All Forum Posts by: Brian Boyd

We have Class D, Class C+ and Class B-B+. Class D-C+ make the most money by far but requires the most attention and hands on management. Our Class B-B+ are solid earners and require almost no attention. For Class C+ and below, the age of the home, the socio economic status of the tenants, and the neighborhoods in which those properties are located impact the month to month profits. I think Jay Hinrichs has talked about this before, but I would have to search to find it. Reach out to him for some insight. He is the graybeard of BP.

Aim Small-miss small. The point is that you want to start simple and try to cover all your bases with modest profit and work your way up. Find something cheap, that needs little capital and see what you can do with it. 

@Steve Morris We are saying the same thing. 1031 is helpful to increasing holdings and providing housing to more people; its elimination would discourage that.

At this point, I encourage everyone to read over Biden's proposals for his tax plan. It increases there tax burden on every income level and reduce GDP. To the point of its effect on 1031 exchanges, this tool is certainly helpful to increasing holdings and providing housing to more people. Further, by eliminating the ability to defer gains, I can certainly anticipate that more assets will get retired to avoid the recapture provisions of the code, especially for those that Cost Segregate.

@Austin Elm thanks. We spent the night up there and thought it might be a good place for a second home but didn’t see much opportunity for investment due to the price points. I think maybe trailer parks might be a good investment in Montana? Have you seen that opportunity at all?

Is anyone investing in Montana, anywhere?

Just a bit of advice and take it for what its worth, I am a lawyer with a master's degree in taxation and I have a book keeper who has her CPA and I have a CPA who handles our tax returns. The point is that you should always get outside help with professionals you work well with, even if you are the same kind of professional. They provide observations and insight you may miss, and if you are really pleased with them, they will be part of your team for a long while.

Good Luck with your search. 

I use a couple of methods but by far the easiest is to buy the OnX Hunting App. It tells you who owns the land. From there you can find the contact information for the owner with a little due diligence. 

Good Luck, and God Speed.

Brian

  I think those numbers are a bit low. We just had a deal fall through and we gave our real estate agent the earnest money we put down. He worked his tail off and did a tremendous amount of work. Irrespective of whether the deal closes, you should charge for your services. You are providing value. Maybe ask for $2000 for any deal you bird dog and an equal amount if the deal closes. 

Just my thoughts. 

Good Luck, 

Brian

Typically a few hours of the lawyer's time at his or her rate.