All Forum Posts by: Carl Mccrory

@Richard Ibeh thanks for your reply. So I have noticed on AirBNB that most of the listings are the condos closer to the beach in Destin. Is there any concern that a house would not rent as well?

Hey BP. I am looking at buying a property in Destin, FL for short term vacation rental/AirBNB. Should I buy a condo or a single family house? With the condos I am seeing HOA fees up around $800 or more per month. I would want to be putting that money to a larger house payment instead, but if condos are going to give me a greater ROI then I am fine with going the condo route. I am familiar with the discussion against condos and HOAs taking away autonomy from owners. Just wondering if in this scenario the pros of a condo attracting more tenants would outweigh the cons.

Hey BP looking to get some advice on Kansas City. Trying to develop a map of the area to break out the good/bad/ugly zones to help filter out potential properties. Basically want to know the areas to absolutely avoid that are high crime and known for undesirable tenants. Thanks

I am in the military and have Florida state residency, but live in CA. I do not have to pay CA income taxes and can file as a Florida resident as long as I am in the military. I want to form an LLC in Delaware to cover my out of state buy and hold properties in the Midwest (Kansas City, MO). Is there a way to avoid paying the CA $800 franchise fee since I do not file CA state income tax?

Thanks. Good questions.

howdy BP, I am searching for a good accountant that specializes in working with real estate investors. What are some questions to ask in my interview? What are some ways that a good accountant can help me with investing strategies that may not be obvious? Areas that I am familiar with are the normal tax write off stuff and depreciation, 1031 exchanges, and self directed IRA. Will a good accountant be able to assist with developing an investment strategy?

Duplex was 89k. Currently rents for 1180. Plan on getting it up to 1300. I found I had a friend of a friend who is a real estate agent out there. I just looked at the market and analyzed a few deals and then I flew out there to check the area out. Knew I did not want to invest in the inner city so ended up with this property in Raytown. I did my due diligence and had property inspectors do a complete report. I actually only saw it in person the day before I closed on it. So far I am pretty pleased with the purchase and am planning on sticking with this market for the foreseeable future. It really was pretty simple overall. I thought it might be more difficult/ risky investing OOS, but if you're willing to pay for a cheap flight and make some contacts anyone can do this.

Feeling pretty good today. Just closed on my first multi family (duplex) deal in Kansas City. I live in CA and heard about the market in KC and after making some contacts with a local agent and PM, decided to take the plunge.

I'm in the same boat. I live in CA and am about to close on a duplex in Kansas City, MO. The most important thing in my opinion is to get a good team in place starting with a real estate agent and property manager. Build those relationships and take time to actually fly out to the area and meet your team and drive the area to get a feel of what you are comfortable with. Good luck

Hey welcome to BP. I live in CA as well and am investing in the Midwest. Currently looking to buy another property in Kansas City. Looks like there are plenty of opportunities there for out of town investors like us. Good luck