All Forum Posts by: Chris Cook

Besides checking individual deeds or properties, I use VRBO and AirBNB and see where there are rentals. It's not a sure thing, but it there's no one renting in a property/sub division/area, it's highly likely it's not allowed.

I make a trip to Ikea in Charlotte and get sofas and chairs, not beds. The nice thing on Ektorp sofas is the replacement covers. It's cheaper to pitch them after 6-9 months and put a new on one. Makes it look brand new and you can swap colors if you pick the right ones. Kitchen stuff is really cheap there too. Don't expect it to last, but it's pretty inexpensive. They also have create your own entertainment centers which really look pretty good.

I'd recommend having a tax professional do your taxes rather than try it yourself. Maybe after a few years, you could do your own. I'm still having my taxes done this way as I just don't want to deal with the confusion of it all.

I was pretty happy with this guy. https://morsehomeinspections.com/

Thanks,

Chris

@Jason Schimer

Depends on what your looking for. The Wilmington area is probably the biggest beach people wise, but there's a lot of choices up and down the coast. You can even do the Kill Devil Hills area and the real outer banks. In general NC is a much more relaxed area with mostly 2 story family style homes vs something like a Myrtle Beach.

How do you find a good tax person to help with tax strategies on North Carolina beach rentals?

OK, figured it out. (previous year 1-0) is literally always 1. The Y increases every year, invested capital is fixed, and total profit is calculated above it.

I was just messing with this also and I'm still not grasping this... what is the (previous year 1-0)? Is that the annualized return of the prior year? The total invested capital is fixed. I can't seem to make the numbers work. Maybe a picture might help?

How come when I just type it, it doesn't turn blue and get bold. Is there some other key stroke that I need to do to make it an actual tag?

Any feel as to an up and coming location for vacation rentals? Looking to get a beach house, thinking Topsail over Wilmington, but looking for advice. Thanks!