I once thought it meant people trying to be creative in ways to make money at Real Estate. I have read many posts here that suggest that this is only partially true. For many it seems to be finding ways around clauses in contracts they signed that are inconvenient to what they want to do; hoodwinking a person who really cant buy a house into an option where they can walk away with the option money and charge above market rents; encouraging new people in taking actions without a full disclosure what what affect those actions could have (such as nothing down purchases); and the list of questionable activities goes on.
There are still some here looking for ideas, sharing ideas, or looking for help in gettig out of a bind. Otherwise I would have stopped looking at this site a long time ago.
I am in Florida trying to vacation and get a call from a tenant wanting to know if I can call a plumber because the tub in the apartment upstairs is leaking water thru the ceiling into their bathroom. I call my maintenance person who makes a special emergency trip to find that the little girl upstairs has the shower head spraying out of the tub on to the floor. Just one of many thoughtless problems. My brother had a used car lot and I noticed he called people idiots and I would tell him he was being pretty harsh, but, he was right! Thinking about selling rentals and doing flips or spec homes. Hope to take a peaceful vacation some day. Buying rental property is easy, dealing with people requires a different course. I’m sure there are people everywhere that will make you scratch your head but I won’t have to deal with them a year at a time. Also looking for investors to purchase properties. I’m sure I make people scratch their heads at times also. Anyone have suggestions on getting started with building spec homes?? Thanks!!
I have had several friends make the same comment. One has been dumping rentals and getting into TIC (Tenants In Common) investments because you can do a 1031 Exchange into one. I have property managers, so while I have less income, I also have fewer headaches since I only have to keep after them and they are reasonable people.
Hello! I am actually trying to get into the rental business, so if you have any properties you want to get rid of then we should talk and see if we can come up with a solution! Thanks!
Hi Jennifer,
Thanks for your response. I would be happy to talk to you about a solution. I’m thinking about building some spec homes. Have some homework to do first. Thanks again. Bob
Its a lot like buying shares of stock in a company, except you buy ownership shares in a property that is held as “Tenants In Common”. A syndicator puts together a package, prospectus, pro forma income statements and so on from which an investor decides whether or not to buy in. You can use the proceeds from a sale property and 1031 exchange into the share ownership. The syndicator will arrange for property management and these fees are included in the financials they provide. The TIC allows investors to get into properties that are much more expensive than they would be able to on their own.
Hu Bob, I was talking with my partners and unfortunately theyre not ready to make the jump over to the other side of the coast yet =/ Hope everything works out for you though!
-Jenny
My understanding is that you can. The big problem is finding a buyer since its not as organized a market at the stock and bond markets are. I know several who have bought in but none who has tried to sell.