All Forum Posts by: Greg Rollins

@Nick Allen, 

Greetings and welcome to BP. First, you are doing everything you're supposed to right now, learn as much as you can as fast as you can so you can get your "sea legs". I recently walked in the shoes you are wearing right now being a military guy in SoCal and going back and forth on investing in state vs out of state. I know exactly how you feel. 

My answer (may be different for you because we all have different goals) was BOTH. haha. I am actually buying a house in Oceanside right now, in escrow from Kuwait actually. haha. It is a nice little fixer that I plan on renovating over the next couple years as I finish my time at Pendleton, then either selling or renting out depending on what the market is doing at the time. Like you, I have rented for my entire life till now and I couldn't stomach the thought of giving my money to others in the form of rent. However, like I suggested to you, I've tried to learn as much as I could about that phenomenon and came to the realization that renting isn't so bad, just like anything, as long as you do it smartly. I recommend checking out this article:

https://www.biggerpockets.com/renewsblog/buying-a-...

as well as youtubing Grant Cardone who talks about it extensively. Again, it will come down to what is right for YOU. 

As far as investing back in TN, I actually have a good POC (fellow Marine Officer) for a turnkey company that specializes in SFR purchases with IRAs, either traditional or Roth and so I am actually working with them right now as well to purchase my second property in Memphis using my Roth IRA. If you'd like more details about that, I'd be happy to chat via PM.

The final pointer I will give to you about purchasing in Southern California is you have a great asset available to you that not everyone does, the VA. The house I am purchasing in Oceanside is just north of $500k and I am putting nothing on the deal outside of closing costs. Using that buying power to get you into your first property is a heck of a way to get your foot in the door. Just make sure you run all your numbers, make sure that it makes sense and have multiple exit strategies to handle the uncertain future. Check out my post from a couple weeks ago, more specifically the answer I get from Clayton Mobley at the bottom.

https://www.biggerpockets.com/forums/67/topics/451...

As the gentlemen that commented before me, while not 100%, you can predict with a high likelihood that SD market with appreciate in the long term. It always has. 

Best of luck!

Greg

@David Lowe. Welcome to SD, you're gonna love it. I am a new investor in the area as well and currently deployed overseas. I'd love to meet up with you in the fall, when I get home, and talk about the area if you're interested. There are far more experience people out there, but I am new and eager to learn and share what I have learned. 

Hope all is well, 

Greg

Gentlemen, thank you very much for your input. 

@Gregg Watkins, thanks! I will work with the realty company and have them help drum up the paperwork. I just wanted to make sure I had all the bases covered and I learn what I should be doing in the event I don't have such an awesome realty team in the future. 

@J Scott, thanks for the info. I need to learn more of the finer details of deals like that. I appreciate it. 

@Ryan Phillips, thanks brother. Where are you at over here? PM me and lets chat. I'd love share war stories with a fellow Unrestricted Naval Aviator. It'd also be really cool if we could tag team some deals in SD. We have very similar goals and I think we could really help each other out, if nothing more than getting together every couple weeks to chat about successes and failures. Look forward to hearing from you brother. 

@Clayton Mobley....WOW. That is hands down the best explanation on the 1031 exchange and the CG tax exclusion I have seen. Thank you very much!! A lot of my decision will be what the marked does over the next 1-5 years, so I will have to play it by ear and make the best decision with the information I have when the time comes, but that absolutely added some ammo into my quill for future deals and a pretty epic game plan on this one if everything works out! Thanks!

Thanks again gents! Semper Fi.

Hey BP, 

I am stoked to announce that my offer on my first deal has been accepted. It will be a SFR, house hacking deal in San Diego.

My plan is to live in it for about a year, rent the (2)  extra rooms out to help me with the payments, and renovate the home myself to help save money on labor, but to mainly learn as much as I can about the renovation process for my future deals when I will be managing contractors. Then in about a year or so, after I skirt the capital gains tax, sell it with a nice return on my investment, and 1031 the money into another property.

I am a little nervous about the deal because I bought it without seeing it with my own two eyes. I am still currently deployed in the Middle East and won't be home till the fall. The good thing is I have awesome friends who have helped me check it out and I have trust in my realtor team back home. 

Background before the question:The sellers are getting a divorce, so as part of the purchase agreement they asked if they could live in the house up to 30 days after the closing of the deal paying my PITI for that month. I was more than happy to help them with that, being a child of divorce, I know how hard it can be.

My question for all of you is: While I still want to help them, what steps should I be taking to protect my now new asset for that month? Should I make them sign a rental agreement? Renters insurance? What if they hurt themselves? What if they do damage to the house in the process of getting their stuff out during that month? I don't believe that they are bad people, but I believe one should always be prepared for the worst.

If anyone has been in a similar situation or has guidance on how I should tackle this, I would greatly appreciate any/all opinions and comments. Thank you in advance!

Greg

@Bikran Sandhu, first off, welcome to BP! I am also new to REI and will be returning home in the fall to kick off my business in SD County. I'm originally from Mission Viejo so OC is my home! I'd love to meet up with you when I get back in the fall and see if we can work together. I have actually been looking for a solid REI minded CPA and I'd love to see how we could help each other.

Best wishes brother! 

Greg

Wish I could make it! Hopefully there will be more events like this in the fall when I return home!! Thanks for the post Kevin!

@Paul Allen, thank you very much for the response. I will definitely follow your advice!

Hello BP, 

I am in the Marines, currently deployed in the Middle East, based out of Camp Pendleton, CA (San Diego) but have my "state of legal residence" of Florida. 

So....

If I were to invest in buy and hold properties out of the state California when I get home (Florida, Texas, etc), would I be taxed on my location in California? My "legal residence" where I vote, don't pay income tax (go Florida!)? Where the LLC is located (if I create one)? Or where?

Obviously I would like to get the best tax benefits possible, but I'm just not sure if any of that is in my control or if I just have to accept "as is" based on certain tax laws. 

Thanks for the help!

@Mathew Owens @Bill Exeter, will this webinar be available on video to view at a later date? I am currently deployed in the Middle East and will be unable to attend due to the time difference (3:30AM here for the live event). I would love to watch it at a later time if that is an option. Thank you for your help. 

@Alex Shaughnessy, I am trying to do the same thing when I get home in the fall.

@Jarred Curry and I have been chatting recently and I'm sure he'd be more than happy to help you find what you're looking for. 

Best of luck brother. Let me know how it works out.

Greg