All Forum Posts by: Alex Olson

I would do a HELOC. Find a local bank. Then buy a duplex with your extra cash in kcmo. How that helps.

Kansas City is increasingly hot. Supply is low right now but I expect that to change as boomers continue to retire. Happy to chat. 

1031 exchanges are great options for investors. However I would not get too bogged down in the details if your plan is to sell in 5 or 7 years. Also pick up the book on tax strategies that is part of the rich Dad poor dad series. 

I would only take on flood insurance if it is a)required by bank or b)is cheap. If neither are true, it is not usually worth it. 

@Chad Ellis excatly what @Wayne Brooks says. QIs and 1031 experts are great because they can function in any state. Since the 1031 exchange code is pertinent to the federal law, one must follow federal laws and the federal law is the same in every state in this regard. @Dave Foster Is your go to. Where will you be 1031 exchanging in to?

@Jason Gullick I would recommend a great real estate attorney who knows how to setup corporate Real Estate ventures. Casey Crawford with Chinnery Evans and Nall in Lee's Summit is excellent. 

@Klint Ruud Similar to what others have said about (@Sofia Sharkey) this year is tough on short term rentals. I think they will come back but investing in one - furntiure and the actual Real Estate asset will be much more cautious for years to come. I have had to convert all of mine in to long term rentals because the revenue was not covering the cost of the bills. So, there is flush inventory on the market right now that one could maybe pick up for a bit of a discount but the housing market is hot so maybe not. One travel does pick up it will be a slow and steady pick up. 

Michael if you don't follow year and a day rule that is a risk I would not take. If you prefer your client to hold for 2 years so be it. I would advise talking to a QI like Dave Foster. There are unwritten rules that have been established to help investors. 

To say my opinions on 1031 requirements are incorrect is.... incorrect. As you know, the requirements are not written into the code. 

investng in a property for a year and a day and then selling is common practice all over the country.

@Rachel Cutler Similar to what @Jacob Repreza said regarding friends and family - you can also look at a city you have visited that you liked or a city you wanted to visit or a city that friends and family have talked highly about. Then, look to trusted real estate agents in those cities and find one you really connect with. That will be your city and that agent will be your boots on the ground. KC is a good market - $20k may be a bit tough some times but the right agent (like me and my team :) ) can really help you out. 

@Account Closed Kansas City is continuing to surge in most all asset classes in particular industrial and multifamily. We are seeing money from CA, Denver, TX, Chicago, Omaha, and Boston as investors understand stable affordable market. As the multifamily inventory remains low, I think there is opporutunity to get better returns on retail shopping centers that provide recession resistant services (Salon, auto fix it, grocery, etc...) and industrial warehousing for all of the ecommerce that is bringing in loads of trucking and distribution.