All Forum Posts by: Cory Peters

I’m about to sell one of my properties and want to defer the taxes by doing a 1031 exchange. Are there any recommendations for who to use for the 1031 exchange? It’s my understanding I need a qualified intermediary. I live in Charlotte NC and not sure where to look for this.

I am under contract on an occupied rental. Once we close I don’t want to see evict tenant as they pay on time at market value and have also been there for years. I’m running into and issue, during inspection we found some water damage to a portion of the subfloor and joist under the kitchen sink. Replacing/sistering the joist and fixing the water issue shouldn’t be a problem, however how do I go about the subfloor? Do I wait till the tenant leaves to do the Reno?

I am under contract on an occupied rental. Once we close I don’t want to evict tenant as they pay on time at market value and have also been there for years. I’m running into an issue, during inspection we found some water damage to a portion of subfloor and joist under kitchen sink. Replacing/sistering the joist and fixing the water issue shouldn’t be a problem however how do I go about the sub-floor and flooring. Do I wait till tenant leaves to do the Reno (sub-floor section and flooring)?

@Charlie Moore, it’s simple you just tell them no. You’re not their friend your a property owner. To be nice you could say, “ we are not accepting applications at this time”.

@Julie Groth, we do not supply or serve food in our Airbnb. I provide recommendations for restaurants and grocery stores. I’m currently running a 4.9 star review with around 300 bookings. I think being clear in your description is key. Also if you provide food and they get sick, you could open yourself up to legal issues. I’m my experience where someone has left a bad review, ie that I didn’t provide food, I have had Airbnb remove the review as in my description it states what I do and do not provide or allow. If they wanted food they wouldn’t have booked my property or at least took the time to read the property description.

I have a house under contract for $165,000 with an appraised value of $169,000. Its tenant occupied collecting $1300/month. My mortgage would be $950/month and my cash invested would be $37,000. Is this something I should invest in or should I cut my loses and look for a more ideal property? Thoughts?

We are in the process of buying an investment property that’s tenanted in North Carolina. We submitted an offer and the seller countered, the only changes being switching $500 DD and $1000 earnest to $1000 DD and $500 earnest. I have not signed this yet.

I have asked the seller for the current lease and rent payment statements/ receipts/ or deposit info. Of which she can only provide the lease agreement. She states they pay in cash and that there has not been any paper trail on her end.

1. Can I ask the current tenants if they have proof of payment?

2. Without this info would you move forward and hope they pay and not have to evict them?

3. Should I put in contract the property must be vacant (forcing seller to break lease on someone that may or may not be paying rent)?

4. What should I do? Current lease ends Nov 2019 and paying $1300 without proof.

Thanks,

Cory

@Jaysen Medhurst this would be a fix and flip. I would plan to purchase, renovate, and sell.

I found a property that needs a full renovation but I can get well below market. (Would offer $80,000 to $100,000) The owner was renting the property and when I talked with him just to get details he was very adamant about it being a good investment and he would welcome an offer.

A fully renovated house in that neighborhood sells for $260,000 to $270,000.

How do I approach this both to insure it’s a good investment and also to possibly ask for owner financing?

Thanks!

A house in my neighborhood recently came up for sale and I’m interested in the property for a couple reasons. 1: the ability to turn a profit 2: the ability to help the neighborhood (which is currently in gentrification) 3: ability to help my house value

The house is a court ordered sale and not on the MLS. It's been for sale for 1+month w/ zero offers. They are asking $189,000 which is very over priced. 3/2 1100sq ft. Corner lot. The house needs a full renovation. Roof is good, foundation is good, HVAC is newer.

A fully renovated 3/2 in that neighborhood are selling for $260,000 - $280,000.

I would like to offer $90,000 - $110,000 and see if they bite. With a renovation budget around $60,000 - $100,000 (need a renovation estimate)

Looking at ways to acquire financing for the purchase and renovation. My buddy is a general contractor and I have the ability to put in sweat equity.

Thoughts on how I can acquire financing? I have $10,000 liquid cash I can use as well as $100,000 in equity on another property and well as $15,000 equity in my property