All Forum Posts by: Marc Rice

@Jill Williamson

I think you’d be best to just help the tenant find somewhere else to go and bang out the rehab fast.

@Bryson Goforth

You could pay an attorney to draft the purchase and sale documents. Would probably be under $1,000.

@Brad Clark

Yeah Massachusetts is seeing a lot more growth and has more favorable property taxes. The little guy (RI) can’t keep up! I know Attleboro has seen a lot of Providence spill over.

If you ever need help identifying hot markets here and need buyers let me know. Like @Nicky Reader said, N. Linden is very hot right now. Lots of landlords are just holding but there are some who are always looking to sell for the right price.

Assuming you engaged your title company to make sure the funds were put in a 1031 intermediary, then I would look to 1031 into a multi-family that generates more cash flow than the one you sold. If you can't find anything locally I'd look to the midwest for more favorable returns. Overall, only you can answer the question of what to do with your 1031 funds to avoid the tax hit and increase your wealth.

@Justin T Lord Almost every bank offers FHA loans. I'd call 5-10 local banks in your area and see who you like best. Also ask them if they have any portfolio products for owner occupied duplexes.

@Philip Mullinax Have you talked with any fellow hosts, property managers, or agents who specialize in vacation rentals along the SC coast? I'd recommend starting there for good insight.

@Daniel Petta I recommend honing in on a few markets (maybe 3) to really analyze and start to interview some agents there who also own investment property and are really connected to the local scene. You'll want an agent who can find you great property managers, contractors, and lenders so you can grow your portfolio with a strong team. One market I really recommend is Columbus, OH for its strong cash flow and appreciation.

@Brad Clark Hey Brad! I grew up just outside of Providence (Westport, MA) and moved to Columbus, Ohio for school but stayed due to the amazing real estate opportunities here. Would love to give you some insight into the Columbus market and help you build a local team here. 

There are great rental opportunities as well as great wholesaler opportunities here if you know how to find good deals.

@Matthew Swearingen

The Midwest will offer lower barriers to entry and good returns beyond 1% rules and 10% CoC. There are markets here that are up and coming such as Columbus and then others that are not seeing increases in growth such as Dayton.

@Alberto Perez

Is there a lot of demand from investors to buy out there? If so then yes it’ll be profitable.