All Forum Posts by: Todd L.

@Forrest Faulconer

Firm believer in this tying to the goals you and your family have. Ultimately, all the strategies and ideas presented could make sense, but can you achieve both?

Like you said, can you find a house with a detached unit? Or is that something you’d be willing to forgo. Investing is both what you’re able to earn from an appreciate and cash flow perspective, but also living within your means with a budget and saving $1K a month is a simple way to increase wealth.

That said, it sounds like you’re approaching this with the right perspective, and are not indicating you’re going to go buy a 5k sq ft house.

For me, it all goes back to GOALS.

@Paul Moore Thanks for the feedback! I like the mention of IRA or 401(k) funds as this is something I've recently been trying to learn more about. Any good resources you'd direct me to to learn more about leveraging these funds?

I've also been reading Michael Blank's book titled Financial Freedom with Real Estate Investing, which I'm really enjoying.  I'd like to get into apartment complexes as my next investment!

@Dave Foster Yes, we closed in early September in the property we sold, so I was referencing the 45 day identification window.

@Basit Siddiqi I agree. We’re actually under contract right now within the 45 day window which is awesome.

Excited about what’s next and appreciate the input from everyone!

@Brandon Bruckman I have and am open to it, but am also concerned that the tight timeline for a 1031 and lack of familiarity with a new market could be a challenge.

@Will Fraser the tax on the gains would be $30K. I’m leaning in that direction (swap til you drop) too, just curious what others think.

Thanks!

Closing on the sale of a property in 3 weeks and trying to finalize whether or not I should do a 1031 or not.

I’ve discussed with my accountant and If I don’t, capital gains would be just under $30K.

I’m based in RI, and the multi family market is hot at the moment, which makes me feel like I’ll easily spend the $30K I’d “save” by deferring it with the 1031due to higher home prices vs waiting until 2021. I know we can’t predict the future, but any thoughts?

The property ended up needed flood insurance, which put the numbers outside our desired range.  We'll keep looking!

Looking to invest in the Rhode Island area and generate leads before houses get the MLS. Any help is appreciated!

@Alisha Decoteau This is a really helpful post! I was thinking through this exact question, while understanding the difference for investor preferences.  I was targeting a property with a 12% cash on cash return and ~$800 /month in cash flow for 3 family.  I have a feeling it will become a bidding war in a hot market in Rhode Island, but thanks to the BP analysis tools, have an understanding of what I'm willing to offer for the property.