All Forum Posts by: John Blanton

Thanks for the insight @Dave Foster!! Intent...that was the word I was searching for. I will keep my eyes peeled for any potential replacements if the exchange were to make sense. Thanks!

Agreed unlikely to find a better property at this point in time, just was most curious for input on the timetable in general

Great advice @Arn Cenedella I have not spoken to my CPA yet, just folks that want me to transact so they get paid, haha! Will check there, thanks!

I recently closed on a 14 unit MF property in Central NC. I was able to get it at a fairly low basis and it appraised well above the contract price.

I have spoken to brokers that have told me if they being me an offer without listing I can 1031 sooner rather than waiting the usual 12-24 months.

In speaking to a few QI's there isn't a specific timeframe as the interpretation of tax code is a bit gray.

Is there a recommendation how quickly is too soon to try to 1031 into a larger property?

@josh Taylor I'm all about the HELOC of you use the money for investment purposes you can write off the interest. Also your cost of housing won't go up in case you financial situation changes in the future. I feel HELOC offers flexibility and deduction benefits with less downside risk

Check out NC Farm Bureau I have used them many times and have gotten quite competitive quotes

A lot of institutional money that would have been flowing into Hospitality, Retail and Office has also helped boost MF valuations. I have spoken to many brokers that are now working with PE firms formerly investing in those asset classes in the NE that at now targeting MF in the SE. Can office/ retail operators run properties as efficiently as MF operators? It will be interesting to find out

I would talk to @Tiffany Alexy great agent and experienced investor. Good luck!

@David Smith depending on the lender they will require a certain amount of liquidity (usually about 10% of the loan balance) after the down payment as well. 

Right now some lenders are requiring P/I reserves up to 18 months due at close (from loan proceeds) due to Covid

Also, don't forget to account for closing costs which on a $4MM deal could be 3-5% of the acquisition cost.

@Jim Genis

I currently have a Reonomy subscription and I feel it is worth the cost. As far as the accuracy of the owner information it is hit or miss. They usually have the correct owner and about 30-40% of the time the contact information is correct. I back out from the sec of state site and skip trace the owner from there.

I think the searchability is great and the filters or very helpful, saves a lot of time vs Listsource and others.