All Forum Posts by: Frank Jiang

The tax exclusion is if you've lived in the property in any 2 of the last 5 years, so no you would not qualify for this deduction.

1031 is available as an option.

You can move back in to regain the tax exclusion.

You can try to offset any potential gain through losses elsewhere in your portfolio.

Best of luck!

The purpose of doing analysis or gaining additional learning is so that you then take appropriate action.  Ask yourself before doing any analysis, "when the results of this come back, do I have a plan of action for each possible scenario?"  Ask yourself before learning something "when I understand this, do I have a plan of action to implement what I've learned?"  If the answer is no, you're simply wasting your time.

Just taking action with no direction is extremely foolish.  Doing analysis that doesn't lead to action is also foolish.

Profile states your spouse is also a veteran.  Can spouse qualify in their name with their income?

If all you're looking for is 6%, just buy REITs and call it a day.  Even some fairly safe corporate bonds can pay out ~5%.  Maybe look into private lending (prosper, lendingtree, etc).

If your goal isn't to grow anymore but to switch your assets to income stream mode with minimal management, physical real estate makes less sense than buying paper.  You could go the large commercial route, but imo, this is more dangerous than buying paper since you can control risk allocation more easily buying non-physical.

You can't evict someone just because you want to move in.

What do the leases say?  Is a lease ending soon?  Is there a clause that allows you to give notice to vacate?  Is anyone willing to just move out (maybe with a little extra financial incentive)?

Less judge let you down and more you not doing proper diligence for closing. The way this was supposed to work was that the seller was to collect rent from tenant according to lease and seller should have credited you prorated rent for 22 days on the HUD.

The fact that the tenant hadn't paid rent isn't relevant to the fact the the seller still should have paid you prorated rent and then it would have been on him to collect the month of August from the tenant after closing.  If you accepted a deal without that prorata, you just simply lose out.  Let it be a lesson learned.

IMO The general feeling towards vacation rentals in San Diego is not going in a great direction for the business operators.  I'd pay close attention to how community groups are lobbying and factor in potential regulations or additional taxation into any profitability model.

Research what happened in Anaheim, Santa Monica and understand the risks of going into this sort of business.

You are making a mindset mistake.

If you and your partner are both going to contribute to a project and you feel it is not a good investment, the burden is on him to convince you that it is a good project.  You are free to tell them at any point, for no particular reason to pound sand and withdraw your funds/time/commitment.

Working this hard to "prove them wrong" when you don't have to actually empowers his position, belittles your position, and is a waste of time and energy in my opinion.

No.  Nope.  Never.  Non.  Niet.

And ******** they didn't get notified.  It takes a lot of work to set up a short sale.  It's not like the bank set up a short sale without their approval.  What on earth did they think was going on during the whole process?

These people are reneging on their debt.  That should give you a decent idea of how likely you are to get an honest deal out of their proposal for a 2 week tenancy.

I have an MBA.  People who say it's a waste of money are very wrong.

However, it's highly situational and if you haven't done any deals yet, I'd really recommend skipping the MBA and diving straight into the business.

I recommend this because an MBA is so much more valuable after you actually face real world challenges.  There's no point in learning things before you understand the appropriate context for that education.  If you learn something before you understand what the purpose of that education is, you'll likely have forgotten it by the time you need it.  You'll also have a much clearer understanding of what you're looking to learn to help your business succeed as opposed to something fuzzy like "maybe I'll get an MBA and it'll teach me things?"

Also, I wouldn't bother with an MBA unless you either:

1) go to a TOP tier school

2) get significant assistance with tuition

You need one of these two in order to make the IRR of the education make sense.