Real Estate Market. Thoughts?

[Irving]

We sold our apartment 4th quarter last year and have money that we're not sure what we want to do with yet.

[Great-Kazoo]

We sold our apartment 4th quarter last year and have money that we're not sure what we want to do with yet.

Save it for a rainy day. Trust me, there's a storm a comin. BUT be prepared to yank it out of banks / investments before everyone else starts. I'm not an investor, have a portfolio ,or play one on radio. However we've seen this before and the end of the story wasn't a happy one.

[Firehaus]

We sold our apartment 4th quarter last year and have money that we're not sure what we want to do with yet.

You didn't 1031 into something else? I won't be selling unless I have a clear path to move into another property.


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[Irving]

You didn't 1031 into something else? I won't be selling unless I have a clear path to move into another property.


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I don't remember why this was not an issue for us. I'll have to ask.

[Irving]

You didn't 1031 into something else? I won't be selling unless I have a clear path to move into another property.


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We needed to exit the market we were in as the neighborhood was going down hill quickly (someone was actually killed in one of the buildings two days after sale). We didn't make enough for the taxes to hurt too bad, and the taxes were a better deal than paying the same inflated prices in the same area.

Otherwise, I totally agree. Having an exit plan is equally, if not more important than having an entry plan, imo.

[Dave_L]

Having an exit plan is equally, if not more important than having an entry plan, imo.

Good dating advice right there.

[Madeinhb]

We needed to exit the market we were in as the neighborhood was going down hill quickly (someone was actually killed in one of the buildings two days after sale). We didn't make enough for the taxes to hurt too bad, and the taxes were a better deal than paying the same inflated prices in the same area.

Otherwise, I totally agree. Having an exit plan is equally, if not more important than having an entry plan, imo.

Damn, where do you live?

[Great-Kazoo]

Damn, where do you live?

On a roof, covered with snow.

[Irving]

Damn, where do you live?

This was in Aurora, and we didn't live there, just owned the building. The issue was that other buildings in the area were owned by investors that lived out of state. No one ever put any face time in at the properties to chase out the thugs and riff-raff. Stuff started spilling over to our building, and our mentors buildings (three around ours). The police actually beat the door of our place down looking for someone two buildings down (police had the wrong address). Our mentor decided she wanted out of the area, and we were concerned that another out of state buyer would purchase her buildings and the problem would increase.

Sure enough, when we sold all four buildings together as a package, the buyer was an Australian Rugby coach. Kind of sucked that the neighborhood went to crap, but we were out numbered by too many owners that didn't care enough to manage their properties.

[Firehaus]

We needed to exit the market we were in as the neighborhood was going down hill quickly (someone was actually killed in one of the buildings two days after sale). We didn't make enough for the taxes to hurt too bad, and the taxes were a better deal than paying the same inflated prices in the same area.

Otherwise, I totally agree. Having an exit plan is equally, if not more important than having an entry plan, imo.

I was warned by my broker to stay away from Aurora multifamily due to what you described.

Glad you made it out okay financially and physically!


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