All Forum Posts by: Kyle Nelson

@Melanie Johnston, thank you SO much for your insight!  I have been to Scottsdale several times, and have some friends that live in the Phoenix area so I am very interested in having some properties there.  That being said, it is so nice to connect with someone from that area that knows the market and the challenges facing it!  I will reach out via direct message so we can chat a bit! 

@Account Closed, I have researched some of the properties up near Lutsen and Pequot lakes areas as those are popular vacation spots but haven't fully committed to it yet.  I have also been exploring locations in Wisconsin as a possible vacation rental properties.  What specifically do you invest in, in northern MN/WI (Single family homes, Vacation rentals, Multi-family, etc)?  

@Catherine Emert, excellent advice. I certainly have not ruled out areas that have additional tourism besides snowbird cities.  I just know that I for sure want to have a couple of warm locations in our portfolio (Scottsdale and Fort Meyers areas in particular) where we can escape and play a little golf when its snowy at home!

Do you use any specific sites for listing your vacation rentals (IE: VRBO, Airbnb, home away, etc.)?  What do you factor into your analysis for average vacancy on the property?  Now, I know this can be completely location dependent, however, I'm curious if there is an average that you've found that can be applied in a general analysis?  

Thank you so much again for your time and expertise!

@Account Closed, excellent question. You are correct in that the corrective action is to remove the excess contributions to the IRA, however, you will still need to pay taxes on any gains of that money. That being said, whoever the company is that administers your account (IE: Schwab, TD Ameritrade, Fidelity, etc.) should be providing you with a document of how much you need to claim on your taxes. I would reach out to them to discuss and find out the process for getting that document.

As for a CPA in Tampa, I do not specifically have any off the top of my head but can certainly reach out to some contacts I have down in that area and see who they recommend. 

Let me know if you have further questions. 

Kyle

Good morning everyone!

I am truly just a baby investor at this point as I haven't even learned to "walk" yet.  I am just starting my company this year and will be making my first property purchases this fall (Goals are set).  I am currently doing the practice analysis on a bunch of properties in the areas of interest and developing my team.  I am also looking to learn some of the do's and don'ts from those of you who have been there and done that.

I am an investment advisor by day, an avid golfer, husband, rancher, and soon to be father by night.  I have been advising for about 7 years and while I do enjoy what I do, I am hoping to do more with this life I have been afforded. I am planning to be full time real estate investor in 5 years.  We are currently expecting our first child in less than a month so we are surely in for a life change very soon.  My intention is to provide my family with appreciating assets in a separate asset class than I currently have in my portfolio, and stable passive income allowing more time with my family.  I also want to provide my daughter with the option to continue this business if she so wishes to do so.

I look forward to meeting others in my area and certainly the other areas of the country that I will be looking to invest in.  If you would like to know more or know of a gathering in our area, don't be shy and reach out!  I am always up for lunch or a happy hour. 

I am excited to meet all of you tenured investors as well as those who are just starting out like me. 

- Kyle

Hello BiggerPockets universe, I am very new to real estate and just getting my feet wet this year.  I am exploring all aspects of the real estate world to really hone in on what I want to focus my time and energy on.  One idea I have floating around my mind is to buy a couple of vacation homes in warm places that aren't Minnesota (where I am from), to satisfy a few things, one, provide passive income, two, add an additional asset to my portfolio, and three, provide a home that my family and I may enjoy as well.  I am curious to know if any of you have done this and what your thoughts or experiences are after having done so?  I have read the "Long-Distance Real Estate Investing" book by David Greene and feel like this is something totally do-able if having the right partners in place. 

 Thank you all so much for your time and insight.  I look forward to connecting and discussing. 

@David Li, I am also new to the real estate world and looking to network with other real estate professionals as well. I think going into a meet-up as a newbie is both frightening and exciting.  I think best way to approach it is going in with an open mind and with the only expectation of meeting new people.  I would say based on other professional get-togethers I've been to, best way to get to know people is find someone and introduce yourself.  Find out what they do, how they do it, and maybe an idea may pop into your head about how you can apply their method to your own.