All Forum Posts by: Lynn Z

What's happening with those high rise condo projects downtown in Charlotte that stopped construction?

You can identify several properties you intend to replace your relinquished property with.

Several investors I know ran out of time identifying these prospective properties because their relinquished property sold faster than they expected.

I think the 180 days is sufficient to complete everything. Always has been for me. Don't forget your money is tied up after closing the first property until you close the replacement property. I don't really like to have significant funds not drawing interest in the hands of anyone even my best friend.

Lawyers hate the paperwork for a 1031 exchange but they must be on board before the contract is let for the relinquished property so language is inserted notifyin g the buyer that there is a 1031 exchange involved. The HUD is made out in the QI's name and that could freak someone out.

Look we've lost several tenants this year to the $8000 credit/buy and I'm happy for them.

Trouble is the last credit that was offered that one tenant took lost her house the following year and another is back asking to rent when he left to buy a couple of years ago.

Real estate (even the $100,000 deal with 20% down) takes emergency money not $1000. It's just not sufficient. Do you have a high FICO score and plenty of documentation of income to provide a lender to qualify for a mortgage? If you're going to school wait until you're out to buy. Rent for now and --hey here's a noval thought--save alot of money to buy in the future.

If you buy, make sure you have someone go over the current property taxes that will be due, insurance costs and any closing costs that you have to pay. Don't forget a roof can cost $5000,
a hot water heater $600, a CH&A system $4000 etc. etc. You have to pay immediately or get into trouble.

You're much better off renting until you have the money to make all of this work.

I live in Columbia and, although some houses are dropping prices -- they're the ones people paid too much money for in 2006.

I've lived in El Paso, Nashville, Atlanta as well and I found that good deals are difficult to find and you have to look alot.

Columbia is losing tenants to the $8000 Obama buy so cheap properties are moving.
Otherwise it's slow.

Rental years before January 2009 are forgiven in the new Housing Bill horrible that it is.
Once two years of residency are established you can rent your place as long as the five year lookback includes that residency of two years. That's the scenario I'm living and my CPA (after much review) says cap gains exemption will work.

It's three unrelated and the better neighborhoods are where landlords and students want to expand this number. The HOA's are worse than ever and whole neighborhoods are being transformed by too many tenants and multiple SUV's spread out accross what used to be grass in the front yard. Everyone knows parties of young students are difficult to control, including your neighbors.

I hope some of your "guests" are actually related because that relationship makes a difference. Most issues are complaint based but zoning can make this an issue and force you to cut back.

We had a clogged water line on a two year old refrigerator. The repairman added some type of heater to the line and corrected the problem.

If I have a water line that doesn't deliver (sometimes it's a dirty filter and stops the flow until it's replaced).
I want it repaired and want to know why that water isn't coming through.

Someone could have turned the line in the off position behind the refrig as well.

No, No, No -- if you're talking holding real estate which is investing....there aren't any renters in my city. They are warehoused in new construction apartments.

Not that I've found. Investors I know are advertising for owner financing on Craigslist

What is a real estate investment if not a forced savings plan? Especially those 15 year mortgages.
If you had parents who lived throught the depression you really don't have to get financial counseling because they lived the depression and spouted savings to their children.