All Forum Posts by: Tim Greenfield

I am the process of purchasing a property close to the Tampa area, specifically Port Richey zip 34668. Does anyone have a recommendation? I already searched in the BP business section and nothing listed.

Thanks

Tim

Can you send me additional information please? [email protected]

I see some information on the internet lists it as a 3/2.5. Is there a guest bath?

What are current rents and why is the owner selling?

So as I understand it, the reason for setting up and LLC is for Checkbook SDIRA. I do not have an LLC but I have contacted my SDIRA holder and I am ready to purchase my first property. I can do it all cash for a duplex but I don't have an LLC. SDIRA holder said it would be 3 days to send funds. Other than ensuring that the SDIRA receives all of the deposits and pays out all funds for expenses/closing for this property am I missing anything?

Thanks

Tim

@Jorge Garcia and @Tom Ott,

Thank you for putting in so much information regarding the different nuances with Cleveland. I am an out of state investor and I have 3 properties (Lakeview and Euclid) and I have been looking for multi unit properties and recently received an opportunity on a duplex on west 104th on the north side of 90 "cudell" close to Madison. 

I don't know this area well as Lakeview and Euclid and most of the different heights but it seems as it may be up and coming (C class to B) but has a some sketchy areas. The problem I see is that this has been proposed as a  property full rehab, 2/1 each renting at $600 for $100K but a lot of the houses in this area are still in foreclosure and sell for $60K or less. I don't mind paying a premium for this type of TK but this seems a bit rich.

Any thoughts?

V/r

Tim

What would be rental comps in the area? What were you renting the in-law house for?

Good Evening! I was wondering if anyone had some advice I could share with my daughter. She is currently living in Berlin and is 20. This year she will begin attending a German University (She is fluent in German and also Spanish) where she will be studying International Business and also Asian Studies where she will either learn Chinese or Japanese. In talking with her we thought that International Real Estate Development may be a niche. I am not even sure if this is a viable career option but does anyone know of any classes/books that may help her? Or does you have any recommendations in how she should go about working in this area?

She did reach out to a Real Estate developer in Belize but she was told that there really is not any university programs in this area as universities are pretty behind in this area. It was recommended that she just jump in and learn on the fly with a current developer.

If anyone has any further advise, it is much appreciated.

V/r

Tim

@Justin Owens and @Luke Anderson Thank you all for the quick responses and this confirms what I had been thinking. A realtor came by today and said that based on the improvements and price points there should be no problem moving our house in our market on the top end or our size house.

@Christopher Brainard- any chance you were in Vicenza, Livorno, or Naples? I have been working an Italy project for the past 2 years but will be moving to Wiesbaden soon. I worked in all of these areas.

Good afternoon! I have a few options regarding my current residential home and rolling it over to other more promising investments. I am a part time real estate investor and I work for the Federal Government. I am 52 and finally took action this year and purchased some real estate investments. I own 2 in Cleveland with 1 more in the works and I am in the process of purchasing 1 in Houston. My job will take me to Germany for several years. I live in Sierra Vista Arizona and a good part of its economy is tied to the Base nearby. The county and area I live in has been going through a depression since 2010. Most of Arizona has rebounded but my town has not due in part to drawdowns on the base and many commercial stores have closed. The city council is trying to diversify and bring in more industry but this is an extremely long term 10-20 year plan with no guarantee. As a result of the economic downturn there is still foreclosures on the market which has pulled down local real estate prices although this is leveling off. 

Population is at a net loss over the past few years and millennials are not clamoring to get out here but it does draw lots of retirees and federal government employees (military, Border Patrol, other federal agencies). I have a 3/2 house (1300 sq ft built in 2000) which is paid off although I have a $60k HELOC on it which is a variable interest currently at 5.25. I used the HELOC to purchase two investment properties in Cleveland earlier this year. I checked with my bank and I can get a fixed rate 20 year at 5.74.

 Rental market is weak here and my house used to rent for $1100 but now rents for 850-950 due to lack of demand currently. While I am in Germany my housing will be taken care of. Comps for my house come in between $137k to $143k and average time on market at this price is 60 days. My wife is on board to sell and take leftover to invest in other more promising markets. We plan to test the market for 90 days and if we don't get any offers we plan to rent.

So my question is with a potentially economic downturn coming.

1- Should I just keep and hold? Is there any benefit to doing so? Am I missing something? House is in nice mostly owner occupied neighborhood with mainly older couples and retirees. Feel pretty confident that we would get $950 a month for it. Will the house slowly continue to appreciate?

2- Just sell it? If I had to do it all over again would I buy in this town for investing? No I would not. Houses in this prices range are currently the fastest selling in my market and we have fixed it up quite nicely and we are not in a bind to sell so we don't need to give it away. Fresh paint inside and out, and back yard is landscaped (rock) with fruit trees and a Santa Fe style 10x20 sq' Pergola. We don't care to live here and we are not in love with the house. If work brings me back we will just rent another house. Accountant has told me that we won't pay any capital gains.

Appreciate any thoughts on this

V/r

Tim

@Jason Bott- Thanks! But back to the original question, is there a way that I can find what an actual rebuild cost would be with my current provider?? Appreciate your help by the way

 Teri, Yes I agree. I am just looking for a way to cross walk what an insurance adjustor considers as rebuild against actual local rates. For example, what if this rebuild cost is "actually" under rebuild value instead of over as I have been l lead to believe.

Thanks