All Forum Posts by: Grant Greenwood

I live and invest in Abilene. I’m noticing more demand for furnished rentals to house all of the contract trade workers. Rents for these units are ticking upward. Otherwise there isn’t much change in the market. There are thousands of temp workers coming in but none are in the market to purchase so home values are unaffected. Most need furnished units so the rent market isn’t seeing much effect either. Once the center is complete we are only expecting a few hundred jobs. As I understand it the centers take many to build but few to run. 

TLDR: Demand for furnished rentals is up, otherwise not much change in our market. 

Hello BP community,

I am under contract to sell a property I own. During the title work it was discovered that a lease recording was filed with the county nearly 20 years ago. The lease is with a fireworks company to host a stand on the lot. The lease recording is not the actual lease but does include language that specifies a right of first refusal on the sell, a non-compete to lease to another fireworks stand or to sell fireworks for 15 years. There has not been a stand on the land in over 10 years, nor has the company paid any rent during the last decade. I purchased the property with an exclusion on the title policy, but now that I am under contract to sell, the current title company will not close without a signed termination from the fireworks company. Interestingly, we have gotten the company to sign a release on the right of first refusal but the lease has not been terminated. No one can produce the actual lease so the original terms are unknown. We have reached out to the fireworks company but haven't had much luck on getting through. I'm curious to know if anyone has dealt with a similar situation and what my options may be. I'll be consulting an attorney, just thought I'd throw this situation out to the BP community for feedback.

Small multi-family is difficult to come by in Abilene. Very few duplexes, triplexes, etc. in the city. Try searching for older single family houses with a mother-in-law suite or guest house. These types of properties are easier to come by, often better priced, and can increase your overall rent for the property. 

I picked up this property in a portfolio acquisition. Lubbock isn't my primary market and I'm looking to quick sell. Will entertain all offers.

1,620 Duplex. Each unit is a 810 sqft 1/1. Cosmetic renovation within the last 5 years - flooring, paint, fixtures, granite counters. Appliances convey. Mini splits in bedrooms. Property needs some work including pier adjustment in select areas of house, exterior repairs, and one tub surround. Delivered vacant but previously rented at $600/side. Market rents are in the 600-700 range for each unit. 

Asking: 105,000

Received a Brokers opinion appraisal of 130,000 as is 4/1/24. Will provide BO upon request. On the tax roles for 150,000.  

Text for more information: 325-513-9017

Floris,

I just sent you a DM about a property that might fit your criteria. 

Hi all,

I have a two property portfolio under contract. The properties came in a package deal although I only intend to keep one of the two. I am confident I can find a buyer for the unwanted property but I want to make sure I am reducing my tax burden as much as possible. I think I have two options. Option one would be to assign the unwanted contract prior to closing and collect difference between the contract price I have and agreed to sales price with the assigned buyer and retain the desired property. The second option would be to close on both properties with financing. After closing find a buyer for the unwanted property and conduct a partial release with my lender.

I assume option 1 would require me to pay capital gains on the sale and I wouldn't have the ability to 1031 since I will not have owned the property longer than a year. For this reason, I think option 2 is preferrable. I have found a lender who will do a portfolio loan, partial release and no pre-payment penalty for both properties. Let's assume the unwanted property is valued at 100,000k and I sell for 100,000k to be allocated on the partial release. Would I have to pay capital gains on this sell? My assumption is that I wouldn't have to pay as the paydown is against the debt. The closing costs associated with the portfolio loan are far less than what I would pay in capital gains. 

Any guidance, expertise, and thoughts are appreciated. 
 

I'm local, in Abilene. Red Apple Realtors - Shawna Abernathy is who I recommend. She has a 1,000 rent min. but I'm guessing your 3/2 will clear that mark. 

Interested. I'm in the Abilene area. Please send more info - [email protected]