All Forum Posts by: Andrew S.
Andrew S. has started 51 posts and replied 1006 times.
Post: Newly Married, Capital Gains Tax Exemption Question

- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
Originally posted by @Jaron Walling:
You are correct that it can only used once every 2 years. Have you considered a 1031 exchange? @Dave Foster is the man when it comes to exchange questions! Maybe that can benefit you.
1031s are for investment properties only, not owner-occupied properties.
Post: Buying foreclosures at the court house in NC

- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
Originally posted by @Jay Hinrichs:
having been a courthouse investors for some decades now I did check into NC it one of the tougher states to work for various reasons.. but the upset bid process is the most daunting.. so I think its got to be more of a business than a past time.
Lots of time involved with 97% of the deals not working.
Agreed, Jay, the upset bid stuff is very tedious. VERY hard to end up with a REALLY good deal unless you are out in the sticks with no other bidders even around. I have bought a few parcels of land that way in a rural NC county, but even there, one of them dragged on with a few upset bid cycles.
Post: Neighbor's Tree Fell on the Fence of My Rental Property

- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
Originally posted by @John Morgan:
Originally posted by @Joe Splitrock:
Originally posted by @John Morgan:
This is why I don’t use PMs anymore. You’re most likely out all that cost. But I would message the neighbor and explain to them what you told us. If they are half way decent, they’ll pay for it or maybe just half. If not, just move on. We’ve all been burned for things. I hate getting ripped off or dealing with nonsense tenant issues. But it’s part of the game. Just roll with it and expect more to come in the future. Lol. But you still can’t beat this type of investment so don’t let it bother you.
The decent thing would be to NOT ask your neighbor to pay for your damage, when they have no legal responsibility to do so. That is probably why the PM didn't ask in the first place. The important thing is following the law.
I didn’t know the neighbor wasn’t responsible for their tree falling into his yard. This happened to me recently and the neighbor’s huge tree knocked out my fence and fell on my house. I talked to them and they said they would take care of it all I didn’t know we are responsible for the neighbor’s trees damaging our property. Seems like the decent thing to do if my tree wiped out the neighbors property would be to take care of it, but that’s just me. And I would hope the PM would reach out to me if this happened unless the damage was very minimal.
I tend to agree that some folks would do “the decent thing” and take care of it, so asking the neighbor can’t hurt. However, @Joe Splitrock is right that in most jurisdictions, it is indeed the “recipient” of the fallen tree (or their insurance) that is responsible. I have been on both sides of this issue and done the “decent thing” several times, only to end up with neighbors who refused to pay or chip in when the case was reversed. That’s life - it goes on.
So, asking won’t hurt, but be prepared for a firm “no”. I agree that the PM should have resolved this a long time ago. That’s probably your biggest learning from this incident. Fixing that fence and the $350 for the tree removal is not that big a deal in the long run. Fix it a d move on - and consider hiring a new PM
Post: New Investor - Greensboro, NC

- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
Originally posted by @Ben Parker:
@Anna Laud
Hi Anna! Thanks for the detailed reply. It all makes perfect sense. I originally wanted something more local but again, I’m open to every thing as I’m just trying to get my foot in the door. Definitely a lot to consider! I have reached out to a lot of people locally but would love any contacts you may have. I appreciate the help!!
Get in touch with @Karen Rittenhouse She knows all there is to know in Greensboro.
Post: how do you switch back to the old format this facebook look sucks

- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
Originally posted by @Robert Norris:
Hey everyone, I'm the chief technology officer of BiggerPockets. I appreciate everyone's feedback here. I want you to know that we're listening, and I apologize that recent changes did not improve your experience in using the forums. We have a major new design in the works that incorporates much of your feedback and that I think you'll love. We're shooting to have it released at the end of the second quarter. In the meantime, I appreciate your patience. Also, if you're willing to be interviewed by our product team and test out our new design, please DM me. Thanks everyone.
This is a pretty ignorant post for "chief technology officer" - if you are REALLY interested in providing the best service, you will restore the old format (or an option to chose the old format) until you are ready to roll out the new features. What a daft approach to force a change and then say "oh, we will have something better in 3 months". Really?
Post: Wow I give up this new format is not working for me

- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
I filled out the survey (I hate filling out surveys but I thought BP deserved to know). The new format is terrible for the desktop and the iPad (I do not use the phone to read forums - too small for me) and I will disengage from the BP forum more and more if it is not changed back. Not worth the aggravation for sure.
Post: how do you switch back to the old format this facebook look sucks

- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
Originally posted by @Shiloh Lundahl:
@Mindy Jensen additionally, it is more difficult to see where the meetups are now that the map display was removed. Also, it would be great to have meetups that are virtual displayed differently. Maybe in chronological order or something like that so that people who want to attend a virtual meetup from a different state can more easily find those meetups.
The new format sucks. This isn’t the first time they are tinkering with it and EVERY time it has gotten worse than it was before. I think it would help greatly to understand what it is that they are trying to fix. Whatever it is, it had better be an amazing feature because for the rest of us, the site becomes damn near unusable.
Post: Opening a business bank account for my first LLC

- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
Originally posted by @Antonio Cucciniello:
Originally posted by @Aaron W.:
@Natasha Hardy Congrats on closing in on your first deal!
You could use a virtual business addresses that you can find online for your "physical" address for out-of-state investing. It gives you an address that can accept mail. When they get mail, they scan and forward it to you. You do need to get a USPS form notarized, but can do it online without having to find a notary.
Good luck!
Where can you get a virtual business address? I have never heard of that before, sounds interesting
Many choices, but cheapest and simplest is ipostal1. Basic program costs $9.99 a month. You'll get an e-mail with a scan of each mail piece that comes in and then you can decide whether you want to have them send you the mail daily, weekly, monthly, etc or toss it away (if it is junk mail), or you can pick it up at a local Quick Pack and Ship store, etc.
This will provide you with a street address that you can use for a business bank account.
Post: Why is Lumber so Expensive?

- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
Originally posted by @John Lyszczyk:
Originally posted by @Matt Groth:
"Disinterested " is putting it mildly. I'm in a small town, but the youngest plumber is in his 50s. I am small time, looking for the right fit, so am admittedly picky, but I don't need 10. I'm looking for 1. Have offered promising kids 25 to 30 bucks an hour to start...no dice. Not looking for a warm body, a kid with ambition. Starting a hard worker at 25, is way cheaper than a space filler at 15. The wealth gap is going to get immensely wider. If my guidance counselor in high school knew what I was doing, he would be mortified. I have a 4 year degree...
Originally posted by @John Lyszczyk:
Originally posted by @Matt Groth:
Hey Matt,
I'm curious about your labor shortage comment. We are experiencing labor struggles in the lumber industry as well. COVID still seems to be having an effect on treating manufacturers and sawmills.
My question(s) for you as a GC, what do you think is the reason for the labor shortage? Are younger generations disinterested in the trades?
That is sad, but reaffirms what I've been hearing from others. Younger generations want to be "content creators" or a "Youtuber" on the internet these days. Swinging a hammer is not glamorous enough apparently. Makes me wonder how all these homes are going to get built lol. The trades are going to be in an interesting position as time moves on.
This is not a new problem. It has been going on for years or even decades. Used to be hidden by a steady stream of undocumented workers and that has definitely dried up over the past several years. Perfectly predictable. People can argue all they want about immigration but on the ground, in the real world, those decisions have consequences. Can’t have it both ways. Same problem is hitting the Argo business where in some places, crops spoil in the field because no one is interested in being a strawberry picker, etc.
Post: 1099NEC or 1099MISC that is the question

- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
I have been issuing 1099 misc forms to all my non-incorporated suppliers (over >$600 per year) in the past. My CPA just sent me a note saying that going forward, I need to use form 1099NEC instead of 1099MISC. I haven’t had a chance to talk to him about his reasoning, but I did look up the instructions for the 2 forms (actually, both forms are covered by the same instruction booklet) and at least after my first cursory read, it is unclear to me what the difference is between the two forms.
Does anyone here have any insights as to what the differences are and whether switching from 1099misc to 1099nec is recommended, needed, required?