All Forum Posts by: Coley Mitchell

Sounds like you are off to a great start.  Congrats!

Hello,

I closed on my first 2/1 SFH in Greenville about a month ago with a partner (first of many!) that we are looking to BRRRR. We have a relationship with a contractor already, but wanted to know if anyone has any recommendations for other contractors we could check in with. Want to quote it two different ways: rehab of existing space (mostly cosmetic); an addition of a 3rd bedroom and extra bath. Route we go will depend on total budget and timing.

Anyone have any recommendations to share?

Thanks,

Coley

Hi Britt,

Would be very interested to know more about your Ridgeland property as well.  I am in Greenville, SC.

Thanks,

Coley

Ok - thanks @Dave Foster!

Thank you for all replies.  I dont think I did best job of wording my question.  My primary concern is not "profit" as others have mentioned, but "taxable gain."  I have been depreciating property since 2007, for about $67K total.  Have spent around $7K on capital improvements (HVAC, paint, carpet).

According to @Dave Foster's advice, looks like cost basis is around $94K.   If I can sell property for $140K, my gain will be $46K.

Sounds like if I went 1031 route I would have to find a more expensive property to purchase ($140K+)?

Hello,

I have a 2/2 condo in a large 340-unit condo conversion property in Savannah, GA that I am dying to get rid of. Originally purchased in 2006 (at the tippy top top of market as I was getting out of school) as primary residence, and it has been a rental since 2009. Paid $168K. It is now maybe worth $130-140K. I owe $124K on it. Property has always rented well (use a property manager) but due to crazy POA fees I am still losing about $100 a month in cash flow. Have grown very tired of watching property values go nowhere with this property while here in Charlotte (where I live) values are going nuts (not to mention I want a local rental so I can manage myself).

My plan was always to sell this and 1031 into a rental in Charlotte, but would have never guessed in a million years the property wouldnt be worth what I paid for it more than 10 years later.  Ready to get rid of it.  Current tenant's lease is up end of June.

My question is: even with little to no equity, could I 1031 into a new property in the $100K range here in Charlotte area?  Would have no trouble getting approved for financing, but curious what that deal might look like and what sort of things I would need to pay attention to.  Would very much appreciate some suggestions here.

Thanks,

Coley

Thanks for organizing @Troy Knight and @Chris T. .  Enjoyed meeting everyone.

@Account Closed is organizing.

@Account Closed Makes sense - I will cruise by after work today.  Looks like you are killing it - checked out some posts on some of your previous projects as well.  Congrats on your success.

Wow - looks great.  Is that in the Chantilly/ Plaza Midwood area?  I think I may have seen those before.