All Forum Posts by: Johnny Situ

Hi BP folks,

Thanks for reading my message, my name is Johnny and I’m a real estate investor based in Charlotte NC. Hope this message finds you well and I want to take this opportunity to introduce a mobile application that will definitely help you succeed in your future deal analysis, this free app can calculate all sorts of deal metrics, property comparison, generate reports and so much more. Please don’t hesitate to let me know if you have any question, I will try my best to help out in any way. Click the following links to learn more:

bit.ly/DealCrunch_iOS (iOS version)

bit.ly/DealCrunch_Android (Android version)

@Steve P. yes the sales proceed has to be spreaded out to 3 properties as DP. As far as 30% goes, I don't think there is strict requirements for that, it all depends on your lender, for me it varies from 15% to 25% from lender to lender.

Brandon Hall who is based in Raleigh would be my recommendation you want to look for someone in NC. I used Amanda Han, but she's based in California.

Just want to give you a gist. For a 150K investment property, taxes is around 3K and above. If it's primary residence, it would be around 1K.

@Alan Sweeten send me a PM I do have a guy that I would recommend.

Hi Bob, welcome to the area, two things that come into my mind regarding investing in Fort Mill & Charlotte.

1. SC has higher property taxes against investment property, a 150K house will result in 3K plus in taxes, just to keep that in mind when you do your number. But for a primary residence, expect it will be 2/3 lower than that.

2. For Charlotte it will be almost impossible to find good MF. I have been looking for MF for a long time, they are either way too expensive or it's just in a ghetto area with bad shape.

Considering the local market is so hot right now especially the east side of uptown Charlotte, I saw people gradually start to invest the west side, they either rehabs property, build new ones, the tenant profiles start to get better and better in my opinion.

Hey BP folks,

I want to start getting my feet wet and learn about building new houses as rentals as local market inventory is so low. What are the steps for me to do in order to successfully achieve that?

Thanks @Wayne Brooks for answering, so say at the end of the day I still have $5K left and can't use it all up. Do I just need to pay taxes on the $5K or I have to pay taxes on the whole profit gain? Does it also trigger depreciation recapture?

Hi BP folks,

I have a question for 1031 exchange, here's a scenario:

Relinquished property sales price: $180,000, remaining loan balance $102,000.

Replacement properties (3 properties):

Property A: $80,000

Property B: $85,000

Property C: $138,500

Each of the above replacement properties has 20% down mortgage.

Although I have met the requirements of the total purchase price has to be equal to or greater than the selling price, these are my questions:

1. Do I need to keep the same level of total equity in the replacement properties as it was in the relinquished property ($180,000 - $102,000 = $78,000)

2. How much do I require to spend on the replacement property from the total sales proceeds, considering it would be around $60,000 after agent commission and closing costs?

Congrats on your first flip @Devin Borders , I normally go to this site and find out the property tax in York county: https://onlinetaxes.yorkcountygov.com/taxes#/WildfireSearch. For investment property, it is about 3 times as much as if it's a primary residence, I have a townhome in Regent Park where the taxes for primary residence is just around $1000, but when it comes to investment purposes, it shoots up to $3000, 3 times as much. It would be extra $100 - $200 difference in cash flow that needs to be taken into account.