cactusbob


All About cactusbob

cactusbob's picture
Name: 
Anonymous
Location: 
WA
About Me: 

Began investing in San Diego County in 1965, with vacant land which was split and exchanged into apartments. Refinanced the home and ended up with 22 units plus partnership interests in 40 others. Used many of Dean's techniques. Sold out and retired from real estate appraising in 1980 and moved to WA. Built our home in the forest. Got 12 units which were exchanged into 48 units, then 36 were exchanged for 2 stores in TX. Refinanced properties to buy vacant lots and acreage, with 240 acres total now.

Interests: 
Enjoying moderate climate, gardening for fresh vegetables, cats and dogs, managing properties.

Topics I've Participated In

TitlePosterRepliesUpdated
LLC Benefits FDrake4123 years 4 weeks ago
Buying Property: "Subject To" sully1183 years 13 weeks ago
The Journal of the Daily Adventures of Indiana-Joe Indiana-Joe21083 years 50 weeks ago
HAPPY BIRTHDAY RINA!!!! laurajohnson695 years 20 weeks ago
Cleaning Up Your Credit nstreet695 years 41 weeks ago

Basic Info

Occupation: 
Retired
Children: 
Have Child(ren)
Education: 
Completed College
Status: 
Married

Sites I Visit

Mainly Just This One

Guestbook

Hey, cactusbob.

Rina's picture

Nice to have you with us!
The exchanges that you mention in you bio, are those 1031 exchanges? We don't really have much information in the forums on that subject, and many of us are interested to know more.
Sounds like you have a bunch of wisdom to share from the posts you've put in so far. We would be VERY appreciative of anything you would like to share.
I think you'll have a lot of fun in here. Start a topic on whatever you like and you'll be sure to have a number of people jumping in to pick your brain.
Again, welcome and thanks for joining us. Smiling I look forward to learning from you.

Rina

Rina's inquiry about Exchanges

cactusbob's picture

Thanks for the note, Rina. The Calif exchanges were concurrent escrow closings (3-way exchanges, pre-Starker), and the ones after we moved to WA were 1031's, with First American Title acting as the facilitator. They were very professional and reasonable, and they do the entire country. I would heartily recommend them as a 1031 facilitator.

Of course, the purpose of "doing a 1031" is to defer capital gains income taxes, so it is worthwhile only if you are about to realize a sizable gain.

Besides having to pay a fee ($500-$1,000) to the facilitator, you also have to file an IRS Form 8824 for that year. So there needs to be a nice gain for it to be worthwhile, otherwise you can just pay the capital gains tax and skip the facilitator and form 8824. But lots of the gains that have been made doing these real estate deals certainly qualify as nice.

As an estate planning expert has said, you never need to pay capital gains taxes: exchange properties rather than sell them, refinance if you need money, and let the properties pass to your heirs (avoid probate by using a Revocable Living Trust) and the basis gets adjusted so the heirs don't pay the capital gain tax.

Hope that gives you some info you can use; you have my permission to share it any way you choose on this site. I'm just learning how it's structured.

Cactusbob

Thank you, cactusbob.

Rina's picture

I appreciate the great info. I'll find the best place to post it for you.
Hey, if you go to "Forums" on the upper left of the page, you can choose the appropriate one and start a new topic any time you want. That way it will be the beginning of a new conversation on whatever topic you care to discuss.
Look forward to more of your input.

Thanks again,
Rina

CONGRATS CACTUSBOB

Anitarny's picture

On being inducted into the INNER CIRCLE. We are glad to have you and hope you become an active participant right along with us.

Much love,

Anita

HI Cactusbob

sistreat's picture

What is your take on the new bill that the senate passed? How do you think it will effect us as investors and when will it start effecting us or not?
I realizeit will take the senators a few months to "tweak" the bill and get it the way they want it. I would just like to hear your perspective on this. Thanks!

hey cactusbob, I am a first

hey cactusbob,

I am a first timer in this forum. I was reading yor bio and finds it pretty interesting. Any suggestions for some one who want to start doing some serious investing but have no money and bad credit?

thanks,
Agame

first timer

hey cactusbob; i am 1/2 way through part 2 of how to be a reale estate millionair. i am currently 25 k in debt with no job. surviving on u i insurance. with bad credit. i am very excited about and looking forward to a positive future in real estate. any suggestions would be greatly appreciated

Thanks

Valerian's picture

Hi cactusbob,

I didn't realize this was a comment page - I meant to send you a question, so I'll just say - thanks for giving good advice!

Valerian

new economy

All States Investments's picture

OK so any comments on what you see in the new administration for us RE investors? I have heard rumors that the new administration is not favorable to RE investors. Any thoughts?

D

Hey

Real Estate Master's picture

Have you gotten deans course? and if so how’s it worked out for you.

a little help if you would

alvinmcbroom's picture

i have a cash buyer who wants a 3/2 resid. house under 30k but i cant seem to come up with anything.

sorry

alvinmcbroom's picture

in Austin, tx

Can the average person make money ?

Can somebody with no sizable amount of money really make some seed money to float and sail on in this business of
Real Estate investing...without getting
doused and drowned?
Phil L.

cactusbob,

Indiana-Joe's picture

I enjoy reading your posts. I noticed that you acquired several lots and acres of land. Has the acquisition of land been a successful investment for you? Good luck on all your future deals. Believe and Achieve! Smiling - Joe

Investing in WA

steinway024's picture

Hi Cactusbob,
I'm a new RE Investor on the eastside of Seattle. Are you investing in WA now that you live in this beautiful state? Are you looking for any properties; perhaps we could do some business together.
Gena

Advise

You seem to be a verteran. Would you call tis a sound investment? My husband and I are rookies and looking at a foreclosure. REO that we won a bid on. The bid was 33,000. There is about $20,000 worth of repairs...new roof, siding, floors, furnace, hot water tank, T1-11 needs torn out of basement due to flooding from first floor. Mold has developed there are carpenter ants and it must have a new electrical entry from 60 AMP to 120. The house is located in a housing plan within a nice twp. Fixed up it could sell for $60 - $80,000

CactusBob,

Indiana-Joe's picture

We wish you and your family a very Merry Christmas and a happy, healthy and prosperous New Year 2011! We hope Santa brings all the things that were on your list this year! Smiling - Joe

Loan Struggles in California - Advice, Please!

Valerian's picture

Hi cactusbob,

You helped me out with advice a long while ago, so I'm hoping you can assist again. Smiling I'm surrounded by massive opportunities in my neighborhood right now, so I ran out to meet with a mortgage broker, but he told me that every single strategy Dean has taught me about creative financing will not work, which I do not believe, but I'm at a confusing loss right now because this guy told me that regardless if I go thru conventional loans or private lenders, neither will allow me to use creative financing, let the owner carry the 20% the lender won't give me, they're require me to live in the house one year, it'll be difficult-to-impossible to buy more than four properties because they'll stop lending to me after four, etc..... He said "maybe in other parts of the country, but you can't do that in California." I asked if that recently changed, and he said no it's always been that way (which is why I don't believe him, because I've heard of others doing such creative financing -- even with private lenders and institutions).

Is there any advice you can offer me for where/who I should go/speak to in California to get creative financing where I can avoid downpayments (at some times, anyway), avoid seasoning, avoid owner-occupy requirements, etc? Any advice is greatly appreciated ~ thank you!

-Valerian