All Forum Posts by: Chris Ayers

Good Luck @John LaVecchia

Charlotte is a great area. 

@Dave Foster Unfortunately I won't be able to sell until the tenants are out in June. Good thinking though. 

Is $750 the rough cost estimate of a 1031? 

@Matt Souza  Yes refinancing them into commercial. 

Does it matter though if you buy in personal name, do all your renos, then transfer to LLC at the refi?

I just created an LLC and will transfer my current properties into them on the next refinance. I bought these properties in my own name.

How would I do this in the future with new purchases via BRRRR? Would I buy them directly into the LLC or should I buy personal then transfer them later on the refinance? Does it matter?

Reason I ask if I have some personal credit cards with a 5% interest rate that I like to use for renovations. If I buy directly in to the LLC, then does this limit me to only using business credit cards?

@Dave Foster  I think I understand now. Thank you. 

I guess I'll scope out the market around then to see if there are any multifamilies going for around 350K and if so I'll try it.  If not, I'll just take the hit and use it how I please. 

@Lauren Speidel Thank you

@Dave Foster I was hoping to buy 4 $100K properties in the scenario like you mentioned, but I'm worried about finding 4 good deals in the time frame. Don't understand when you say if you buy 1 home in cash then there would be no tax benefit.  

@Sam Shueh  

Just want to confirm I read that right. So you're saying I can take partial of that amount? So if I buy a home and only spend 40K of my 100K, then I will only be taxed on 60K? 

I'm looking to sell a home worth 385K (that I bought for 306K) and net about 100K on the sale. 

I started investing in cheaper markets where homes are 100K and under. 

If I do a 1031 Exchange, could I use the 100K to buy a smaller home or multiple smaller homes or do I need to put it into an equal or larger purchase? 

 A lot were in the 150K range. 

@Dave Foster Thanks for the response. Makes sense. 

Guess I'll carry on with my 15% CoC in my other areas.