All Forum Posts by: Doniel Winter
Doniel Winter has started 2 posts and replied 49 times.
Post: Mortgage on relinquished property
- Asheville NC
- Posts 51
- Votes 41
Thanks Dave. The loan on the relinquished property was a family mortgage. It was originally recorded as a first lien deed of trust. It's now dissolved and being paid as a new promissory note without collateral. We are just trying to make sure the original loan isn't being treated as a gift by the IRS.
Post: Mortgage on relinquished property
- Asheville NC
- Posts 51
- Votes 41
I completed a 1031 exchange in October 2024. Does the private mortgage on the relinquished property I sold need to be recorded on the replacement property I bought, or can it be recorded on another property I own as a second mortgage?
Post: LegalZoom or RocketLawyer etc for a living trust.
- Asheville NC
- Posts 51
- Votes 41
I'd like to use an online legal source to set up a living trust containing one asset only: a single family home. There will be only one beneficiary as well: my son. Local attorneys are charging $2000+ to set this up. LegalZoom is $299 and RocketLawyer is free (already subscribed).
Based on the set-up questions LegalZoom seems more succinct/precise for a trust with a single asset. Rocket might need some editing after the fact.
Anyone have an opinion or success/failure with either, or any other online legal doc resource? Thanks!
Post: New House Build - Asheville Area, Chimney Rock
- Asheville NC
- Posts 51
- Votes 41
Post: Contractor recommendations in Asheville, NC
- Asheville NC
- Posts 51
- Votes 41
Ben Puckett, Puckett Construction
828-279-5961
Post: Wanted: Contractor for a BRRR in Asheville
- Asheville NC
- Posts 51
- Votes 41
Ben Puckett, Puckett Construction
828-279-5961
Post: Real estate rookie interested in an investment property
- Asheville NC
- Posts 51
- Votes 41
Hi Cassandra, have you considered adding and Accessory Dwelling Unit to your home? It's probably one of the best ROI out there for the money.
Post: Costs & Tips for Land Development
- Asheville NC
- Posts 51
- Votes 41
There are lots of resources on BP for raw land development. I would start with podcasts. Land entitlement and development is time and capital intensive. But you can start by understanding what's allowed to be developed by visiting your local planning and zoning department.
Post: Compared to STR, MTR isn't a huge, expanding market
- Asheville NC
- Posts 51
- Votes 41
@V.G Jason We have all three (STR/MTR/LTR) and MTR & LTR are different. The screening criteria for our MTR tenants (AirBnB + can you afford it?) is a fraction that of our LTR, and we rarely furnish our LTR properties. In the last 24 months our MTR netted us double the return compared to if it were a LTR, and occupancy has been close to 100% (travel nurses & remote workers). We didn't think that was sustainable going forward (and as Mitch mentioned, we also think the pool of MT renters is smallest of the 3, and perhaps shrinking) so we rented it long term starting next month.
Post: STR ban in Woodfin NC
- Asheville NC
- Posts 51
- Votes 41
Also a good example, from Highlands NC.