All Forum Posts by: Robert Pickett

Looking for a referal to a strong, responsive, and detail oriented Title Company in Knoxville/Chattanooga Tennessee area.

Thx

 Seems reasonable and safe

Lots of good advice here already. I will just say there is great vlaue in starting out in an area where you have contacts and resources (Provo) as long as you can find a cash flow deal. I think OOS investing without a property mgr is going to be challenging even though it is a cost. In addition, I have never seen Provo show up on any booming investment cities list but of course that is just one resource and not the end all be all. 

I would suggest buying another LTR where you are and then next, pull out some equity to purchase a MTR property.  The big downside with MTR is that you have to furnish it. It can still be profitable, but I would suggest getting your cash flow going and then venture into that space after some time. 

I am in CA too and it is a dead end situation with prices and very little prtection for landlords.  I am exiting the rental market here (love living here tho). Strongly suggest scoping out GA, TN, OK, PA, AL, IN, etc.  Lots of info out there.  Look for Facebook groups too.  Good luck. 

There are lots of good Facebook groups to learn from others and get referrals for property managers, realtors, etc. It's not perfect but it's a good place to eavedrop and read up on what REAL people are doing in this space and what they have learned. =)

Thank you for the feedback. I have done a 1031 exchange before so I am aware of the rules. However, I did forget about the "same value or higher property purchase" part of it. I have all the contacts I need in Tennesee for purchases, which is primarily where I am looking. I appreciate the reminder as well that if the gain is fairly low then it may make more sense to just pay the capital gains taxes now versus 1031 exchange. 

I have a mid-term rental in Southern California near the beach that is consistently losing money each year. It is worth approx $1.1 million and I would net approx 500K from selling. I plan to sell it and roll the funds over and NOT cash out. I am conflicted on whether to use the 500K on one big property (ideally multi-unit) or buy several smaller properties. All of these would be out of state, likely in Tennesse, Georgia, Alabama, etc. where the money will go much further and landord rights are better than CA. I do not want fixer-uppers, only properties ready to Long-term rent. Questions/opinions on: (1) one property or several, and (2) whether to buy outright or put large downs and then supplement with mortgages. My long-term goal to continue aquiring properties. I have 880 credit score, decent savings, and no other debt except for 300K mortgage on my primary residence (worth $1.5 million). I know there is no one right answer and some variable, but looking for ideas/advice. Thx in advance.