All Forum Posts by: Larkin Adey

@Dakota Coburn

You can recover from this, but in the future, flip in your backyard. I don't do out of state flips, the situations can be so dynamic with remodels, I believe you need to be able to visit them almost daily - especially early in your career.

Even those who have established flipping networks can quickly derail without oversight.

Out of state investing can be lucrative ‐ but get established&networked and build your cash reserves first.

John Meyer (Meyer Law Office) St. Paul. He is solid, I wouldn't use any other attorney. RE is his focus area.

@Cara Lonsdale

https://www.cnbc.com/2014/07/18/volatile-phoenix-housing-a-cautionary-tale-for-rest-of-us.html

https://www.fortunebuilders.com/phoenix-az-real-estate-market-trends-analysis/

@Whitney Bowling

6 months reserve operating expenses for your business. A valid passport, and a getaway vehicle.

If the appreciation is really ballooning, maybe take your profits while the market is up, load up on liquidity and be ready to scoop up something really good when it goes to hell.

Phoenix is a very bi-polar market. When its up, its really up, but when it's down it is keying your car and trying to kill you.

@Richard Kelly

Put a bunch in the front yard then nobody will notice.

They look terrible.

Dumpster.

@Tim Swierczek

We just finished ours. Horrible. Every year.

@Sameer Kh

You won't need a 1031. You've owned it 3 years and with depreciation and your upcoming "paint n patch" you will have enough to offset the cap gains.

Sell that pig and move on. Something without an HOA would be wise.

Keep 1% rule is too tight these days. Gotta find a greener pasture. Betting on appreciation, is betting. Save that for the race track.

@Renee Chase

Maybe a balanced approach, invest in real estate/stocks&bonds/high interest savings 100k/100k/100k.

If you could find a property that suits you in the smokey mountains with seller financing, use an attorney - and buy direct. No bank loans. Terms are usually 10-20% down and a rate somewhere in the 5's if you negotiate well.

------Or‐------

RENT !!!!!!!!

Why take on the hassle of home ownership! You are 62, enjoy your life, travel etc.

Invest in business ventures and real estate, but why own? You can still sub-let (househack) as a renter. Leave the big financial disasters to the young investors with time to recover financially. The market is frothy. Who knows what the future holds.

@Mike Jacovelli

Keep communicating with your network, use this format as a litmus test for your ideas and goals. Who knows ‐ maybe someone will have a tip or pointer that saves/makes you more money or helpa you reach a goal.

I agree with you though, there are waaaay too many knuckleheads on this site these days.

@Chad Griffin

Investigate that deal carefully. Most wholesalers I work with will cherry pick a good deal. There may be something they know that you don't; water issues, non-compliant septic, foundation issues, clouds on title - dig deep.