All Forum Posts by: Chris Tolstoy

I recently stumbled upon this article that I thought was pretty interesting - https://www.cnbc.com/2020/03/05/foreign-investors-are-piling-into-this-coronavirus-safe-
haven.html

@Daniel Guerra I really appreciate your advice on finding a local deal.  Reading this all over BP and I've now heard it from a couple of people.  The property we are in the process we are selling is another state and luckily it's been easy to self manage over the last 8 years.  I can definitely see the challenges with owning multiple doors out of state.  

What's your process for sourcing the right property managers?  Asking in case I do need to go out of state. 

@Amanda G. Thanks for the response and advice.  I'll add the book you've mentioned here to my list.  

Best,

Chris 

@Jeff Wallenius Would enjoy discussing further and appreciate your insight. I’ll reach out to you directly. Thank you!

@Ryan Howell Makes complete sense in regards to the 1031. We are attempting to do as much per-work as possible before the clock starts ticking. Not opposed to letting go of some of the gains if the right property isn sourced, but our goal is to find at least one property to move the funds into. Congratulations on your success so far! Would like to hear more about what you are doing. I’ll reach out via PM.

@Dave Foster Thanks for reaching out. We have sourced a QI and understand we need to find a property of the same or more value than the one we are selling.

@Johnny Bravo Thank so much! Setting up specific metrics makes sense. Is there a baseline for what’s realistic? Seems to be all over the place. Or should I set out goals that make sense to my wife and I?

@Kyle M. Thank you so much for this response! Seeing responses from experienced investors is what excites me about the this community. I do plan on adding some of our income over time to future projects. Your advice about spreading over multiple projects seems like a good play and will definitely lay that into our strategy. In regards to your comment about hard money comment. Why is this route a good idea?

@Ben Leybovich Wow! You would recommend taking the hit on taxes? Doesn’t seem wise early on. We’ve been feeding this particular property for a while and it hasn’t cash flowed. Finally in a position to move the money out of it and would hate to see more of it fade away to the IRS at this point in the game.

@Michele B. Thanks for the response and I appreciate the feedback on the schedule. Thinking if we land a larger project up front we can hit the goal for number of doors. Transitioning into our real estate biz, along with supplementation from investment properties would be ideal by the timeframe given would be ideal, but might be too aggressive.