All Forum Posts by: Trent Chance

@Trent VanHorn "not supposed to retire off one property" and "finding a way to retire off one property" sounds like a "challenge accepted" moment :)

I've been wondering the same thing about quads I'm looking at and even our new home of we move into a quad.

@Joel Owens 🤣 this one is killing me

I'm very new to all of this so I only have 1 deal and it's my best one :) My wife and I bought our first home, a townhouse just outside of Nashville.

• Paid $137,500
• Remodeled and replaced HVAC for $15,000
• Reappraised for $165,000
• Got a HELOC for $12,500
• Purchased a new $300,000 house 10 miles from downtown with the Heloc as the down payment.
• Our mortgage/escrow/HOA on the original house is $1,000
• We rented the house to a family for $1,550.
• 2 years later it's valued at $200,000.
• We just expanded our HELOC by $20,000 to help us purchase a mobile home park that has a $400-500k upside
• Our current house value has grown $25-35k.

Pretty sweet deal for a grand total of about $25k original investment to create all the above deals.

@David Smith also look into RE based retirement accounts where draws can be made penalty free as long as they are invested in real estate.

@Joe Hamner Joe or anyone else still looking to make a last second ticket deal?

I live nearby and just saw this.

@Kyle Smith  Makes sense.  Somehow I'd not come across this yet or missed it.  So stick with the simple rule in my head of 13 months on some things and 24 on others :)  Thanks for the detailed response.

 Kyle - thanks for taking the time to share this with me.

I'm curious what the issue was..  You 1031'd so you you "traded up" into a "like property".  I understand some banks require a seasoning period before you refinance but I'm unaware of why refinancing quickly would flag the IRS.  Any ideas?

@Brandon Sturgill sounds like a plan! I'm making an offer on a MHP tomorrow so I have similar questions running through my head :) Congrats again.

@Brandon Sturgill Sounds like quite the deal.  What exit plan are you considering?  Refinance into another deal?  Sell and 1031 into the next?  What are you leaning towards and why?

@Alina Trigub I never even considered this. Thanks again for your help - great idea.