All Forum Posts by: Chris Carrigan

Nothing cash flows real great in The City of Raleigh.  Inventory is too low, which keeps sales prices high.  But as long as you have positive cash flow, you make your money when you sell. 

There is a duplex available in Raleigh (which never happens).  List $359,900.  Currently rented for $2590.  It won't last long though

Definitely get a second bathroom in there, hard to say on the rest without knowing cost of addition.  Look at what else has been selling in that area....   you’ll find your answer there. 

Dwight Myers - takes excellent photos

https://dwightamyers.photoshel...

Hi Joseph,

Raleigh’s market is very strong with more demand then inventory.  It will be difficult to get a house hack in Raleigh due to demand.  Look at some of the outer suburbs for more potential.   On the south side the Clayton area is booming.  To the north the Franklington and Youngsville area are a little further behind but will be growing quickly.  If you want to stay in Wake County the deals are better further out.  If you’re set on Raleigh, the southeast side is seeing a lot of of gentrification, so if you’re willing to do a substantial remodel there are some opportunities there - but there is a lot of competition for these properties. I’d be glad to set you up a search if you can send me the parameters you’re looking for. 

Thanks

Chris Carrigan

EXP Realty 

Due to the high demand and low inventory in Raleigh it’s very hard to get a deal on single family homes here, however some of the surrounding towns a little further out are still affordable and growing quickly, so if you can buy and hold for a while you can make good money when u sell.  

Hi John,

I’d be glad to help you out.  My wife and I are a Realtor team and live in Wake Forest.  I’m also an investor and  living in what was supposed to be our residential home flip, but we ended up liking it here😂.  Have also done another flip, though had to go to outskirts of the triangle for that deal.  It’s a very tough market here for flips due to the supply shortage, buy and holds do well due to a strong rental market.

Chris Carrigan

Team Carrigan at EXP Realty

Looking for advice on what the best business entity set-up should be for husband/wife real estate team.  Not sure if its best to hire an accountant or a tax attorney for this advice.  If anyone has a referral in the Raleigh NC area let me know.   Someone with knowledge of real estate commission rules as they apply to business entities would be helpful.

This year finally jumped in and purchased my first property to flip. Came out with profit of @ $20K. Have not set up an LLC. I Purchased the house and renovated using 401K and Home equity loans. Both of these loans were in my name only. The house was deeded in both my name and my wife's. I realize that the income is treated as general income and not an investment gain. My question is this, my wife is a real estate agent I used her as my buyers agent to purchase the house. Used the Remax Company she works for to sell the house. I have a full time job, not related to real estate. We file jointly, so my options are claim this as an extra business for me or make it part of her real estate business. But if I make it part of hers,then how to I claim my mileage for working on the flip everyday. Could i be her employee? If i claim my own business then we would both be paying self employment taxes. Her for her real estate business and me for my flipping business. I know, need to hire a CPA and/or tax attorney but would like to have some idea of which way to go before I meet with them. Any suggestions from those who are experienced flippers. I only did one flip, but may do another this year.

http://www.homedepot.com/p/Frost-King-E-O-5-5-8-in...

You can always get an adjustable threshold.