All Forum Posts by: Guy Yoes

I started looking at Holdfolio a few years back when they were doing SFRs bundles in Indy. I was researching different passive REIs and spent considerable time looking at various income models. Crowdfunding was getting to be very popular around that time and i was intrigued by the concept. The promise of big monthly checks and tax write offs were like the songs of the Sirens luring  me from the safety of my ship into the deadly shoals. The concepts were so simplistic and required no effort but writing a few checks. Yet that in itself was the rub. Papa had told me that if someone offered me a deal that looked good, sounded good and they would do all the work (I just needed to fund it). Then it was more than likely a good deal for them and not for me. 

I'm not against crowdfunding. I'm sure some people are making good money in crowdfunding. I'm just not sure it's the investor. They tend to be the last ones that get paid. The person that controls the money tends to keep the most of it. 

There are some good passive income opportunities out there. I personally don't think crowdfunding is one of them.

If you are moving, I suggest doing a 1031 on the rental and use the funds to purchase another rental where you move. You can sell your current house and buy one where you move to. You could also rent your house for 2 years and then 1031 it as well. I would refer you to @Dave Foster if you have any 1031 questions. however, don't touch your 401. You would loose a large chuck of it in taxes and penalties.  Good Luck.

@Gina Cardarella

The great thing about BP is that age and experience are irrelevant. No one judges you by where you are in your journey. We are all equals in learning. We give, we take and we grow.

@Account Closed

Thanks!

I'll post again when I complete the last sales.

@David Pere

Sounds Great! PM me when you are headed this way.

@Chinedu Akunne  

Thank you for the kind words.
As I look back on how all this played out, I realized that I had been working on this deal for over a year. The first six months were planning, working on a strategy. preparing my current properties for sale, and getting a professional team in place. However, there were several obstacles that I just couldn't seem to get around.

 When my neighbor offered to buy our house, the dominoes just started falling. Suddenly, I was in the right place, had funding available and time to invest in the project. I don't take credit for the catalyst that started the transition, but without the six months of preparation, I could never had made the deal work.

So yes, the years of struggle and paying dues helped to lay the foundation for future success. But there is still work to do as I prepare to acquire the next two properties. In whole, this project will take 16-18 months from start to finish.

@David Daily

David, thanks for the info. I've had several Springfield BP people reach out to me about the club. I'm looking into it and hope to start making some meetings.

@Justin Jenkins

Thanks for the reply. Wish you the best on your first rental!

Do you know of any meet ups in Springfield? Tulsa had several REI groups who would meet to : learn, share, support and just discuss REI.

@Justin Jenkins

@Melba Chambers

Thank you. I wish you the best in your REI journey.