All Forum Posts by: Bryen Blankenship

@Brian Geiger

I have investment properties in Matteson and Oak Forest both have been performing well for the last 4 years.

Hello BP

I'm an out of state investor and I'd like to ask your opinion on a few areas in the Charlotte NC metro. I've been eyeing the following areas Matthews, Indian Trials, Stallings and Monroe for a few weeks now. These areas seems to have higher rated schools and less crime than other areas of Charlotte proper. The rents for SFH's (3/2 or 4/2) range from $1500 - $1700. The square-footage of my ideal home with be 1500 sqft plus or minus 250. The average commute time for people living in these areas range from 25 minutes up 35 minutes. I've been told properties in these areas should rent with no problem in the price range I've stated above assuming the homes are newer or have been updated.

Are these statement sound about right?

Thanks in advance for the feedback!

Bryen

Hello Bigger Pockets

I'm looking at a new market Gastonia NC. I've narrowed my search criteria down to the following two zip codes 28054 & 28056. Does anyone have any recommendations for agents, appraisers & home inspectors in the area?

Thanks in advance for the help!

Bryen

Hello @Nathan G.

Thanks for the response. I believe I made a mistake not providing my PM company my LLC EIN number when I created the LLC's. So I believe from the feedback I should file a "zero return" for 2019.

@Carl Fischer

Hello Carl

They cut checks under my name. When I created the LLC in May I didn't provide the EIN number of my LLC to the PM company. This is where I believe I made the mistake, not providing the EIN of the LLC so they continued to issue checks to me under my SSN.

In May of 2019 I created 2 LLC's for asset protection for my properties in Chicago. One LLC was formed in the state of Wyoming as a partnership to hold my IL LLC as a single member which holds my properties. I've setup two separate bank accounts for each LLC and money has been flowing to them since the creation. My PM company issued a 1099 in my name and because of this my CPA is telling me my LLC's earned ZERO dollar.

Here's the statement he wrote me, "If for 2019 nothing was earned in the LLC, we can certainly prepare "zero returns", but you cannot ignore the filing." Can I go back to my PM company to have them issue a 1099 in my LLC name? Trying to make sense of this before the deadline of 3/15.

Thanks on advance for the help.

Old Shandon neighborhood. After reviewing the feedback from everyone I went and ran the numbers again. The taxes absolutely blow-up the deal at the sale price of $435k. To make the return I'd like the sale price would have to be a little under $400k.

@Brandon W. thanks for your input. If I don't estimate the taxes correctly than my numbers will be off which in turn would cause me to lose money. Don't want that to happen!

@Tracy Selfridge do you know how often the taxes are reassessed? 

I'm looking to purchase a duplex in Columbia, but I'm concerned about the property taxes. Are the properties taxes based solely on the sale price? 

Here are the numbers:

Sale Price $435,000

2019 Property Taxes $5108.42

Below is the county breakdown. 

Estimated 2020 Tax