All Forum Posts by: Trenton Parks

Cant wait to meet all of the successful folks that are going to be there! I'm in the development and construction side of real estate. Anything from storage units, apartments, to full blown communities, would enjoy chatting if youre in the same space. It is rare to get this great of a group together to chat about the things we all dream about.

Feel free to shoot me message if you want to get together for food or drinks. 

Cheers,

Trent

Had a quick question for those that do new construction.  

Do taxes for new construction in regards to 1031 exchanges and the 2 year rule, start when the home is completed or when you purchase the lot and begin construction?  This would also have big impact on long term vs short term gains since most construction takes 6-9 months to complete.

Thanks in advance to the tax experts out there.

That is awesome to knock it out of the park in the first 13 months, way to go!

quick question about 506(b), I researched that a person " cannot use general advertising methods to reach potential customers".  You mentioned that the funding of the partners was one of the easiest parts, how did you reach these potential investors?

There are a number of local banks you can choose from.  The title company drives the closing documentation.  Some of the local companies used in Billings, that are also located out of state would be Stewart Title, Chicago Title, or American Title and Escrow.  These companies send paperwork to out of state buyers all the time.

@Kiersten Vance

Hello,

I am part of a real estate group doing an infill subdivision offering three different sizes/price points of duplexes.  We are going to be installing the road in April with lots ready to build for investors in June/July.  I do also own rentals myself and have been a licensed agent for over 7 years.

What are your opinions on the best real estate investments out there?  This answer typically stems from a view point of how good of a deal did you purchase, but what I am looking more for is what do you think is the most hands off, but best performing assets in your real estate portfolio.

The apartment units I do have perform well, but I would consider them very high on the maintenance list and constant interaction with renters.  I have been considering switching up my portfolio to long term commercial leases, or renting shop space (commercial leases.

With so many options out there I was wondering what some of your best headache free real estate investments have been: some examples could be storage units, multifamily rentals, commercial buildings with long term leases, etc.

@Bryan Hancock hit the nail on the head.

Riley in response to your question we were looking to do this because , "The intention is to do a blind pool investment where investors will pool money and you'll control it."

After going through the hoops Bryan was referring to we had decided it would be best to do a smaller form LLC in the interim and build it towards the goal of converting to a fund eventually.

I had this done on a place I was flipping. To have the service moved along with a new breaker box/ meter it was about 2300$. But I also know things vary a lot across the country. I would just call 3 different electricians and have them come bid the job. Bids here are typically free, but I would do this with the intentions of using one of those people. Or if not maybe offer to pay them for their time in getting estimates.

@Ned Carey what service do you use that is $150 per month?

That's awesome investors can get in earlier. It seems this will be a smart move by HUD to reduce holding costs and potentially fetch higher prices for their homes.