All Forum Posts by: Brian Orr

Hey guys, Ok thanks for the info. I think I totally misunderstood the process as a whole. My intention was never to hold it, we planned to flip it from the beginning. So a 1031 only applicable to long term holds then?  Is there any strategy you may suggest to defer the gains on a short-term hold in the future? 

I closed on a what was essentially a wholesale deal on June 23 of this year. It was a residential property bought by my LLC for investment purposes. I owned the property for about 3 hours before I listed and sold it 30 days later (June 23). It was an estate sale I got at deep discount, and upon closing, decided I could do just as good by listing at market value instead of improving and selling...

I'm currently in contract to buy a small commercial building set to close in January. However, the 1031 option just finally came to my mind (I'm still fairly new at REI)... The question is, Is it possible to treat this as a 1031 if I close before Dec 23? That would be 6 months from the date of sale of the residential property.

If yes or no, could anybody elaborate on why and how?

Hey @David Lee if you have any multi-family over 10 units in stock give me a ring. 

We need an expert tax person. A CPA who specializes in me keeping my money! Any recommendations, preferably in the Charlotte area?

Hey BP,

I've been exploring a couple of portfolio deals for SFHs. I'm wondering if there's a better method than trying to analyze each property individually? What premium, or discount should I attribute to the total package? Any other tips, tricks, analysis tools?

Thanks!

@Josh Stack I'm here watching... may have some news for you guys soon.

@Rachel N. there are many programs in place now. one small one for example is all brand new trees and benches which have been installed along main ave. another is the FUSE project which may include a new Grizzlies baseball. They broke ground on that earlier this year. 

Hey @Brandon Turner - I'm curious if in the past 4 years your stance on this has changed? I'm currently searching for tools to analyze flips, estimate rehab costs and also manage the rehab timeline and the million things in between. I'm looking at houseflippingspreadsheet.com - thoughts?

Does anybody have recommendations on project management software for remodels/flips?

@Rachel N. I wouldn't presume to project where the spillover will occur. Rock Hill and Fort Mill are certainly building too. Two main reasons I prefer Gastonia - 1 traffic on 77 is a nightmare in both directions north and south of the city... Improving to the south but not great. 85 is much more stress-free commute.

2 - Gastonia has the one major thing that I love most of all and I probably mentioned before: They have a downtown, walkable Main Street. It's that classic layout that's close to impossible to reconstruct with new developments. Now, the development or revitalization of that is key to my speculations of course. Without that, Gastonia will be hard to compete with upscale cul-de-sac communities being built down 77. But for the dictators of suburban/urban growth (the artists, musicians, small business owners, etc...) Gastonia is like a blank canvas waiting to be painted over. Hopefully