All Forum Posts by: Sean Besselman

@Dave Foster thank you for the input. I know I'm blessed to have this "problem". Agree with you on all points made. 

I would love to understand, as a first time REI - how to best identify a property that will have cash flow and positive cash on cash return (or even what kind of property)? Should I look to investors in the area to identify a deal? I hear people with success direct mailing and cold calling, finding off market deals. I just don't know if those tactics can work in a huge time crunch. Anything on the MLS is wildly overpriced and won't cash flow.

Starting my REI with such a large number wasn't my intent, but is the right thing financially for the long term. 

Appreciate your input. 

BP team - I have 14 months to properly prepare and plan a massive deal via 1031 exchange to spend $750k.  I will provide as much information as possible, happy to provide more in the reply's.  

FINANCIALS:

We will be selling our farm for approximately $3.25 million (this is 50/50, could be as low as $3MM and as high as $3.5MM) and we have $2 million invested in the property (house, barn, 46 acres, million $ view). Capital gains dictate $500k is maximum w/o penalty, so we will break off the land into my LLC (using my CPA's guidance). Meaning we sell the home for $2.5 million (maximizing the $500k we can grow w/o tax penalty, leaving ~$1.2 million for my new home/property after fees and loan repayment), and the remainder of the profit (~$750k) will need to be 1031 exchanged. This means I will need to move my family of 6 while simultaneously finding a great investment property to 1031 (45 days to identify/180 days to close) and try to find a place for my family to live at the same time. We are comfortable living in a short-term rental until I find the right property to build a new home (as previously stated, I own my own construction company and will build my house as a general contractor). I also know how to structure my selling timeline to extend that 1031 window if the buyer is flexible on closing dates. However, my concern is how to effectively spend ~$750K via 1031 as a first time REI without A.) making an unwise investment because I'm rushed and relocating my family of six and B.) Where to spend it (mobile home park, apartments, MFH, SFH etc.)

HELP:

Any advice on how to effectively spend that $750K would be greatly appreciated.  As a first time investor, we have been reading and studying nonstop.  We are willing to take a loan if needed (seller finance would be great), would prefer multifamily or apartment but open to all thoughts.  At the end of the day, we have always had time to effectively plan for large changes and I'm concerned I don't have enough of a plan. I am 14 months from needing a solid transition plan, with no ability to presell the plan (no leverage or financing is available until sale of my property).  Please help!

I would like one too@Michael A Pansolini

Hello BP team. I have a new business venture and am looking for some of your seasoned veterans who may be willing to share one of the following:

1.) Excel based deal calculator - to plug in details of a potential agreement and see the ROIs 

2.) business plans - I have been searching and see so many options for business plans but aren't specific to real estate investing - is there an effective one that I can use to apply to my business?

If shareable free - great. If there is an expenditure I'm fine to pay. I just want to ensure the files are fully "useable" in the Excel/Powerpoint/Word docs. 

Lastly - does anyone know how to search within the forums? My phone doesn't seem to have a search capability which makes it hard to find info as it comes up, without scrolling thru. 

In 2015 I bought a home in a neighborhood 3 mins from UCF, college rentals ended up on both sides. Meanwhile, I was married and had two kids. 

I found that they ended up being great neighbors after a few painful experiences where I had to threaten them to be respectful. 

At the end of the day, they made me rethink the negative views many have. However, they are hard on the physical property. 

expectations before they move in matter most, if you share the clear rules about what is expected, and what isn't, and remind them that you are connected (even from a distance), I expect it could turn out well. 

make sure you aren't putting in high dollar nice things. They just won't look after it like an adult will. 

Hello BP team. First time posting - new to BP. I'm a new real estate investor. I also have kicked off new businesses in Northwest Arkansas doing real estate development, new home and flip construction, as well as real estate investing. 

Looking forward to meeting people on here and learning. I have read a bunch of books (many by BP) but if you have an resources I should evaluate, please let me know. 

Also, anyone in my area of the country interested in meeting up for a coffee, please let me know!

Mike - I'm new to real estate investing. I am interested in potentially buying a trailer park as the investment is in the land and the tenants rent the lot, bringing their own asset (mobile home) to the location and typically, they stay for the long term. 

any invoice for a new real estate investor trying to get into this business?