All Forum Posts by: Anthony Gayden

I appreciate all of the responses. 

I am selling one of my properties and doing a 1031 exchange. The property is currently under contract and I will likely make around $200,000 profit. I have already made arrangements to do a 1031 exchange.

I want to take the majority of the money,$150,000, and invest directly into real estate, but I also am interested in putting $50,000 into a passive syndication for the first time.

I fall short of being an accredited investor, so I was wondering about my options.

@Hud Floyd

I’m a federal agent and have been investing for 6 years.

Hang in there. It takes time to find a good deal. It's likely you will get even more frustrated after doing your first deal because the second one will be just as hard to find.

I am buying single family homes since I see more opportunities for single family than for small multi-family here in Omaha. I find my properties through the MLS. Pickings have been pretty slim and deals go very quickly if you are looking at things on the MLS. I have only been buying one property a year though this year I am doing a 1031 exchange so I will likely buy more.

In terms of financing, I still have the ability to get 4 more conventional mortgages since I only have 6. My lender requires 15% down for non-owner occupied single family homes with 30 year fixed financing. After all expenses my houses cash flow $200-300 a month.

@Kellan Martz

I prefer KC to St. Louis because it has better population growth. I do know property taxes are lower in Missouri than in Ohio. St. Louis and Cleveland both have lower priced properties than Indianapolis and KC. St. Louis has a lot more small multi-family.

Really I am biased since KC is my hometown but overall I feel it is the best choice.

@Veda B.

I work 60+ hours a week at my full-time job. Also I am married and have a 7 month old daughter. On top of that I own 11 rental units.

Keeping that in mind I was bored and had too much free time so I am pursuing my real estate license and hope to become a real estate salesperson soon.

It seems like once a person gets started they naturally branch out. You are doing a great job and I would say that unless you are getting burned out, keep pushing forward. You will be quite successful.

I often look at prices on the MLS in Iowa and have noticed the same thing. In terms of lower cost markets Davenport and Cedar Rapids seem to have lower cost real estate.

Gambling, lotto tickets, tobacco products, excessive drinking.

If you go beyond that I would say buying anything with the intention of displaying your wealth. For example designer fashions, nice jewelry/watches, etc. You can buy this stuff after you are wealthy.

Also listen to Dave Ramsey's advice when it comes to your car. Buying a new car can be a terrible waste of money.  

The absolute worst way to spend money while trying to save though is through paying interest to creditors. There is absolutely no sense in paying high interest creditors interest when you are trying to save to invest. Pay off those debts first.