All Forum Posts by: Garrett Andersson

Interested as well.

So obviously no one has a crystal ball and can predict the future of property values in the short term. What is inevitable, is that real estate appreciates long term. We've seen even more appreciation in NC the last two decades due to the rapid growth in Charlotte and Raleigh in particular. People are flocking to the state from all parts of the country with a ton of high income jobs. They vacation in the NC mountains and beach. 

As far as STR demand. This is an area that sees traffic year round for a variety of different reasons depending on the season. Markets that have more than just one attraction prove to still survive through recessions. Someone might cut their trip to Aspen, and hop in the car and drive to Blowing Rock for the weekend instead. The university (Appalachian State) has over 20k undergraduates now. And while those students/faculty aren't staying in your STR, their parents are when they come to visit year round. You'll even see professionals who work remote (which we know is more and more common even post pandemic) rent STRs for months at a time in the summer to escape the Carolina heat and humidity.

Only thing I'd make sure you do is call Blowing Rock's "Planning & Inspections" office to make sure that property in particular is in country jurisdiction and not the town, which could prohibit STRs. Blowing Rock and Boone are only to towns that have certain zones that prohibit them. 

I'm currently under contract to buy an off market duplex from a good friend. The house is gutted at the moment and needs $50k in work to get fully rehabbed. I've agreed to purchase the home for "x" price after seller puts $50k into it. For every dollar amount over $50k I'll add it on to purchase price. The goal is I sell my personal house, buy fully rehabbed duplex and house hack it. I'm trying to figure out what legal form or way to put our "handshake" deal into writing. I don't want to put it in the contract because it could waive a red flag with the lender and mess up appraisal/due diligence period. Any ideas or am I overthinking this and it's just a word doc clearly stating everything out and signed by both parties?

Question for 1031 Exchange owned by LLC in North Carolina...

Individual owns Property A in "Property A LLC". He also owns Property B in "Property B LLC". He sells Property A for 70k profit. Can he buy Property B with "Property A LLC" and do a 1031 exchange, resulting in "Property A LLC" owning Property B? Both LLC's are owned by the same person.