All Forum Posts by: Stephen Wilson
Stephen Wilson has started 1 posts and replied 2 times.
Post: New to BP, first time investor, looking for advice from Virginia
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The property that is being sold was purchased for about $50k dollars in total 70 years ago. The value of the property was appraised at about $250k when the purchaser died and the property was transferred to the current owner in the family, so we would see capital gains on $1.35 mil of the sales price if sold for 1.6 mil. We fully plan to be going through a QI as we have no experience in this regard.
As for operating reserves we would like to get it worked out where we can keep 200-400k in reserves.
Post: New to BP, first time investor, looking for advice from Virginia
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Hello everyone, I'm brand new to BP but have been listening to podcasts and reading recommended books on investing for a while now. I am going to be completely candid in this post so I can get some specific help. My family is looking to sell a large commercial property in Florida in the immediate future. We already have a rock star agent for this and the property will likely be selling for roughly of 1.6 mil. This property, for a long time, has not performed well financially and due to this my family is not holding many liquid assets. We will be trying to go the route of a 1031 and are currently looking to reinvest most of the income from this sale in Virginia (we have a piece of residential property there that we plan on moving to).
The areas that I have been looking into are Norfolk, Richmond, and Roanoke. We would like to purchase a large multi family residence that would have an ROI of around 8-10%. I would like to ask for advice from people who have a history in Virginia and could possibly point me towards areas that would be better than others. Additionally, I seek information regarding agents that could help me find the properties that I am looking for, property managers that could help me understand the demographics of these areas and what would need to be done to reach close to market rents, and, if at all possible, someone who can guide me through this whole process.
I understand this is a lot to ask, and I appreciate any and all advice, but, unfortunately, none of the people that I know personally have done any investing like this or on this scale. I believe I understand the basics of what we are about to embark on but I will always accept help from those who have tread these paths before me. Please feel free to leave me a PM.