All Forum Posts by: Chris Gerbig

just wanted to add to this that tax planning if my weakest area and biggest fear.  I woul dlike to keep as much of what i earned as possible.

As a result of the early Josh and Brandon podcasts, a local mentor and alot of hustle my wife and i are setting pretty after 9 years.  the challenge now is exiting the our modest real estate "business".  FYI to anyone wondering if real-estate is a road out of financial mediocrity I'm here to preach that it worked for us (in out opinion).  Not too bad for a firefighter and a pain store employee! (wife and I)

My hope in this post is to start a dialogue about exit strategy/retirement options.  if you have experience here or recommendations please fire away.

Our portfolio:

1) $910,000 2/2 primary residence, own free and clear (built it myself). intend to sell in the next 12 months.

2) holding the note on our first rental property sold the house to out only tenant after 7 years of renting. $1107/monthly payments until Jan      1, 2028 with 180k balloon payment due.

3) rental 1 90k+ equity, 500montly cash flow 3.2 %mortgage

4) rental 2 90k+ equity, 500montly cash flow 3.2 %mortgage

5) Future inheritance home value 400k.  we will be moving into this house to provide care for my aging mother until she is gone.  

I have a modest pension starting in 3 years as well as minor investments to draw on.  Estimated income at $2000 monthly till my death. 1600 monthly after my death to my wife until her death.

My wife has retirement savings/investments totaling  470k  Estimated income at $2000 monthly till death. this increases by 1600 monthly after i die.

All of this said out goal is to preserve and enjoy spending our money.  we are both hustlers i cant see either of us doing nothing to earn income for the next 15 or so years so but id like to plan for 0 earned monthly/annual.  There are so many options on how to approach this it gets overwhelming and i find myself moving on and always plan to "figure it out later"

I have interviewed a few fiduciary advisors but have been very unimpressed thus far.    suggestions, experience, resources anyone might throw my way greatly appreciated!

crickets on this one.....Im still looking

Looking for the same information.

Hoping someone can make some recommendations.

@Patrick L.

Thank you for insight.  I am struggling with the idea of selling one solid home to buy 2 unknows.  The pool may just be a distraction.  The $30/month cash flow includes pool service and i am in in the area to manage the property.  

The home values in this B+ class area have gone up 40% in the past year.   Not sure If I will see that appreciation in any other area that I am shopping.  Not sure i will get half that on 2 homes.  Soo many variables make the decisions a tough one.    

A realestate mentor of mine told me that "many people smarter than us choose to not rent out homes with pools, why should we not listen".  Sounds like solid advice.  Wondering if maybee I am a "special case"  = DUMB

I just purchased my 2nd SFR property in 5 months. Got great deal on both of them. Now I have to figure out what to do with my primary residence (I need to move into my latest purchase to satisfy the VA loan).

My current primary residence will sell quick for $165K.  I estimate $80K in pocket after all is said and done.   I can rent the same house for $1400 / month  minus $1100 all in expenses.  Cash flow = $300 a month.  I would have the home paid for in less than 6 years.  Problem is this house has a large in-ground pool. 

If I sell this house I will have 2 down payments and decent reserves to purchase additional investment SFR. If i dont sell it I will have a cash flowing rental (with the hassels of a pool) that will be paid for in short order. The sale also costs me +/- $10K in expenses = lost money. I can gather cash for a down-payment on a 4th property if I keep the pool home, but this will push me out of buyers market for 5 months. My goal is 4 homes as quickly as possible!

I would appreciate guidance on owning a rental with a pool in Central Florida. is it worth the hassle?

love it!  thank you for the straight forward walk through

just to thicken the plot:

I made a decision to turn away a very qualified couple today who were requesting to move into our SFH 2/2 with 2 beautiful puppies.

They are cute and lovable now but owners stated that dogs were of unknown parenting.  Chewing puppies, housebreaking puppies, curious puppies.  And then they grow up into????

I just could not risk not knowing what these dogs were.  I hope I made the correct call.  The couple seemed like good people.

thank you all for the input.

Im working on Gary Vaynerchuck  "Crush It"  right now. I cant offer much as ive only just started.  I picked up the title on BP podcast.

Happy reading!

Thank you both for the welcomes.

I am currently working on a deal in Eustis that i stumbled into.  Its amazing what you hear and learn once you start talking about real-estate in your daily conversations!

Mr Gunn.... when can i take you out to lunch?  I would love to hear about what it is you are doing.  I will be looking into your website.