All Forum Posts by: Russell R.

Hi BP readers

Looking for a recommendation - I'm committed to making real estate investing a significant part of our financial portfolio.  In addition to our primary residence I have one property that is owned by my self-directed 401k, and another rental property.  As we grow our property footprint I'd like to find a CFP who understands the role real estate can play.  I've had two people who I connected with but after our first meeting both told me how they disliked real estate as a holding.  So that was the end of that.

I'd love to meet someone who understands how to best structure setting up the investments and management side (LLC, etc.) and how to optimize for taxes, etc.

Thanks so much

Russell

Would love to get some insight from experienced real estate investors.  Here's the basic situation:

We live in Westchester NY and have a mortgage on our primary residence. We also have a SFH investment property in Charlotte, NC with about 11 years remaining on the mortgage (the rental income covers the monthly mortgage and the taxes.)

We have some cash available and we are considering purchasing an investment property in Duck, NC (where we have been going for years on family vacations.)  We might like to spend more time there when the kids are done with school in seven years (work is flexible and we can work from pretty much anywhere.)  When we aren't there, we would definitely rent it out for weekly rentals.

Numbers:

Have up to $100k to invest in this Duck property

Considering homes in the range of $750k-$800k that attract around $70k annual rental income.

We know that we will likely only use the property in season for a week or so, but we would be using it more out of season.

Any reactions from investors who have considered this/similar situations?  I'm relatively new to this and don't know what I don't know (or what to ask.)

Thanks so much