All Forum Posts by: Austen Carroll

thanks so much! that gives me more options

you're the best @Dave Foster

Alright I have another question.... I've scoured the internet and can't find a concrete answer. It has to do with my choice of replacement properties. 

Can I buy  two or more properties that are below the value of my sale, but who's sum is greater?

I sell my property in Oregon for $300k

I cannot 1031 a new property for $250K because that's not equal or greater.

but can I 1031  TWO properties at $250K each, whos sum value be $500K?

I would use the Oregon property funds split 50/50 to buy two properties.

@Bonnie Low,

right now because of my work I'm only looking for turn key properties. and we would like to buy close enough to where we live that we could self manage. The Winder Station development sorta fell into our laps and it did check a lot of boxes. though I'm still not committed. talking to our friend/agent, she says providing the builders deposit just locks in out house. we wouldn't close or do anything until the house was finished. And their projection is Nov. with having to close in 180 there's not a lot of room for error. and we all know construction gets finished on time every time lol

that helps a lot. I thought I couldn't buy anything over 200% value of my sale price. that's good to hear. probably won't be buying 19 out of 20 properties just yet either haha maybe next year :)

Thanks @Bill B.

I will absolutely PM @Dave Foster

this is why I love BP, I've read enough to get me interested, and I've definitely read enough to get myself in trouble haha. Also I read something about the 200% rule, am I correct in thinking I cannot buy a new property more than 200% of the sale price on my rental?

Hey BP fam, 

My PM notified us our tenant in our SFH rental in Salem, OR is purchasing their own home and will be moving out the end of May or June. Selling this unit has been a discussion for a couple years now and this vacancy might be the right time to do it. Deferring capital gains tax via the 1031 exchange into another property seems the most beneficial and efficient. I know little about 1031. I know we'll need to use an official intermediary, 45 days to identify like/greater properties, and 180 days to close.

question #1: Is anyone savvy and familiar with 1031 willing to chat? Wanting to learn the basics and also to gather some previous experience and wisdom, things you wish you did or didn't do. mistakes to avoid etc. Or can anyone list some good resources online where I can read up on it all?

I'll write some context on the house we're wanting to sell and why.

Bought 760 E st NE in Salem Oregon back in 2016 for $168,000. With a quick paint job, minor cosmetics, and landscaping the house rented quickly. Since 2016 we've had it rented 99.9% of the time. It's been a golden goose laying eggs. Rent has been almost double my PMI so it's cash flowed extremely well over the years with no large maintenance costs. With the market and demand property value has increased a lot. Zillow says $317K I know zillow isn't the most accurate, nonetheless, it's value has increased so much. If we sold for 300K-105K (mortgage balance)= 195k. divided by my monthly net profits about $650. It would take me 25 more years to see the same return. Additionally, I don't live in Oregon anymore and frankly want to just exit that market area because I can self manage rather than pay a PM. and looking to benefit from the growth here in NC.

Targeting the Raleigh expansion. We're seeing massive property value growth in Raleigh and bordering towns south down highway 1.

Winder Station is a new large development selling new builds/lots starting in the mid 200K range in Vass NC. talking with agents in the area, people from Raleigh are willing to commute, as well as military families stationed at Ft Bragg. So I'm starting to considering purchasing one of these "build" contracts. construction is projected to finish in November 2023. 

question #2: Does anybody have experience investing in these new build developments before the houses are even finished? is this model a strategy used by large developers to minimize their risk levels? If the developers don't "pre-sell" enough of these houses will the project not be finished?

kind of a long post. just wanted to put as much info I can. I know there aren't a lot of exact numbers in here for you to go off of. I'm more trying to understand the grand schemes and risks involved if that makes sense. I'll be crunching numbers best as my little brain can lol but that's why I rely on the pros to keep me straight.

thanks!

We closed on a 3/1 about a month ago and the contractor we had been talking to and selected is now ghosting/leading us on.

using hml for this flip so holding costs are steep. Looking to just do a lipstick flip and sell in the next month or two

Does anybody have any references for a handyman who'll do work in goldsboro?

This deal is not in my normal market, I'm 2 hrs away and essentially running this flip Like OOS

@Danny Kaminsky @Richard Weinberg @Brad Collins @Sabine French

thanks for the inputs.

Danny wasn't off on his advice, money can come when deals form. There just has to be context. 

with due-diligence, proper research, and networking... opportunities arise. AND they have!! my original post wasnt meant to be a "where should I start reading/learning" post. it was supposed to be a " how do you focus down when there are more options than a cheese cake factory menu?" question. it was definitely more pointed towards the philosophical " how does one do..." sort of question.

thanks everyone for your inputs 

@Danny Kaminsky

Thanks man. That's good advice. Use what I have now. Use creative financing and non-traditional methods when the necessity presents itself.

I'll totally be PMing you. If you don't mind

@Jeremy Kaplan

Sorry yes triangle. I was shortening.... didn't know I was changing the meaning too