All Forum Posts by: Timothy Doenges

Hey all, I see a lot of investors using Buildium for investment properties, but does that translate to STRs/vacation rentals? If not, what software can you recommend that is optimized for STRs?

Got any prospects on a local partner, maybe from a REIA, that could finance the deal? Might be able to get OPM with the numbers you brought here.

Nice! Where in West Virginia are you interviewing? I’m in south central WV—it would be sweet to grab lunch sometime if you end up in this area.

https://wallethub.com/edu/fastest-growing-cities/7010/ I’m sure many have seen this resource, but I’m curious to see how it translates to REI. Where are your markets on the list? Do you think this data is accurate to what you are seeing with boots on the ground? Tim

Shawn, welcome to BP! I am going to come at you from a potentially different angle here... Are you a GC? If so, you are possibly one of the hottest resources in REI—an investor-friendly GC. It may benefit you to start out by GCing for a few investors from BP in the KC area (there are several pros in KC killing it; networking at REIAs will be huge). Once you have enough profit from GCing others’ deals, you can turn that cash into down payments. May take longer to secure that down payment, but it will be a bit less risky than the HELOC and not as spendy as a HML. Thoughts?

Might consider looking into self-directed 401k or self-directed IRA accounts. I believe you can roll existing 401ks into either of these and invest in real estate out of the accounts. Another creative option I have heard people have success with is actually taking a loan from yourself with your retirement accounts acting as a lender. Obviously, I would seek assistance of a financial planner or CPA with REI experience that may be able to help with your specific situation. As active military, do you have access to military-specific financial planning services that may be able to assist you?

I love this discussion. I think another factor to consider is where you are located and what the real estate market looks like in your area. Where I am in WV, I have found that the market is slow because it hangs on appraisals. There is a backlog of properties that need to be appraised for sale, and the process take almost a month on a residential and almost 3 months on a commercial appraisal. I just finished my RE license test, and when eligible, I want to specialize in appraising because there is a huge opportunity (need) in my area. This will allow me to better understand what is being bought/sold in my area; the difference between list price, appraisal, and sale price; and several other market factors that will benefit me in real estate investing.

I jut finished my online RE class, and almost made the mistake of just picking any online RE class. Before you do anything, make sure the real estate school is accepted by the state you are getting your license in. The state should have a list on the state RE commission website. In West Virginia, there were only around 10 or 12 accredited online programs, one of which was Cooke School of Real Estate, which I used for my classes. I thought the prices were reasonable, the classes were basically what I expected for cost, and they got me the information I needed to pass my National and state license test.

In this case I would definitely defer to the advice listed in previous posts and either season the property or possibly rent-refinance for a down payment on another? Sorry for misreading your initial post.

Great question! I read back through your initial post, and I had thought I read you had rented it out. You are right, 1031’s are for investment properties only.