All Forum Posts by: Arnie Guida

I'm at my 4plex and a non resident walks past me, pulls out some keys and opens the main entrance and then into an apartment. I was dumbfounded. I hesitated to do anything right away... The tenant is brand new on a one year lease... Standard State of Wisconsin Lease. My options? I want to be in the right before I say or do something I can't back up. Thank you, Arnie

I seem to remember 1031 rules requiring that the properties be "like kind" and that the new property be of more value, correct? I ask because I'd like to buy an airplane hangar to rent out and sell a single family residential house to fund the purchase. The hangar will be of less value than the house. Could this be done within 1031 rules? Thank you, Arnie

Yes, a 3 car garage and a 4 car pad, so a total of 7 off street spots.

A 4plex in a group of 4plexes caught my eye, but it's on the corner.

Outside of having to shovel two sidewalks in winter, is there any downside I should consider?

Thank you,

Arnie

REI isn't for everyone.

There are other asset classes.

I'm not greedy with RENTS... 

Selling the bldgs?

Full market value... ;-)

Dawn,

What? 

You didn't start with one. 

I didn't start with one. 

My Parents didn't start with one...

I don't think I understand what you're saying.

To your other point, it's not a matter of trust. It's a matter of justifying the expense. As you know, I'm retired, so my time is my own...running two 4's and a single is a walk in the park...Most months there is absolutely nothing to do but go to the bank to make deposits. ;-)

Plus, no one watches over, and cares for, your possessions like you... 

When I look at a property, 99 times out of 100, I can tell you if the owner is managing it, or a PM. What's their motivation? $$$ 

That's not my primary motivation...My rents are very fair, I make enough, I've got more than I need...why be greedy and increase my workload? 

If the other buildings on my block are all PM managed at let's say, $800/mo...and they're charging 10%, why not discount my rent a little and have my pick of tenants, plus, they know what the other bldgs are charging, what few vacancies I have are often filled by neighboring bldgs... they know they're getting a deal and will stay a long, long time...

I'm sure there are some PMs that care more than others, but I'd just be another account.

My rents are very fair, my tenants are long term, we address each other by our first names, they know where I live.

I've got to believe my turn over would be much higher with a PM, and my building's condition would go downhill.

If I could no longer care for my properties, I'd sell and increase my financial holdings.

Respectfully,

Arnie

Originally posted by @Dawn Brenengen:

@Arnie GuidaI have a lot of PM clients who only own one home.

Then they shouldn't be in RE.

At the level I'm at, a pm isn't worth it.

I'm too small a fish for a pm.

I'd sell first.

Soon to be 59...I've been a landlord for a long time...looking down the road.

Wondering how much longer I want to do this. I've invested in other asset classes along the way. RE has been the best to me of all the classes, but...

Do I want to be doing this at 70?

Hiring a PM doesn't interest me, can't see it...

What's your exit plan?

How long do you want to be doing it?