All Forum Posts by: Brian Orr

Has anybody tried this? The cabinets are in great shape but they're so dated. I'm not so much looking for economic reasons to "just leave them the way they are" haha, I already know that's what I "should" do. They need to be updated to get a good price, so the question is, is painting cabinets really worth the effort? And, do they last?

hey @Mark Maisonneuve - I'm a Brooklyn native down in NC. I have had my eye on Gastonia for a while and have committed some investments now in both residential and commercial. I'd be happy to help you out if I could

I am looking to connect with legitimate wholesalers around Charlotte, NC. If any of y'all are, or are connected to one can you please send them my way? 

Charlotte, Mount Holly, Belmont, Huntersville, Gastonia, Matthews, Weddington, Waxhaw, Mooresville, Dallas, Concord, Kannapolis, Stanley, Iron Station, Indian Trail, Denver

@Basit Siddiqi we have not filed for the year yet. My accountant mentioned to me yesterday that we had that option. I haven't fully explored what it means yet

@Brian Schmelzlen @Natalie Kolodij @Dave Foster Thanks all!

Yes this was my first flip. It was not intentional but worked out to seemingly be the best option. But knowing know (Thanks Dave) what I didn't know then, I will most definitely be adjusting my strategy going forward.

Hey all,

I figured out I can't 1031 the flip I did this year... but... I bought/sold it with my LLC and I'm looking to close on another residential property before year end under the same company with the funds. Does anybody know if I still get taxed on the profit from house 1 - considering I reinvested into another house purchase in my LLC? Is that the same as a 1031 (which I now know I don't qualify for)?

If not, does anybody know any tax strategies to defer or reinvest gains for flips?

Hey Michael,

I have limited experience (3 residential, 1 commercial property) but I am nearby in the Mt Holly/Belmont area. I'd be happy to assist in any way, feel free to reach out.

Brian

@Dave Foster @Clayton Mobley Guys thank you so much for this information. Definitely shed light on how to proceed in the future. This purchase is only my fourth deal so there's a ton I need to learn and I'm looking forward to it... I appreciate you taking the time to explain this to me. 

@Clayton Mobley Thanks for the info, I'm understanding now that flips don't qualify, but I'm confused about intention. Ok so perhaps talking this out might clear it up a bit... 

For the residential purchase, it was in terrible shape. our primary intention was to rehab and either sell or rent as we've done in the past. I'm not sure how to prove that necessarily except the only 2 residential purchases I own, that's exactly what I did. One I held for 2 years and the other I still have... Well we decided to test the market first this time and see if we couldn't earn a profit on a resale without doing any work because we knew we got it at a discount (estate sale). When we got a full price offer we took it. Had we not we'd have gone the rental process as we've done a couple of times before...

For the new property, this is a commercial building that definitely needs rehab, but we will not be flipping it. I actually will be operating a small business out of this property. 

Also related to the replies above, since it wasn't bought or sold under any 1031 specific procedures, and assuming the intention can be proven, could I still qualify?