All Forum Posts by: Wes Litton
Wes Litton has started 1 posts and replied 4 times.
Post: Real Estate Agent tips
- Realtor
- Springfield, MO
- Posts 4
- Votes 4
@David Pere thanks for the mention. @Xavier Hamblin I was 21 when I started in real estate. Focus on getting plugged into fantastic training and coaching. Then focus on your network. David can testify—your network is everything in business! Shoot me a pm anytime!
Post: Branson / Springfield MO Brokerages
- Realtor
- Springfield, MO
- Posts 4
- Votes 4
@Dakota Burkeen shoot me a PM or call for any Springfield, MO needs! Tiffany Shook is a great Branson agent--she's with Mossy Oak Properties!
Post: Ring the Regiater on this Property?
- Realtor
- Springfield, MO
- Posts 4
- Votes 4
Originally posted by @Michael Jones:
As long as the numbers will still make sense for you during a possible economic slow down, I say you hold on to it. It would appear that you're in a good spot with this property and while new opportunities may arise IF there's a downturn that drags values down with it, I wouldn't kill the golden goose just yet.
Even in a downturn, your property may not lose value with consistent, stable cash flow, so your offer now may not be off the table later.
Michael, I think I'm leaning this direction. Thoughts on scaling through collateralization (is that a word?) of the existing equity?
Post: Ring the Regiater on this Property?
- Realtor
- Springfield, MO
- Posts 4
- Votes 4
Hey Forums! This is my first post, so bear with me here... Apparently I can't edit the title of the thread either... Sorry for the typo!...
As a primary investment strategy, I focus on value-add self-storage and 1031 into larger multifamily properties that I can hire property management to handle. Typically my deal size is $150k-$500k. In this case, it’s a bit of an exception.
I’ve got a self-storage facility that has been garnering a lot of attention lately. In fact, I’ve already received an offer for $1.35M. My tax basis in the property is $950k. Typically a $400k return is more than great! However, the property is currently cash flowing $8,000/mo AFTER debt service and expenses. If I sell the property, there’s no way I’m finding a large enough multifamily property here locally, that I can 1031 into, and outsource to property management while still cash flowing anywhere near $8k/mo.
Thoughts? Any opinions or input is helpful!!
Do I take the appreciation and value-add capture or do I hold onto the property and soak up the cash flow and debt pay down for years to come?
Thanks!