All Forum Posts by: Parker Cox

Is there a 1031 exchange option for this property?

@Justin R. haha I need to add a new product I guess.  

@Matthew Ware

This has become a highly debated topic as to sell or continue to rent.  

What I will tell you is this: Clairemont is a highly desirable neighborhood in San Diego.  San Diego has a stable, appreciating market with hyper low inventory.

If you want to learn to be a landlord, a property in a desirable neighborhood in an appreciating market with low inventory, total equity and low taxes is about as safe of a learner property as they come.  

Try it out.  If you hate it sell.  If you don't like the tenants move them out.  If they can deal with a rent hike and you want to improve the property do it.  

You have a low risk opportunity to have an awesome education to see if the whole landlord thing is for you.  

When problems arise, worst comes to worse you sell and can reinvest in closer to home markets with better rental/cashflow numbers and you will be all the wiser.  

Best of luck.  

@Maroun Youness If you have lenders they will likely have requirements...check with them before you buy to save time and effort.  

@Carlos Velasquez I know you want email potentially.  But to send an answer I need to know more about your portfolio and goals?

@Anne Wallace I am an independent insurance agent in California and I specialize with investors (500+ properties of buy and hold all shapes and sizes insured currently).  

Rates between carriers will be different on each property depending on location, age, rental income, structure type...etc

I don't disagree that you should have adequate liability to manage your exposure, but it seems to me that with 26 doors, and thinking about now a commercial policy and likely scaling further--you should have an agent quote your total portfolio.  

You will likely be able to consolidate your properties into between 1-3 policies (depending on property types and carrier options) and that will give you at least 2 major benefits:

1. Consolidation will provide maximum efficiency for you with insurance payments turning multiple renewal dates over the course of a year into just a couple.  And, on top of that adding new properties is a breeze.  

2. Consolidation with most carriers gives you the option of a shared liability limit. You will have, for example, 5 properties sharing a single 1mil/2mil liability policy instead of each property with a single limit.  Insurance carriers offer this because the likelihood statistically of a single liability claim is minimal and the likelihood of a claim at multiple locations is ridiculously tiny. Then, to cover your extra liability exposure get a single umbrella policy equaling the total value of your net worth (or your companies assets depending on ownership).  You will save a ton of money and provide equal coverage.  

Best of luck and don't hesitate to ask if you have any other questions. 

 it is at www.gordonbuyshomes.com/meetup

@Don Johnston

@Damon Allen Congratulations on both finding BP and beginning your investing career.  Make sure you attend the San Diego investor clubs...NSDREI, FIBI, SDCIA,

and on top of that, every month myself on the last Saturday, @Tim G. host educational networking events at current projects (flips, small multis...etc).

We hope to see you there.

@Mike Cardona I think you have all the right ideas.  How are the Antioch prices with all the Bay Area appreciation? 

what markets are you looking into for investing long term?

@Laci Rossett I live just around the bend in Rancho San Diego.  Your in a great space for knowledge and development with Bigger Pockets.  

I would highly suggest that you also jump in and do your best to meet people and see the business up close and personal.  

Every month on the last Saturday from 9am-11am myself and @Tim G. host an event at different projects around town.  They are free, we are not pitching and we are hoping to give new people like yourself a chance to see the possibilities available and interact and connect with active investors.  

Also, monthly there are 3 events that occur all over town--NSDREI, FIBI (San Diego Investment Club) and SDCIA.  These are roughly $20 to attend, but will give you a clearer picture as to what's relevant to the success of the active investors.  

Feel free to follow me or one of the guys I mentioned to get updates for the upcoming event at the end of April and definitely check out those events.  If you attend those 4 things, my guess is by May you will have a pretty clear idea of if you want to pursue the life of a real estate investor.  

Best of luck.

ps. definitely listen to the bigger pockets podcast- really phenomenal stuff.