All Forum Posts by: Anand Narayanan

Great suggestions! Thank you so much @Joe, @Colleen, and @Nathan!!!

Hello BPers - I recently closed an investment property (townhome) in a decent community. The builder delayed it by 3 months hence ended up in wintertime rental. It has been a struggle to find the renter with multiple competing units at the same time. As we try to make a short-term rental to get in summer cycles, there are numerous more units coming to be in the market for rentals. I don't know if there are any magic bullets at all other than duke it out as we go along.

If anyone has some ideas not to be in the rat race being available at the same time and driving rents down, please share. Sincerely appreciate your insights.

Hello BPers -

Hoping someone can help me here. I am in the process of buying a TH from Ashton Woods in the Triangle Area of NC. The construction has been delayed by almost 3 months and is currently expected to close end of September. In the meantime, I had to urgently travel internationally and expected to be out of pocket for a month or so. I tried requesting the sales agent to help with the situation but get the feeling that neither the request has been considered nor represented for potential management support. I was told there is a 'process' but no visibility to the process and actions are taken thus far.

Can someone suggest if there is a way to successfully get the closing date moved by few weeks? All I am asking them is for a 2-week delay only ending up getting a penalty clause pointed at me ($500/day for any delay in closing). I understand the builders have an upper hand but seem the buyer is at the whims of the builders without any recourse.

Sincerely appreciate your expert advice.

Thank you so much @Dave Foster. Appreciate the insights. Yes I will be mindful on getting your help next time around!

Hello Experts - Hoping you can help me with this please. 

I have a 1031 exchange and identified 2 replacement properties. One of the properties I got into a contract with the builder prior to setting up the 1031 exchange (prior to selling the relinquished property). In the process I have paid EMD and Design Studio deposit to the tune of 10% of the cost of the house. I am trying to get help from the builder and the closing attorney to reimburse me the EMD/Design studio deposits and get it from 1031 exchange during closing. But I am have been asked to check with the lender on how they will show this in the closing disclosure. My lender says they don't care how I come up with the downpayment since they are only worried about what they are lending to me.

Can someone suggest how I work with the builder and the escrow agent to make this happen please? Not sure how else I should try to explain to them. 

The replacement properties put together will be greater than the relinquished property value. I do have an 'opportunity' to offset some of the capital gains with capital loss I incurred before. Question is whether I should invest all of the 1031 proceeds in the 2 replacement properties or try to find more replacement properties or hang tight for the market to settle down by offsetting the capital gains with capital loss? My current area of focus is the Triangle area in North Carolina. 

Thank you so much in advance. 

Thank you so much @Nathan Gesner @Jonathan Greene for your insights. 

Hello BPers - I am looking to invest in Townhomes in the Cary NC area. Off late, the prices have skyrocketed (~500K) leading to bidding wars. I am unable to comprehend how math works with such high prices for investing and renting. I tried the rental calculators and it shows negative cash flow for the first 3+ years. These dynamics are shaking up the goal of cash flow vs appreciation and not sure how much the prices will increase (I understand the prices are relative). Can you please help with some insights on either of the goals (appreciation vs cash flow) to start my investing journey? Trying to get the maximum out of the precious capital available. Do we need to be thinking about moving away from the hot markets to adjacent areas? Thank you very much for all your expert advice.

Thank you so much @Bill Exeter!

Hello Gurus - I have a question on 1031 exchanges related to the Due Diligence deposit for a relinquished property. Is it ok to collect due diligence deposit for the relinquished property into a personal bank account before opening a 1031 exchange account with a QI? I understand that money is taxable. My question is whether it's still possible to open the 1031 exchange account with a QI after the due diligence period of the relinquished property (but well before the closing date).

Thank you so much Dan Bryskin, Winston Covington, Aaron Zimmerman!!