EP074 How an Auto Accident Can Change Your Priorities in Real Estate. Transitioning from Small Multi's to SFH's, Leaving Grand Rapids, 1031 Exchanges, and Self-Directed IRA's with Lonnie Shields
In 2012 Lonnie Shields and his wife were driving down the Beltline when their lives changed forever in an auto accident. Today Lonnie & I talk about that accident, and the role real estate investing has played on their road to recovery.
Lonnie shares his thought process in determining to sell off his small Multifamilies in Grand Rapids and invest in Single-Family Homes in a new, less expensive market. We discuss the 1031 exchange he's currently doing by selling a 5-unit and purchasing 8 to 10 Single Families in Muskegon, Michigan.
We also talk about Self-Directed IRA's, and how Lonnie prefers using his SDIRA as a way to invest in two SFHs instead of the stock market, where he was losing money every year. Lonnie also talks about reconciling his Christian faith with the realities of being an investor and landlord, and the effect it has on his trust in sellers, contractors and tenants.
Lonnie is also a big believer in the benefits of being an RPOA member. If you'd like to learn more about the RPOA, go to www.rpoaonline.org And please be sure to give this podcast a review & rating on itunes.