All Forum Posts by: Dane Price

@Kyle Castaneda

I have recently been approved for a HELOC with my local BB&T branch. Low interest rate (3.9% starting), but it is variable and based entirely on your debt to income ratio, credit score, etc. I am approved and they expect we can close in less than 30 days.

Message me if you wish to have any further details.

Other than BB&T I have had little luck with the big guys like Wells Fargo and Bank of America, both are not accepting applications. Other smaller banks accepted my application, but their service and interest rates didn’t come close to the local BB&T branch.

I am looking for a good CPA in the Conroe, Magnolia or North Houston area. I’ve always used turbo tax, but this year I believe my taxes are a bit more complicated and I think it best to seek the help of a professional. If you have any first hand experience please let me know! Ideally someone who is great about giving advice for buying and selling rental property and owning a personal business. Thanks, Dane

Thanks for the advice. I wasn't sure if there were large price swings from one establishment to the next as I have never completed an exchange and only received one price so far. The amount of money to be held is no a huge amount so I would hope insurance is not a big problem with an established company.

I wanted to compare pricing at several different 1031 exchange intermediary's. Does anyone have a recommendation for companies in the Houston or North Houston markets?

Thank you Bill for confirming this! I guess it is time to look for an intermediary and a new rental property.

Nevermind, I already figured out the answer. Big solid NO.

I have a rental property that I have decided to sell as it is no longer a lucrative cashflow opportunity. The property was originally purchased 4 years ago as our primary residence, but decided to move out and rent the property after 16 months as our primary residence. Obviously we knew nothing about investing at the time and have basically ruined our chances of making any tax free capitol gains on the sell (2 year primary residence of past 5 years rule), so now I would like to figure out my options using a 1031 exchange to defer taxes. I understand the idea of purchasing a new investment property of equal or greater value as the 1031 exchange property, but I was wondering of this other scenario is legitimate.

Can I sell my rental property and my current primary residence (lived here for 3 years), then purchase a new primary residence and use a 1031 exchange from the rental property profit on the new primary resident? I realize there is a whole lot of coordination that must be done in the 180 days allotted under the 1031, but is it legal to use the 1031 to assist purchase of a primary residence and not an investment property?

I am looking for a realtor that specializes in finding distressed, flip worthy properties in the following areas of North Houston; Conroe, Montgomery, Tomball, The Woodlands and Spring. I'll let you know up front that I am new to house flipping, but eager to learn and review available properties. Please contact me if you have any recommendations of realtors in this area of Houston.

I would appreciate any recommendations for general contractors in the area as well. I work full time and would not be able to devote 100% of my time to managing contractors.

John J. I live in Conroe and wouldn't mind seeing the details.

Here is one that I found, but they still meet south of The Woodlands. http://www.meetup.com/RE-Titans-HoustonMetro-Real-Estate-Investors/events/230833098/?gj=co2&rv=co2