All Forum Posts by: Rich Weese

@Dave Foster

I think this was an absolutely great reply! All the points that are in consideration were able to be explained by you. I am definitely now a risk adverse investor. I have been playing this game for four decades, have an adequate estate and had GST set up for my grandkids. I think I have pretty much decided to step back and be more passive. I did very well after the two big corrections that I have experienced. I was prepared to vulture and and was able to do that.

Thanks again for your reply.

@David Faulkner

I actually have three stabilize assets that are on autopilot and am at an age where security is more important than growth. I can take a lot of chips out of play and feel extremely secure but still be ready to swoop in like a vulture if we have another serious crisis.

@Jeff Tallard

I agree and I think the timing is bad currently. I'm not looking for a new property and I would only purchase in the Dallas area since it has been so good to me. I'm afraid it would be like an alligator that might take a chunk out of my leg any time.

@Bart H.

That is an interesting idea. I have one building with approximately 75% equity. I have played the owner financing game with single-family residences because there are so many people that have bad credit but are capable of making high interest payments. I don't see how of purchaser of a large apartment building would be able to make that kind of mortgage payment unless they were strictly looking for write off. Thank you. I guess under the right terms I probably would consider doing that. I prefer doing the single-family residences because I would always have a large amount of chips on the sideline that could go into something if there was a serious correction or recession.

@Chris Brown

I need to clarify a couple things. The building that I would be selling in Dallas was one I bought without coming from a 1031 exchange. The other two buildings were part of the exchange for the storage facility. You are definitely correct on the tax consequences. Not only capital gains tax, but we did a cost segmentation years ago so we have extra depreciation we have to recapture. We also have that wonderful 3.8% Obama tax from the unaffordable care act. I would rather be safe and get out a year or two early than wait too long and have the same correction we have had several times in my lifetime. I'm at an age where risk is not worth it and security is worth more.

@Tim Holmes

I may have to get more information from you on DST and TIC.

@John Verduzco

Thank you John. I'm aware of what the options are to exchange into from a 1031. There are quite a few options available that still qualify as a real estate exchange. I assure you that the difficulty and complication to exchange into single-family residences all within the same period of time would cause you a nightmare. It was a nightmare just to match up all the dates and amounts with exchanging one building into two. I like your statement of swap till you drop also. I'm not an accountant, but I believe some of the information you mention in your first paragraph is not 100% doable.

Thanks Mark. I have been welcomed back warmly. I appreciate it.

HOW DO YOU ONLY HAVE 44 POSTS!!!!!

I went to Costa Rica nearly 20 years ago looking at property. There was a very nice golf course around San Jose where a lot of pilots were retiring and building homes. The majority that I talked to worked for Canadian air. It is interesting that almost all the posts on this thread are Canadians! I remember the prices being extremely high for what I was looking for. I also have a sister in law that moved there. She did not find it to be what she thought it would be and returned home after several years. I don't claim to know much that has gone on recently. I also checked out Belize and decided to add to the number of condominiums I owned in Cancun Mexico in stead. I am not recommending any foreign country at present. I did do research on Lake Chapala area  in Mexico and visited there three times before deciding against it. There are lots of ex-patriots there from the United States and Canada with the best climate in the world.

@John Verduzco

I had a 1031 in your area 18 months ago. I exchanged  Secure storage in Bonita Springs on Tamiami Trail for 300 units in Dallas. Worked out great. I'm comfortable with doing one for high priced property on the trade. I think my storage buyer changed it to a franchise. Do you know it? Across from the old boat night club.

@Pari Thiagasundaram

I like your #'s better. Where do investors sign up?

Thank you Aaron. I purchased that house at auction 30 years ago for around $35,000. It was big and old….I did well on it.

Thank you Michael.

I wanted to know if 3277 Tyler would be in the historic district?