All Forum Posts by: Chris T.

@Keith Dowdy - Is there any price range or specific areas in that market that seems to be weakening more (Boone, resort areas, etc)?  Are you seeing any weakening of the rental demand or is that still holding strong?   

My vote is #1.  Title #2 seems gimmicky and more likely to not give much in the way of in depth details.  Title #1 seems more professional and what I would be drawn towards.  

@Emily Happick - I'll start off by saying that I am not a lawyer or CPA.  

That said, we did exactly what you are asking about. My wife and I sold a SFR that was in our names and did a 1031 into a commercial property in our LLC's name. This is how it was explained to me by our CPA. Since the the LLC is owned only by my wife and I and the previous property was only owned by my wife and I, at a federal tax level, there is no difference in how it would be reported on our taxes since we file jointly. Basically the IRS doesn't even see that the property is in an LLC since it would be reported exactly the same way on our personal taxes.

This all changes if you own or plan to own one of the properties with someone other than your spouse.

Again, I suggest you speak with your CPA and your 1031 Qualifies Intermediary to get the professionals guidance since they are the one that will be handling your tax paperwork.

@Alex Martens - another route might be to sell the business (tangible assets and cafe name) and then rent the space to the new cafe owners.  Do you ever intend to run the business yourself?  If not sell it off to raise quick capital and then make the leasing and easier situation.  Should make things easier in the long run as well (equipment maintance, etc.)

@Account Closed - Charlotte in general does not have as many 2-4 unit multi families as other cities.  That is one reason you don't seem many listed for sale (and when you do, the price is often outrageous).  You can find a few more if you search in some of the surrounding areas (Gastonia, Concord, Salisbury, etc).  

Charlotte (Mecklenburg County) is currently in the process of changing some of the zoning laws to allow more infill of 2-4 units but that will take a while.

@Adam Wells - Where I go to get a baseline for rates available (I'm in NC as well) is AIM Loans. They give online quotes that you can lock in online. I've done two cash out refi's on investment properties through them. Right now just using generic numbers (250k value, 75% LTV cashout, NC NOO) they are quoting 3.5% on a 30yr.

@Jim Kalish - Glad to help.  Let us know if you end up finding someone and the terms they offer.

@Jim Kalish - I have not personally used them , but I have seen others mention PenFed Credit Union. They are still advertising Non-Owner Occupied HELOCs on their website up tp 80% LTV at a Prime +1.5% rate.

Hey @Javaughn Harkness - Welcome to Charlotte!  I've been here for almost 15 years now and still love it.  Obviously my answers might change depending on things like job location, interests, etc. but I'd recommend looking up in the University area (NE Charlotte).  There is a good amount of diversity and home prices are reasonable with a range of different neighborhood types.  

If I can help answer any other questions about the area feel free to reach out.

@Kiran K. - I am currently in the middle of my second 1031 with @Dave Foster.  He and his team are great and very easy to work with remotely (I too am in Charlotte). 

If you have any questions I can help answer, let me know.