All Forum Posts by: Yolanda Salas

Hi @Courtney Wilson - Yes happy to make a few recommendations - please message me 

@Al Pat. Definitely look into ZUMPER.COM I use this for my personal rental properties - its a subsidiary of Experian the credit bureau. You can list for free and the tenant pays $35 for a credit check, background check and they also offer an online application that you can add your own specific questions. It will also syndicate to other websites like pad mapper, etc. If you have a realtor list your rental and assist you with tenant acquisition, the MLS will automatically syndicate to all the important sites, including Zillow and ZUMPER

Something to consider with the small position - bid on county tax liens, learn first tho what this entails, and start looking at your local area since you should know what property values are for your county.  In my area - Tax liens are advertised and go to auction in May, you must hold the liens for 2 years before you take action to recover your funds.  As @Jeff Cichocki suggested a  self-directed 401K, especially as a high income RE agent, would be really smart if you are an independent contractor and have no employees.  You can save way more every year and build that nest egg faster to do more interesting investing. 

@Brandon Davidson. We have a bigger pockets meetup the first Wednesday of the month at Fishale Taphouse & Brewpub on Front Beach Rd in Panama City Beach starting 6:30 PM.  If you want some local real estate attorney names to consult with message me.  

This month's topic will be the upcoming Shores of Panama Condo auction where you'll get to hear straight from the auction manager on how the process works. You'll get income projections from iTrip Vacation Rentals by floor plan and be able to register for the auction on the spot! Don't miss it!

Do you want to network with the likes of Bigger Pockets geeks, influential local business owners & realtors, and people passionate about creating a better Panama City Beach?! We are a small but mighty group of local investors, realtors, & dreamers wanting to share our experience, resources, and goals in achieving financial freedom through real estate investing with others. We have a passion for mentorship & leadership. You'll typically find us DOING, rather than talking about doing. If you are a mover & shaker, this is the place to be!

Congratulations @Matt "Roar" Gardner.  We have a meetup scheduled in PCB this week on Wednesday...  Hope to meet you there!  

@Jeremy Rotert my advice is to have your partner have their IRA custodian guide this discussion and partnership agreement. It's more of a concern for him maintaining his tax advantaged status than anything. You should learn all you can about this investment type in general, as it could be a great niche for you in your market.

@Adriana Rego It's very important to learn as much as you can before taking the plunge in using IRA funds for real estate investment. I use Fidelity for my Self Employed 401K and IRA and Pensco for my Self-directed IRA. I still invest in traditional markets and send funds to the SDIRA to buy real estate and other alternative assets as needed.

Start learning by reading about Self directed IRA from reputable companies. Many of these companies have recorded seminars that are informative. There is a book available on Amazon written in 2013 by Sorensen that may be helpful. The self directed IRA handbook.

As I mentioned before - I used a portion of my previous employers 401 (sitting in Fidelity) to rollover into my SDIRA with Pensco, purchased small rental income homes, sold, and now hold notes. I also hold land and other assets. The land will be built with multifamily within the IRA to generate rental income in the IRA. I anticipate I will begin receiving distributions from the IRA in the next three years or so (and then begin paying Uncle Sam).

The reason to become educated is so you don't inadvertently make mistakes in self dealing - which would invalidate the tax status of the investment. Your IRA Custodian will guide you but you need to make sure you understand all the nuances as well.

I am a big advocate for SDIRA - its a great wealth building tool, but its only 1 tool. Good luck!

@Lorraine Patterson. Hi I would like to echo what John and Matt said about this market. During the peak season we get very high occupancy but in the winter we do not. Between the 5 weeks of Spring break and the 12 weeks of summer most everyone makes the majority of the year’s income. Each property is different and attracts its regulars and snowbird clientele. So, once you narrow down where you want to buy then you can look at the details. Property managers in the area will be happy to estimate income then based on the actual property and share it’s historical occupancy rates.