All Forum Posts by: Nathan McQueen

Wow, I feel like I’m almost in the exact same spot. I’ll be following this thread for some good tips to share with my wife! :-)

@Maddan Pun I agree with others that there's not much of a supply for small multi-families in the Raleigh area. You may want to look in and around the NCSU area, something like this may be an attractive option for you.

https://www.zillow.com/homes/for_sale/132170543_zpid/2-_beds/100000-175000_price/396-693_mp/globalrelevanceex_sort/35.793728,-78.609067,35.680167,-78.76751_rect/12_zm/

I would advise against a heat pump in this area, they really just don't perform well in temps below 40-35 degrees. 

@Bram Spiero very helpful indeed! I just stumbled across this, thanks for the info!

@Andrew Kerr thanks for the info and tips on some local connections to help with this.

@Dave Foster great info as well.

Unfortunately I only lived there about a year, so I don't meet the residency requirements. If I've taken depreciation on it in past years would that be recognized in a positive or negative way for me when I sell/ exchange? Next question, what happens if I identify a property (REO property) within 45 days, and the bank doesn't accept my offer? I'm basically stuck and have to then offer more or accept that I'm going to get screwed and pay the tax/ capital gains...?

Hi BPers,

I have an investment property in Raleigh, NC (that used to be my primary residence). It turned into an investment property when my job took me out of state, it was not initially purchased as an investment property. Initially I thought it was a "good" investment property (i.e. the rent is more than the mortgage payment), but recently I've learned that I'm pretty much making $0.00/ month (rent minus mortgage, PM fees, taxes/ insurance, HOA, CapEx, vacancy, etc.). So I want to "swap" this property for a more cash flow positive property. The market in Raleigh is hot now so I think now is a good time to sell. My series of questions start here:

a) Is 1031 even appropriate here? I know that 1031 is intended for investment properties, since I used to live there can I count it more as "live in flip" and not pay capital gains on the appreciation? (appreciation is about $30-35k)

b) Can I use a 1031 to "swap" my one property for 2 new properties? (my goal with this strategy would be to get 2 properties generating more cash flow for about the same debt level I currently have, using my equity/ appreciation for a down payment on the 2 new properties.)

c) I think I've heard that the new property need to be more expensive than the one you are getting out of. Is this true?

d) If the property (ies) I'm looking at are foreclosures is that advisable? (I know there is a limited window which the new property must be under contract and foreclosures can by a headache) 

Thanks in advance for your advice. 

@Cate Mee I'm also a recent transplant to the Baltimore Metro area, I'm very interested to see what you decide on . Please let us BPers know! :) 

I can, plus no debt other than my house and a 6 month emergency fund saved up.

Two words, Dave Ramsey...  (I owe most of it to him)

Is this list hot buyers or sellers markets? (it may be obvious to others). I'm from Raleigh and know that the prices are definitely going up over the last few years.

Maybe try Microsoft Project, if you already have Microsoft Office you can probably get Project as an add-on. Also check out your local community college for a class on intro to construction scheduling, and or project mgt. (I know my local CC offers such classes)

Then finally you just have to hound your subs, really keep on them and hold them to doing the work when they said they would.