All Forum Posts by: Janine Badic

Melanie McDaniel should be the agent you are looking for!  @Melanie McDaniel  Plus she is prior Navy too :-)   

@Marcello Oliveri- I'm military and have been stationed in Norfolk for about 6 months now.  I absolutely LOVE this area.  

The market is different from what I am used to in the sense that values can change block to block.  You may have a $300k house on one block and two blocks over, or literally just on the other side of the rail road tracks, you have $30k houses.  I think it would be pivotal to work with an investor's real estate agent since you are an out of state investor.  You need someone who knows the markets here.   My (now) friend, @Melanie McDaniel, is a great agent in the area.  I met her thru the local RE meet up she organizes here monthly in Norfolk.  

@Dedric Polite would you mind sharing your calculator with me? STR is something I have been strongly considering and had set up my own guestimate sheet in excel.. but very curious to see what someone who has STRs has on theirs!

My hesitation with STRs currently is that I am stationed in Norfolk, VA and have no real guarantee of how long (most likely 2 yrs but could get deployed anytime) I will be around to manage locally. I get overwhelmed when I think about having to create a management system if/when I get stationed someplace else.... maybe my anxiety is overblown?

Hey Melanie, I'm going up to DC for the weekend. I wish I could come. I always learn a lot!

Is there a standard form for North Carolina 10 day notice (due to nonpayment)?  I have spent the last half hour googling it and haven't come across one...  Thanks :-)

@Paul Allen 

Do you need to own the rental home for a certain period of time before you sell it in order to not pay self-employment tax?

Awesome! I will try to make it this Saturday!

Thanks for the info and thoughts.   I actually had not even considered that I may only be exclude 1/4 of the capital gains since it is a 4-unit... in which case I am not sure it would even be worth going through the hassle of restructuring the ownership of the property.  Good points all around.   I appreciate everyone's insight.

I purchased a 4-unit property eight years ago that has over doubled in value. I joined the military so I have up to 10 (vice the normal 5) years to sell and have capital gains excluded since I lived in the property for 2 years. I am wondering if there is any way to sell the property to myself (to some sort of business entity like an LLC) so that I can "cash out" my equity tax-free (before that 10 year mark) and then have a new property basis in whatever entity that owns the home. I could just straight up sell the property but it has been such a great investment that I don't really want to get rid of it. Thoughts or experience? Thanks!

Kyle Dee- Welcome to BP. Are you a member of (or have you heard of) the Rental Property Owners Association (RPOA) of Kent county? They are a wealth of information and I highly recommend joining. They offer classes on all sorts of different real estate topics and also an opportunity to network.