am in a semi-rural area, about 90 minutes north of Houston, with a few CPAs and tax attorneys but not really any with significant RE experience, that I can find anyway. 

Any advice?  

Thanks for the replies.

Hello all.  New here and my first post.  As retirement draws nearer, my wife and I have decided to venture into RE investing.  Having been a general certified RE appraiser for the last 18 years, I have a decent understanding of the financials associated with various property types.  However, I have zero experience as an actual investor/buyer.

We prefer a property type that requires the least amount of attention and one with fewer moving parts. Based on my appraisal experience and dealings with income property owners, my interest is veering toward a MHP with no POHs. I have weighed it against small multi-family buildings but, for our purposes, I feel like a MHP is a better fit.  Although there are probably states in which MHP ownership is less scrutinized, we are not biased toward any geographical area.  

I have learned that one option is to buy a park with POHs and convert the homes to tenant ownership through owner-financing.  

I would appreciate any feedback/opinions/ideas or direction to any threads or other resources dealing with the topic.