All Forum Posts by: Jeff Piscioniere

@Jon Schwartz and how many of those 188 thousand are legal and contributing positively to the California economy? Whether you want to argue on the % of Californians moving out, the bottom line is 10’s of thousands are moving out likely mostly due to many economic and political factors. Seeing it now on the east coast where people have had it with skyrocketing costs and declining quality of life in places such as NYC.

@Bonnie Low I’d say not true unless it’s on the immediate coast or extreme western end in tornado alley. You can’t go wrong in the state of TN!!!

@Ross Bowman I completely agree with @Mike Shemp about the various concerns with anything along the coast. Your insurance costs are going to be higher in some capacity.

This will be a local issue and a local issue only throughout the country because there are definitely parts of America where the economy is almost completely fueled by tourism dollars and they'd be shooting themselves in the foot to ever regulate it. There are always going to be the tax and spend municipalities that salivate at the sight of something they can tax arguing it off as some act of leveling the playing field. It all boils down to making an informed decision as to where to invest in STR rather than the knee jerk reaction of chasing shiny objects.

I own in East TN specifically the Smokies. Economy almost completely tourism based and for virtually 12 months of the year and the local governments know this. They’d be committing suicide to ever regulate. Let me throw in an increasing factor of excellent locales.....future growth. What are the trends in population movement now and as might be expected in the future. A state like TN is growing because people are migrating from high tax states, such as my state of CT who’s economy is on life support mostly due to those same tax and spend policies and politicians I mentioned above. These growing states will have even more people looking for places to relax and play. And this migration of populations was underway well in advance of Covid, but now may have gotten a small permanent boost from many second guessing living in large congested and expensive areas.

@Collin H. gorgeous!!!

@Jeff Lundeen here in New England we hear and see more people talking about Tennessee! Great low tax state with a very similar 4 season climate especially in East Tenn. We have REI deals up this way but only on the cashflow end of the spectrum. There is virtually no appreciation factor to real estate up here.

I live in one of the bluest of blue states CT, and people and businesses who have the flexibility to do so are fleeing in droves. We keep hearing that NY’ers will be moving up this way following the fallout of the virus but I don’t buy it.

My family has a footprint in Tenn so in retirement it could be where we wind up, at least 6 months plus one day and live the rest of the year in New England. It takes a New Englander to realize it’s one of the most beautiful parts of the country and generally speaking the services and healthcare can’t be beat.

@Nicole Heasley you forgot to include CT. LOL

@Jaden George Ed Slott has some amazing books on the legacy building tool that is the Roth IRA!

@Jaden George hands down the ROTH first and anything left over put aside for RE. You might be surprised when in a few years you might have a great job and are married and your combined incomes disqualify you from contributing to a Roth. It happened to my wife and I in our mid-twenties. Take advantage of these young years and stash away every last penny of that $6000/year. You’ll be building an incredible legacy. Learn about the Roth too because if you’re smart you can pass it on to your children with some similar tax benefits. Someday in retirement you’ll understand it will be the last thing you’ll withdraw from if you need it due to the legacy function it has. Look at a low cost fund family like Vanguard and you will benefit from historical average returns of 7% in the market. Ignore what others are telling you about losing in the stock market. With any luck you won’t need this money for about 60-70 years!

As far as the ease of getting a mortgage as a college student, that’s nonsense. Lending standards are tightening big time and there’s no way you won’t have to jump through flaming hoops to ever find a way in the current market! Good luck!!!

@Jason Deangelis don't be fooled into thinking it would be easy to secure financing in an LLC. That couldn't be further from the truth especially as lending standards have now tightened and especially if you're just starting out. It's possible but it won't be easy.