All Forum Posts by: Steve K.
Steve K. has started 6 posts and replied 246 times.
Post: Newbie “Bob” with little time
- Honolulu, HI
- Posts 247
- Votes 315
Originally posted by @Pat Noyes:
i'm not @joel owens, but here it is
https://www.investopedia.com/terms/a/accreditedinvestor.asp
https://www.sec.gov/fast-answers/answers-accredhtm.html
Post: Newbie “Bob” with little time
- Honolulu, HI
- Posts 247
- Votes 315
Originally posted by @Mike Dymski:
With little time and lack of interest in rehab, Bob may want to invest with others who have full time staff devoted to these activities (i.e. syndications).
as usual, I agree with @mike dymski
I started out in summer 2012, and I bought 5 turnkey properties (all cash) with self-directed ROTH-IRA funds
in late 2015, I was about to start looking for my next turnkey property with the rental proceeds and IRA contributions, and I learned about syndications
I bought an office park then, next a large apartment complex, a raw land deal, and recently a self-storage facility
I am looking at getting a mobile home park next
early last year, my friend and I did a deep dive into what we felt was the most effective means of REI for busy professionals, and after a few weeks/months, we decided that loans/notes and syndications were the most passive (but still require due diligence) and most effective
I would recommend looking into sophisticated/accredited investor status and look at the tons of info on BP regarding syndications
aloha
steve
Post: The importance of physical fitness
- Honolulu, HI
- Posts 247
- Votes 315
Originally posted by @Alpesh Parmar:
For past 3-4 years, I set a goal for myself every year and work towards achieving the goal. It started with being able to do 5 pull-ups a in a row to finishing Memorial Day Murph workout (100 pulls ups, 200 push ups and 300 squats with 1 mile run before and after). My goal this year was first half-marathon which I finished in March.
When I wake up, going to the gym is the only thing on my mind
@alpesh Parmar
do you do the Murph in body armor?
Post: Anyone started investing in RE at age 35 or later?
- Honolulu, HI
- Posts 247
- Votes 315
started at 45, used self-directed ROTH-IRA to buy 5 turnkey properties (all cash) summer 2012
was just about to start looking at buying another property with the rental proceeds at the end of 2015, when I heard about syndication
bought into an office park, then a multi-family, then a parcel of raw land in wine country, and recently a self-storage place
all with my rental proceeds and IRA contributions
looking at mobile home parks for my next investment, hopefully soon
aloha
steve
Post: Advice to your 20 year old self
- Honolulu, HI
- Posts 247
- Votes 315
"when you love, wear a glove"
Post: Dead Equity - How much money do you leave in rentals?
- Honolulu, HI
- Posts 247
- Votes 315
Originally posted by @Account Closed:
Of important note. Equity can be considered cash as it is trapped cash. So, the higher the equity in your property, the lower your cash on cash return is.
@Larry Hawkins
I am not an expert, but I believe that you are speaking about ROE (return on equity), cash on cash return is different
Post: How do I respond to this question?
- Honolulu, HI
- Posts 247
- Votes 315
Originally posted by @Deangelo Mack:
Im using creative financing to buy single family homes. Can i tell the seller "we dont close till I find a tenant buyer"?
this is why they don't want to talk to you once you say you are an investor
Post: Passive Investments Enabled Me To Quit My Job Last Week
- Honolulu, HI
- Posts 247
- Votes 315
Originally posted by @Brian Garrett:
Originally posted by @Holly Williams:
@Brian Garrett Not necessarily. If you live in NYC in anything but a third-floor walkup with roommates and you are over 30, chances are you are an accredited investor. I used my IRA at first.
I understand but do you mind sharing the amount of starting capital?
Feel free to message privately if you don't want to share publicly thanks.
an accredited investor is an IRS definition
you need to either have $1 million in assets outside your primary residence (includes retirement) or annual income over $200k or $300k jointly
https://www.investopedia.com/terms/a/accreditedinvestor.asp
Post: Memphis TN 2017 Housing Report and outlook on 2018
- Honolulu, HI
- Posts 247
- Votes 315
Originally posted by @Diohne Cortez:
Hi @Steve K.
That's so awesome about your properties! Are those properties near the one we're looking at purchasing (4555 Kings Grant Dr. Memphis, TN 38125)?
If so, what are your thoughts on purchasing it for $120k? We'd like to be able to rent it out. I've been doing some research and we can probably rent it out for about $1200 to get a positive cash flow.
@diohne cortez
yes, that is what I am saying, I know of 5 properties within 2 miles, I visited them in oct 2017
I bought in summer 2012, and paid turnkey prices from Memphis Invest, so I cannot tell you what the property is worth
my friends bought about a year later
not sure about the rent either, my closest house is at $1285, but is in a nicer neighborhood next to a lake
I have one a little to the north of yours that is at $1400, but it is a BIG house in a good neighborhood too
my third house and my friends' houses rent for less than $1200, but the neighborhoods are not as good
Post: Memphis TN 2017 Housing Report and outlook on 2018
- Honolulu, HI
- Posts 247
- Votes 315
Originally posted by @Diohne Cortez:
Hi @Sean Tagge !
Thanks for the response. The address is
4555 Kings Grant Dr. Memphis, TN 38125
It looks like its in a great condition. I'm currently contacting the seller to provide some more pictures on this property.
This will be an out of state buy, so I will definitely have to look into those big ticket items more closely. Thanks for the advice!
@diohne cortez
what kind of info are you looking for?
I have a 2 properties less than 2 miles away and a couple of friends have one each around 2 miles away
edit: I own 3 properties within 2 miles and know 2 friends that own 2 more