All Forum Posts by: Mark H. Porter

Getting to the deal should be a whirlwind of proposals and counter proposals.  This takes a week at the most.  Where are you in this cycle.

Once you’ve gotten to an agreement there are outside forces that run the show - banker, lawyers, appraisers, inspectors, all the other due diligence.  This takes weeks.

Change your strategy. I've had LTR for a long time and in the past year have been selling them under 1031 and exchanging for oceanfront STR single-family homes and commercial NN single tenant.

Hi joe, I’ve done quite a few 1031’s and it’s a great way to move up the ladder.  Your condo sale can get exchanged into almost anything that rents - short term rental at the beach, commercial rental, etc.  Remember that however much you walk away with for cash (that goes to the CI) is only 25% of your purchasing power.  Debt is so cheap right now that there’s many instances of making money on borrowed money.

@Pete Meck milton is a tougher market so I would suggest at Albans.  Tenants will find better public transportation and support services.

Ben, I also live in Butlington near campus.  I started in real estate 23 years ago by buying a 3-unit in Essex junction and lived in one unit.  I stayed in that property for 12-years, through refinancing after refinancing, until I accumulated 15 doors.  I then bought my house on Brookes avenue along with the four unit next door.  

Starting 4 years ago, I started 1031’ing and quickly moved up to 53 doors.

If you’re patient and work smart it can be a great way to retire early.

@Marcus Auerbach I disagree with you as much as you disagree with me.  I would never lie to a tenant as I would not want them to lie to me.  Ethical standards go both ways.  Fair housing laws are a completely different game, you don’t have to take everyone so long as you hold everyone to the same standards.

Derek, I also use @Dave Foster

Unless governed by state law, I would just say “your application has been denied”.  Absolutely nothing more.  You’ll be tempted to soften the blow but don’t, you’ll just give them the ammo to take you down.

Want to make a higher ROE?  Borrow at 3.5% and buy 4-5x the asset value.

Greg, message me if you want to talk about what I'm finding in the NNN and commercial market. I'm in the middle of a 1031 where I'm moving money from MF to NNN.