All Forum Posts by: Matt Ridenour

HI everyone.  I'm looking for some help finding a wealth coach.  My real estate strategies are paying off well, but the taxes are crazy and I'd like to focus my machine a little, with an eye on legacy wealth.   I am looking for someone who can listen to my ideas and help me refine my approach for optimum financial gain.

Thanks all!

@Dave Foster thanks for the reply.  Long time no talk.  Hope you are well.  I still may try and 1031 that property into something bigger and better.  I'll reach out soon.

Thanks again!

 Sorry, Erik.  Autocorrect.

Hi everyone.  Looking forward to some discussion on this question, so thank you in advance if you have time to weigh in.

I have a rental home with a fair bit of equity stored in it, with a non-performing tenant.  Bought it for 115 and rehabbed it at the beginning of covid.  Mortgage is for 115k, and the value is 320k or so now.  

Once the tenant is removed (should be about 30 days from now) we can either sell it and 1031 that 170k (after fees, etc.) or we can rent it again and cash flow about 500 per month.  It's in great shape as it was just rehabbed and won't need any cap ex for the next several years. The problem is the trapped equity.  I'd love to recapture that equity, but rates are high and I've had trouble making it make sense financially.  It is nice to have an asset with such a low debt/value ratio.  

On the other end of this, I have 4 vacant parcels waiting to be developed.  Does anybody know if I can use those 1031 funds to develop a new rental?

Thanks for any input here!

 Thanks Eric.  We own the land.  We bought a 14 acre parcel and split it into 4 pieces.  One lot is already built and is now an airbnb.  The other 3 are vacant.  We'll park this tiny house (on a trailer) there until we are ready to build.  I'm checking with a couple of credit unions tomorrow regarding financing the trailer.  

Thanks for the input.

 Thanks, was also wondering about some kind of motor home financing as it's on a trailer frame.

 ;) 

Hi everyone.  I'm purchasing a tiny house from my local high school building trades program for 55k.  I'm paying cash for it up front but would like to finance it to free my cash.  Looking for some ideas on mortgage companies to contact.  My go-to lender can't do it.  

This will be an Airbnb on a vacant lot I own next to another airbnb.  

Thanks for any advice!

@Drew Sygit thanks!

@Adam Daneff thanks for the reply. Not my son, but a student of mine. I teach high school. I’m pretty tied up in my own market right now, but will eventually expand. Just not to k-zoo most likely. :-)

Thanks again!