All Forum Posts by: Chris Mills

All good responses here. I want to highlight the common threads of being in touch and in tune with your developers, and knowing your stuff. As you're realizing, wholesaling has a low barrier to entry which is good and bad. Knowing your numbers, knowing your market, and being good at what you do will make you stand out just because there's so many fly by night wholesalers. Be patient and hardworking, and you'll develop a reputation in your market in no time. Best of luck to you.

@James Honeycutt Congratulations on a job well done. Sounds like you're making all the right moves. I have a lot of family in the Triad area and know it well. I've been visiting my whole life and seen it's trends. I like Greensboro and Winston a lot for investing.

@Bruce Woodruff gave good advice to take it slow. Learn the market, make good contacts, and don't rush into anything you'd regret. Plan for the long game. 

Also, you may want to ask your CPA what to expect as far depreciation recapture. If it's significant it can really blindside you. 

Feel free to reach out any time you'd like to chat offline. I'm always happy to help.

Hi @Christopher Johnson,

I live/own in NOVA as well, but I buy/hold all over the country. If you feel the need to live where you're operating, and buy & hold is your goal, you may want to look at TX and TN. I currently like what I see there, and they've served me well over the years. Generally speaking, the people are pretty cool and there's a lot of fun to be had. My favorite part is the income tax you'd pay on your rentals (0%). There's no beach in TN, but the lakes are pretty cool.

If you want to chat more offline, dm me and we can set it up. I'm happy to help in any way I can.

@Justin Goodin and @Jeffrey Donis make good points. Having a plan is critical once you move up from SFH. Even if you stuck to SFH, having a plan means you fare better in the end.

Even if you start consuming all the books and podcasts you can, having a mentor or partner who has experience will make all the difference in the world. It's good that you're willing to take your lumps, but there are a lot of hits that you don't have to take if you're partnered up correctly.

I admire the Go Get'Em attitude! Please feel free to reach out if I can be of help offline.

Congrats @Cassidy Burns!

Good morning @Brad Mattivi. I'd be happy to discuss this with you offline if you'd like to set up a Zoom call.

Hi @Daniel Scott,

I can't talk specifics publicly, but I'm happy to chat with you offline about this if you like. In general, I'll just say all DSTs are not created equal. 

@Tim Bellnier Having the tenants sign that document sounds like a good idea. I would also highly reccomend looping in the local police or sheriff. Bring them up to speed and try to have someone there when you open the lock, or ask them to do it. Sounds like the only thing you know for sure is that whatever is going on is not on the up and up. Who knows what's in there, or what this associate will do after the lock is cut.

Congratulations @Kari Kraus. Sounds like you're in a really good position and have done really well for yourselves. A DST is a great option if you're an accredited investor, and you're looking to go a more passive route. There are also plenty of brokers and turnkey companies out there that work well with 1031 buyers. You may also consider pulling out cash via refi to invest elsewhere if the properties would still cashflow afterward.

You want to consider all your options, your current situation, and your future goals. I'd be happy to connect offline if you want to talk through some of this. Best of luck!

@Justin Brown @Aaron W. presents two good options. Whatever you choose, it's always worth taking the time to sit down with a professional to evaluate your options taking the rest of your financial situation into account. Look at your immediate and long-term goals. You don't want to just look at that deal with blinders on.