All Forum Posts by: Barney Shipman

Appreciate all of this excellent support!  At 63 however loans are more stringent, yet, I have no debt and credit score is excellent.  I do see the value in going that route for sure.   Also, although I see the value of approaching lower-priced product far from where I live, I'm hesitant.  The current condo I own is only 1.5 hours drive and I'm a hands-on owner and good with tools.  Luckily this unit has no defects.  Hmmm. . . 

Thank you both Bryce and Michael - this is the very best advise I've received.  Appreciate the questions.

And yes, indeed, I'm beginning to see the downsides to condo ownership with the fees, assessments, etc.  Initially it was an easy choice because this particular condo community is known for good maintenance and very lows fees; however, as of late I've been seeing the increase in assessments and the more infuriating issue is I've asked them to repair some driveway issue directly in front of my unit and they've dragged their feet for over a year.

So, I'm open for sure to other types of investments. I understand the 1031 strategy would like to know more about the benefits and potential issues with Short Term Rentals (STR) and License to Sell (LTS). The issue that I see for STR is the constant upkeep and maintenance as you have a lot of different folks transiting through your property - that's a headache I don't need. Don't quiet know what LTS is.

Wishing everyone the very best.

End goal is to acquire another which would put me in the position of owning two free-and-clear.  Just wondering what is the best way to acquire the second - all cash or financing?  With two free and clear it seems like I might be in a better position to at some point acquire a third with financing.  Curious how others with more experience than I, would proceed.  Thanks. 

Hello and thrilled to join BiggerPockets to learn and grow my investment.

New investor with one condo valued at 350k own it free and clear producing 2,500k monthly rent with total monthly expenses of 845.  I have an extra 320k to spend all cash and looking for suggestions on strategy, method, financing advice on how to acquire the second condo whilst no going broke, whilst also starting to build more wealth.  FYI this is my second career - retired and now 63. 

Thanks.