All Forum Posts by: Frank Rodrigues
Frank Rodrigues has started 0 posts and replied 101 times.
Post: Newbie, Local NY vs Out of State IN/OH investing
- Investor
- Kansas City, MO
- Posts 110
- Votes 65
Hi Steven,
I’ve done real estate Cashflow deals in OH for years including Dayton. I currently do most of my Cashflow deals in KC but if you have questions on how to get started in those markets feel free to PM. I hope that helps and best of luck!
Post: Looking for commercial multifamily agent/broker in Cleveland
- Investor
- Kansas City, MO
- Posts 110
- Votes 65
Originally posted by @Abiy Tedla:
Hi James, thank you for you candid posts and thank you for replying to a rookie on BP! :-) Here's our dilemma, we love quads too and we've invested in townhouses for close to 20 years, and a quad in Washington DC for the past 9 years. We bought the quad for a great low price right before the DC RE market got RED hot. We are now planning to sell the quad for close to $1M while the prices are still insane in order to invest in Cleveland, which is a cash flow RE area with reasonable RE prices. We are planning to use a 1031 Exchange to avoid a huge tax bill. We're expecting a very decent profit of $600K-$700K from the quad sale, which theoretically would allow us to acquire up to $2M-$2.3M in RE with a 30% down payment. As you know, 1031 Exchange rules only give folks 45 days to find the like kind property (or properties). It will be very difficult to find the number of quads to meet the 1031 rule in Cleveland in such a short period of time. We would need approx 8 or more quads based on some of the average turnkey prices. I forgot to mention that we are also looking at mostly turnkey properties for now being that we are new to CL as out of town investors, which would further limit our options. This is why we're trying to break into the multifamily market for this particular 1031 deal. However, we are also currently looking for duplexes and quads in CL for a smaller 1031 Exchange deal involving a townhouse so we are going to mix it up for the best of both worlds. I hope that this makes sense but I believe that this is probably the best forum to explain our complicated situation to seasoned investors such as yourself. All ideas are welcomed and appreciated!
@Abiy, Can I ask why you are fixated only in the Cleveland market for a solution? Why are you not looking in other markets that may give you a better option to achieving your goal? I do business in both OH and KC and have learned that the more options you have, the better your chances of achieving your goals.
Post: $80k in Cash and Ready to make the leap...
- Investor
- Kansas City, MO
- Posts 110
- Votes 65
Anthony,
IMO, in your circumstances and goals I would rather put a down payment to 4 singles and have 4 doors than buying one single outright as an example. By the time the birds leave the nest you will have more equity, more leverage and more money with 4 doors than you would ever have with one. Buying a property outright is not a bad option either but it won’t produce a better return in the long run.
Post: Including Utilities in Rent Pros/Cons?
- Investor
- Kansas City, MO
- Posts 110
- Votes 65
In my experience, you want as little liability as possible. I want to minimize the headaches that come with rentals due to the unpredictable human element that comes with this type of investment. IMO, it's just not worth it, like the old saying go, sometimes less is more. I hope that helps and best of luck!
Post: Good areas to buy 40-50 (or more) units multifamily under $2M
- Investor
- Kansas City, MO
- Posts 110
- Votes 65
Originally posted by @Abiy Tedla:
Hi @Frank Rodrigues, I'm open to all the cash flow markets and I'm leaning towards Class B for my first MF as an out of town investor. All input, tips and warnings are appreciated!
Abiy, send me a colleague request and I’ll share some details you’ll benefit from.
Thank you
Post: Good areas to buy 40-50 (or more) units multifamily under $2M
- Investor
- Kansas City, MO
- Posts 110
- Votes 65
Abiy,
What kind of cap rate, COC return and community class (A,B,C) are you looking for? And do you have specific markets that you are interested in or open to?
Post: First Post— Overcoming Fear/House Hacking
- Investor
- Kansas City, MO
- Posts 110
- Votes 65
Hi Joey,
I’m going to keep this short and sweet. You cannot become a world class boxer if you are afraid of getting punched in the face. If you are, then you don’t belong in the ring. Real Estate is no different! If you are going to be afraid to invest in yourself and your future then you will struggle to succeed in it and most likely fail. You shouldn’t be feeling like you are standing on the edge of a cliff, you should be feeling like you are at the bottom of a mountain grounded and ready to climb! House hacking is a good way to start so take action and go. Best of luck to you!
Post: 401k or Real Estate?
- Investor
- Kansas City, MO
- Posts 110
- Votes 65
Originally posted by @John Powell:
@Frank Rodrigues I thought the tax benefits are removed with properties in a self directed IRA? Meaning, you can't deduct any expenses while the property sits in an IRA?
Hey John,
You can't claim deductions for property taxes, mortgage interest, depreciation, and other property-related expenses. But any rental income you collect grows tax-free within the IRA.
Post: Looking for Markets to Explore
- Investor
- Kansas City, MO
- Posts 110
- Votes 65
The KC market is great for cashflow and should be added to your list. Great cap rates, COC returns and appreciation! If you have any questions about it feel free to PM me. Below is a quick report card of what's going on here. I hope that helps and best of luck to you!
Post: Top Turnkey Markets 2021 ( ~ 100K)
- Investor
- Kansas City, MO
- Posts 110
- Votes 65
You can't go wrong with KC and OH, to be honest, just speaking from my personal experience and the price point you are talking about fits these markets. If you have questions about these markets feel free to PM me. I hope that helps and best of luck!