All Forum Posts by: Steven Taylor

Absolutely. I don't believe in putting all of my eggs into any one basket. There are so many tax advantages to investing in retirement accounts. I firmly believe that everyone should be investing into their accounts as a part of any sound retirement plan. 

 This is echoed quite often through the Biggerpockets, but find a mentor. Look for someone in your community that is doing real estate investing, and provide some sort of value to them. Offer to answer phones, mail flyers, or really anything.. In return, soak up as much information from them as you can. Yeah, you're giving away free labor, but the knowledge can definitely be worth it.

My property manager forwards them a few days after receiving them at the start of the month, but he is small time and doesn't manage a lot of properties. I would not be surprised if a larger property manager has more specific systems in place that auto forward the payments on a certain date.

 This works, if you don't mind letting the apartment stay empty for some time. Is it better to treat them to lunch and spend a few bucks, or let it be vacant for a few weeks longer?

 I would echo this sentiment. No reason to create more misery, I would want them to continue to pay rent for two months, in order to allow you time to find a new tenant. 

I think there are additional variables, that are pretty situational dependent on your specific goals and situation. Do not forget about the depreciation on the home, that's likely another $7,000~ a year that you get to write off on your income. (Realistically another $1500-1700 dollars you don't have to give to uncle sam, not including some additional tax write offs)

With that being said, it's still probably a better idea to sell, if you can get out without losing too much or hopefully with a profit. You'll more than likely be able to make a much better investment this next time around, plus not have to deal with the headache (unless you determine the headache is worth it)

One of the new goals I have set for myself is to get a beach condo in Florida. It'll likely be a couple of years before I make the leap, but I am definitely looking forward to having a condo that I can live in for a few months out of the year, and then use for vacation rental income the next year. 

I'm actually amazon how risk adverse the majority of people are. I know two separate couples, including my very best friend and his wife, who have over 350k in their bank account. Not invested into anything at all. Both couples have probably slightly above average income, and relatively small retirement accounts. 

I've talked to both couples at lengths about investing, not even just in real estate, but in a Vanguard Total Stock Market Fund. Neither couple has made any steps to invest. One couple is trying to "time to market" as they have believed that we are at the peak of the market and that it will drop at any moment. That thinking has cost them north of 60k+ in investment income. The other couple just does not feel secure yet, and wants to keep saving before they invest into anything.

Everyone has different opinions, neither of those couples really understand how I am so willing to buy properties or to invest into the stockmarket. Just like how I have no clue how they are comfortable letting their money sit in a bank account getting depreciated.

Not only should one property not be used to try and make this point, I don't think one area should be used either. There are so many variables that can affect the housing prices in a single location, that do not necessarily affect other locations.

Number one reason: Money. To have financial freedom.

Number two: It gives me something to focus my attention in my free time which I find extremely rewarding. Definitely better than watching movies or playing video games.

Number three: I'm bettering my neighborhood and providing families with a home.