All Forum Posts by: Chris George

Does anyone happen to know if I can do a 1031 exchange from an investment property (property I am selling) into a primary residence (property I am acquiring)? 

The background is I plan to sell a single family investment and acquire / move into a triplex. I would occupy one unit and rent out the other two units and therefore the bank considers this a primary home while I still view it as an investment property. 

Thanks in advance!

Does anyone know of reputable contractors in the Charleston SC area? The two I work with cannot help on this project (one is busy and the other has been exposed to covid). Any references would be great thanks!

Chris

Thanks Tim I will send you a note back.

BP fam! 

Executive Summary - The synopsis here is I am looking for help / a potential partner (s) with 1) prior experience, 2) can put micro skin in the game, 3) is looking to grow sweat equity and 4) can meet weekly KPIs.

Background - I am looking to purchase several multi-fam BRRR deals over the next 12-24 months for ~$500,000 per deal. I need help with operations / boots on the ground. This would ideally be someone who has real world experience, is not afraid to roll their sleeves up and is looking to grow their wealth. As for my background, I have worked on wall street for the past 10 years and have built up some capital to invest. I currently own two properties that are performing nicely under the BRRR method and am self-managing. I am at a point where I would like to scale my current business, love my day job so do not want to leave and therefore need a partner to grow.

I would be happy to discuss specific markets and general thoughts if you meet the criteria above. 

Thanks,

As you can see, I am not quite hitting the 1% rule (purchase price * .01 = monthly rent) but this property is still performing. I work full time in a six figure job, have two of these properties and an 8.5% cash on cash return is solid for me. This return % does not include other benefits such as interest deductions from my taxable salary, appreciation of the underlying asset or the fact that each month I own a little more of the property since my mortgage is amortizing. My accountant also includes depreciation so my annual net income is basically $0. In other words, I really do not pay any taxes on the "dividends" extracted. The big takeaway is for each individual investor to find a return that fits their circumstances. New investors often complain that they cannot find a good deal, but as you can see I made this work for me. I encourage investors to find properties that might work for them and figure out a way, therefore avoiding paralysis by analysis.

Hi I own a few rental properties in Mt Pleasant. Can you send me some details on this property? Rented? If so, income, etc.. Annual taxes, expenses, etc...

Flood zone?

Thanks,

Chris

[email protected] 

Hi Nicholas,

I currently own properties in Charleston and am interested in learning more. Please send me info at [email protected]

Thanks,

Chris

Look forward to seeing everyone!!

Chris

Hi I am looking for a mortgage broker to help me refinance my properties. I have two investment rentals in Charleston, SC. I am looking to obtain traditional 30-year, fixed, non-recourse financing for LLC structures. Anyone have a good resource? Thanks,

Chris

@Michael Seeker Thanks for the post. Yes the smaller deals are harder to finance in a non-recourse product and I am finding that out. The reason I want to avoid this is because I have another business outside of my real estate investment that I have a personal guarantee on. I am just trying to avoid maxing out how much debt I personally collateralize. Looking like there is no way to avoid this.