All Forum Posts by: Tim Rostro

@Amanda Dallman

I live here in Centralia but I'm thinking of moving.  I wanted to stay in the Puget Sound and looking at outside of Gig Harbor, rural and building a house.  Never thought about Wenatchee.  Let's connect.  I'm looking for raw land and multi-units.  

V/R,

Tim Rostro
 

@Account Closed

I had a duplex in Euclid, OH, northeast of Cleveland and what you've described with your property felt like mine.  Unfortunately, I also had a Section 8 tenant and another who didn't rent for several months.  I ended up having both sides rented out to tenants on housing assistance.  The city would show up for their annual inspection and they always had to find something wrong, something petty.  I had enough to pay the mortgage on that property but that place was just costing me money every month.  Luckily, it doubled in value and I sold it last year.  I ended doing a 1031 exchange and bought two SFHs in the same area.  Both are better investments than that duplex.  My other two properties in central TX haven't given me any headaches.  

Christopher Maloney,

If you're referring to downtown Killeen, it's a sh#thole.  I like to think of it as Baghdad Lite.  It's right outside the east gate of Fort Hood.  If you're not familiar with military posts, the areas right outside of bases aren't the best of places to live or work.  But, several miles south of the highway, 190, a lot of new growth: homes, some built in the early 2000s to present and better shopping.  Going west to Copperas Cove, that area is booming and there's lot of open land adjacent to Fort Hood Army Airfield which is separate from the base.  Now, that area is quiet.  Totally different atmosphere.  The further away you live from the base, the better quality of life.  There is so much open land around the base that isn't developed.  

Pete Harper,

I have two properties in nearby Copperas Cove right next to Killeen, my first house I purchased back in 2005, and the other a duplex.  I've been stationed there twice in my military career, the first time in 1997 and the second time in 2005.  I've seen this place grow and I don't think it's a bubble.  From what my property manager has told me of the increased growth, people from North Austin, Pflugerville, Round Rock have decided to move to the Killeen-Fort Hood-Copperas Cove area for the lower home prices and rents which ended up driving the prices in that area.  One of the reasons was Tesla's move to Austin and their new truck plant.  People are willing to commute from that area.  It may not be the hi-tech workers but the ones who cashed out and the ones who need affordable housing.  

As for a "boring drab little town."  What?  Soldiers doing crazy dumb sh#$ on the weekend?  Typical Killeen and Fort Hood, "The Great Place."  

Hello!

I've had Shoreway Realty Group as my PM for the last 4 1/2 years.  They're also local.  

This reminded me of an incident when I was stationed at Fort Hood, TX 10 years ago, though not as bad.  On post housing showed us pictures of a house occupied by a young Soldier, E4 or below, with a family and pets.  Feces all over the house and on the bed (no bedsheets).  Toys also all over the house and probably covered in that.  Trash never taken out and dishes piled up.  Place smelled of urine.  His supervisors were supposed to inspect his home but apparently didn't and all hell broke lose.  There was a post wide inspection of every Soldier's off post living quarters after that.   

I'll contribute.  I just finished doing a 1031 exchange, with Dave Foster's group, the 1031 investor.  This was my first time doing this sort of transaction and it went really well, smooth, and without any hiccups.  You just have to be on top of things concerning emails because time is not on your side.  I used the same title company for every transaction from selling the property to buying the replacement properties.  They had very little experience working with a 1031 intermediary so it was a learning experience for them as well as for me.  

I sold my duplex in Euclid, OH and the funds were handed over to the 1031 intermediary.  If you want cash after the sale of your property, declare it to your intermediary beforehand or else whatever leftover funds you have left will be returned to you after buying your replacement property, at the very end which could take several months if you plan to buy multiple properties.  So, if you want cash, you'll get it at the beginning or you'll get it at the end.  

I ended up buying two SFHs from the sale of my duplex.  There was funds left over and I just took it at the end.  I figure that I'll be paying 15-20% come tax time.  But, it's better than taking all cash from the sale and having to give back a portion to Uncle Sam.  

I'm out of state as well. I just sold my duplex in Euclid, OH (just northeast of Cleveland) and closing on a SFH in the same area with a 1031 exchange on this transaction. I'm working with Flagstar Bank right now, with a loan officer based nearby. Cleveland and the surrounding areas are on fire right now. My realtor just finished hosting several out of state investors and homes there don't stay on the market very long. It wasn't like this 5-6 years ago when I first started investing in the area. Incredible turnaround.

@Melanie Liu, here is a link to an article I read earlier this month concerning a family who's builder canceled their contract weeks before they had to move in:

https://www.star-telegram.com/...

You are not the only one to have this happen to you.  The clause is called a “termination for convenience.”

A buddy of mine just bought newly built home in AZ.  The builders raised prices on subsequent homes after his and stopped all construction in May until lumber prices have stabilized.  

Hope your situation gets settled.

Coincidence here.  Last week, I called my PM in Central TX concerning my two units there and an email they sent me that stated they were going to raise rents on every available unit they manage.  It is absolute madness.  They are 99% leased in all their properties.  A unit may be open for only a few days before a tenant moves in.  

Leasing agent was telling me her own rent story.  Her family was living in an apartment in Temple and they raised rent there, equivalent to a house payment for a one-two bedroom apartment.  She felt the same way and moved out.  She ended up buying a house instead.  

Inventory is low and rental prices are soaring.