All Forum Posts by: David Rutledge

Hi Everyone,

I own an investment property that I am considering selling for around 200K (bought it for 150 4 years ago)

In the next 6 months I plan to also buy a primary residence first and after that two additional investment properties.

I was looking into 1031 exchanging the gains from the current property I own and putting it into the first property and I have a few questions I was hoping I could get some advice on. 

1) Am I able to exchange it into a primary res or does it need to be another investment property?

2) How long after closing do I have to purchase the next property? Is there any way to apply for an extension of this in any way?

Thanks so much in advance for any help or input everyone.

David

Thanks guys, very interesting information!

My place is in the Steel Creek area if you are familiar with that?

Thanks for the insight Royston, I appreciate it!

Charlotte is a fantastic market, we are just looking on invest in some more short term rentals so we are considering freeing up the capital for that.

Any thoughts on the future market trends in Charlotte?

Thanks again.

David

Hi Everyone,

I bought a 3 bedroom home in Charlotte NC in 2016 for 150K

My tenants' lease is up at the end of June and I am seriously considering putting the house on the market so I can free up some capital to invest elsewhere. The property has appreciated in value but I am a little sheepish about selling right now due to the uncertainty around the COVID situation.

My agent believes the price point (prob around 200K) and the low rates will drive a strong demand if I put it on the market. I tend to agree but I was hoping to get some insight and opinion from other investors more familiar with the Charlotte area.

I live in California so I rely on people with boots on the ground to help advise me. Would be nice to get a second opinion.

I know there is so much uncertainty but I do not want to put the house on the market if there is any dip at all in the housing market. I am wondering if the market right now for a home at this price point would be largely unaffected or whether it would be better to hold onto it and sell in a year or two.

I have an agent I am very happy with in the area so not looking for help selling just the opinion of others familiar with the area.

Thanks everyone.

David

Thanks Chris,

And a follow up question. I am assuming you can only have one second home loan correct? I.e. we would not be able to get one in Florida and then another in Tennessee a year later?

Thanks again.

David 

Hi Everyone,

My wife and I are planning to purchase a second home out of state and we would like to rent it out short term while we are not there.

My question is there a limit on how often we can rent it out over the course of a year while we are not there? If so, I know a lot of people get second homes that they visit 5 or 6 times a year that they STR the rest of time so I know it is possible but I am not sure if this is allowed or not and I am assuming a lender would notice this when they see the insurance coverage on the property that covers STR?

Thanks everyone.

David

ok, I understand. thank you Joe.

Got it, thanks Todd. 

Does anyone know if you are able to actually get an investment loan if the purpose is to short term rent? Or do you need to get a different type of loan for that? 

Hi Everyone,

I have a question I was hoping some members could shed some light on for me. I own a few rentals that I purchased with investment loans that I will soon be converting into short term rentals. When I do this I will be updating my insurance coverage to ensure I increase my liability coverage.

Will this cause a red flag or be an issue in any way with my lenders when they see the insurance is changed and therefore they I am now using my rental as a short term rental?

Thanks in advance.

David