All Forum Posts by: Jared Adamson

I have purchased 3 properties through them during a 1031 exchange. Everything went very well so far. They hooked me up with a fantastic 1031 Exchange company, lender and local property manager.  I would highly recommend them. 

How about putting it on a short-term-rental site and renting it out that way?  I get about double what I would bring in by normal long term rent. Just an idea. 

Great event!!!  Wonderful content, David!!!

Great event!!!  Wonderful content, David!!!

Hey Rob,

I know EXACTLY how you feel. It literally took me 7 years of saving all my tax returns and bonuses to earn enough for the down payment on my first rental...7 years is a long time!!  It takes a lot to get the ball rolling but believe me when I say, momentum is real. Once you get the first one the next is WAY easier!!  I’m looking forward to chatting with you!

Jared

Investment Info:

Single-family residence other investment in Stateline.

Purchase price: $450,000
Cash invested: $80,000
Sale price: $757,500

We purchased a never updated cabin in a wonderful neighborhood in South Lake Tahoe. We gutted it and then turned it into a profitable short term rental for a couple of years. The value shot up in the area so we sold it and used a 1031 exchange to purchase 5 properties/7 doors in OK.

What made you interested in investing in this type of deal?

It was a great opportunity to capture equity and at the time we wanted to keep it indefinitely in our family as a vacation home.

How did you find this deal and how did you negotiate it?

An agent found it for us. It was being offered at $580,000, which it appraised at. We offered $400,000. We ended settling at $450,000.

How did you finance this deal?

HELOC on primary for down payment and rehab $. 30 year loan for the rest.

How did you add value to the deal?

Near total gut and reno.

What was the outcome?

We enjoyed to property and cash flow for years and now have exchanged into more passive properties in OK.

I was in the process of doing a 1031 and I needed to pick up some out of State cash flowing properties quickly. I was referred to Ron Phillips and his group and have been VERY impressed by their organization, RP Capital.

I have worked with Heather Marchant there and she has made the very overwhelming and stressful job of purchasing multiple oos properties doable. She hooked me up with a FANTASTIC Exchange Company, Lender, Insurance company and Property Management company in Oklahoma City.  

They do a lot of the work for you so you are not going to pick up much equity in the deals at time of purchase but if you are wanting help and someone to hold your hand picking up properties they are fabulous.  Also if you need to purchase quickly like I did with my 1031 exchange they make it very easy. All the properties I bought through them are new construction but still have great cash flows.

If you are going the turn key route definitely check them out. 

Thank you everybody for all the suggestions.  I have been using www.vrbo.com and Airbnb and all the others but I would like to have a way to maintain contact with my past guests and create content through a blog to funnel in future guests.  Thanks again!

I am trying to create a Wordpress site for my vacation rental. I need suggestions on great themes people have used and different plug ins that seem to be applicable. Any help would be great!!  Thank you! 

I have just been notified that I need to sign a few extra IRS documents for the purchase of a vacation rental property I am hoping to purchase in Tahoe.  There are 8 sellers and a few of them are international and apparently there is a new process for the IRS to collect 15% from the international buyers at the time of purchase.  Apparently as the buyer I am responsible to see that the withholding tax of 15% of the gross sales price is withheld from sellers proceeds.  

My concern is that from what I understand I am liable for any interest or penalties that the sellers of the properties incur.  

Does anyone have any experience with this and should I have concern or is it not a big deal?  Any info would be greatly appreciated!  Thank you!