All Forum Posts by: Alyson Gordon

I'd highly recommend Parker, she can help you look at your finances and see what you'd qualify for. It would be a really worthwhile strategy call vs just calling lenders and see what you qualify for.  If you have rental income history and business income history you should still be ok to qualify for loans ok :)

Good luck! https://wealthbuildersmortgagegroup.com/ 

 Hi Kislay! I'm in the Raleigh-Durham-Chapel Hill area and can refer other markets in NC if you have one in mind :)

No, you can convert it in a future tax year but not the same year. At least that's the advice I got from my CPA and also from the Cost Seg consultant that I worked with so I'll of course advise that you get your own advice! :) 

You wouldn’t be able to accelerate the entire $80k it would be more like 15-20% of the $80k depending on your exact property and as determined through a cost segregation study.

If you’re not going to keep the property for at least 5 years or have a specific exit strategy in mind it may not be worth it to you. 

Definitely start by learning more about STRs - how to select markets and underwrite deals is where I would start. You can always choose to self-manage or outsource if its a good deal. There are some great podcasts out there like STR Secrets, the Real Estate Experiment and the Short Term Show to name a few.

STRs require a lot more cash up front so you just want to make sure you have a good idea of what you're getting into first :) I own STRs and love it but I also wish I had learned a little more about the analysis and management prior to going live - I did some of that on the back end and could have been successful faster.

Another idea is to talk with some owners 1:1 to see what advice they would have for someone starting out. Its hard to put all of the advice into 1 post but people usually will be happy to share with you 1:1 (including me!) if you ask. Good luck!

You can also use a land trust, my attorney has experience with moving properties to an LLC in NC and hasn't had issues but there are ways to be proactive about this and ensure everything is above board and don't create a significant cost.

Cool! well if you're interested in speaking about the furnished rental option, let me know! I manage a mid-term rental in Cary and there is a lot of demand in the triangle for displaced home owners so that may be worth considering. Happy to chat about that if you'd like to pursue that just send me a message and can find time.

 Hi Sophia,

I'm local in the Triangle and would be happy to see if I can help! I currently manage in NC and VA. Feel free to send me a message on this platform or email me at [email protected].

Alyson

If you do move it to an LLC it would be for asset protection purposes, however to other's comments - the 1 LLC won't be sufficient. You'll want to look at a trust as well to get an extra layer of protection. I would speak with Jackson Law or another real estate law firm to give you advice. Jackson can do a free 30 minute call with you and you can book online.

If you do go the LLC route, you'll want to make sure you keep all of your finances separate as well.

Do you plan to do a long term rental and self manage? Or are you going to use a Property Manager? Have you considered a furnished corporate (mid-term) rental for increased cash flow?

There actually was a bill to extend it at 100% through 2025...this episode did a good job of breaking it down though I'm not sure if the final decision has been made yet. At 100% it makes the decision to keep your property at least 5 years that much more important to avoid recapture taxes. 

https://www.biggerpockets.com/blog/on-the-market-187 

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