All Forum Posts by: Rob Beardsley

You must have team members on the ground in the market that you want to invest in. They can help you with pictures and documents so you feel comfortable buying the property sight unseen.

Yes this would be your registered agents address location they should provide you for where your office is

Hi Alex, this is my template for a letter to deceased family:

Dear Ms./Mr. ________,

First and most importantly, may I offer my condolences on the passing of your loved one,________. I am sincerely sorry for your loss.

The reason I am contacting you is I understand the house located at ___________ may be available to purchase. I am looking for a house in this area and would be interested in making an offer if it is going to be sold. Of course, I’m sure at this time the property may not be a priority for the family, but if in the future the heirs decide to sell, please call me and give me the chance to make an offer.

I will purchase the property in it’s “As-Is” condition and pay all cash. This will save the estate time of fixing up and/or cleaning up the house and the extra attorney and realtor fees. I hope you understand you do not have to wait until this probate is completed to sell the property.

If you wish to discuss this further, I can be reached at __________. I’m sure I can give you a fair offer and get cash in your hands right away and faster than if you listed it in this current housing market crisis

In any event, I wish the best for your family in their time of loss.

Sincerely,

Consider reaching out to the neighbor that makes those complaints to get a better understanding of your and his expectations. 

I don't think that area would be very conducive to AirBnB but I still think it would be a great idea as a house hacking investment that you could eventually move out of and place two tenants in the duplex.

@Esha Addy Here is something I wrote recently:

The days of working for the same company for 40 years, investing in a matching 401(k) retirement account, and retiring at 50 with plenty of money to live out retirement without financial worries are OVER. These days, the average employee works for 12-15 employers throughout their working lifetime. People are forced to work much later in their life to sustain their living and must significantly reduce their spending once in retirement. The median savings for retirement for working-age families is $5,000 dollars. These are scary things to think about especially as entitlement programs will be bankrupt as the millions of baby boomers head into retirement. So we know we can’t rely on the government or on high yield retirement accounts either. Nor does anyone want to retire and have to pinch pennies by slowly draining their stock and bond investment portfolio. Owning real estate is a great way to ensure steady income coming in to support your family after you enter retirement.

A solution to prepare your family and you for retirement would be to convert your retirement account into a self directed IRA and use this to invest in income producing real estate. The easiest way to do this would be to invest in a syndicate which pools passive investors' money together in order to purchase, renovate, operate, and sell investment properties. The way this works is a general partner (GP) of a syndication, which is the active operator such as Menlo Atherton Developments, creates a single purpose LLC to purchase a new investment. Next, shares of ownership in this LLC are sold to the passive investors. At this point, a self directed IRA would be able to purchase partial ownership in a large investment property and reap all of the income and appreciation rewards without taking any of the risks associated with the debt of the real estate. This purchase will however trigger UDFI which means some of the rental income will be taxed but at most likely very favorable rates. I encourage you to can reach out to me as well as run the numbers with your CPA if you are interested in investing in a real estate syndication deal through a retirement account. 

@Stephanie D. I agree! I think it would work well in that demographic. Good luck!

@Jay Hinrichs Great stuff! What a different time.

@Andrew Smith I love this idea! I too would like to implement various environmentally friendly strategies in operating multifamily but of course like you said, the numbers have to make sense. What other initiatives do you run such as water conservation.

My thought is what if it is someone's 3rd or 4th exchange and they have tons of back taxes. At that point it is probably worth it to just keep the 1031 train going, right? Also, another solution to this problem would be to do a reverse 1031 exchange where you buy the new property first and then sell the current portfolio/property.