All Forum Posts by: Glenn R.

Great door treatment.  I'll have to try it.

I just inherited a old mobile home with hardboard ceilings that need repair, from leaks too.  Where can I find hardboard?  Do the big box stores or regular lumber yards carry it?  I've never noticed it for sale anywhere, but I've never looked for it.  

The place is on a lake, so it's worth fixing up a little so we can use it while we decide what to do with the property.  Figure we'll fix the roof & ceiling, a little paint & maybe some laminate flooring & we'll be happy.  Oh & a boat...  

Bill Gates obviously bought the idea.  He's spending a fortune trying to cool the oceans.  

Dave,

Thanks for the explanation, you obviously know 1031's inside & out.  I think I understand the basic principle of them, but will run any plan by an expert before getting too far along.  I bookmarked the link to your site.

If the flip guru that I mentioned purchased more "like kind" property(s) within the time limitations & with an intermediary to hold the cash, could he have made a 1031 swap?  The intent of the IRS is to keep the money invested in appreciating assets, right?

This is an interesting thread.  Condos make sense at the beach, but not in the Smoky Mtns.  I'm glad to hear the good reports about Panama City, since I like the gulf.  Beachfront is appealing, but much more expensive, and I'd be concerned about the threat of storms & also rising oceans with global warming.  I've read that getting insurance  may become an issue on the coast, so that is something to consider too.

Vacation rentals on lakes is something that I'm looking into.  It's not "The Beach", but is a convenient alternative to many folks in CLT & ATL , offers boating & skiing and, avoids the tourist traps & sharks.   Since it's driving distance to the city the renter can still make a business meeting in the morning while the kids are still sleeping & be back on vacation before lunch.  Maintenance is also much more affordable that on the coast.

I'm a newbie, so am looking forward to hearing all the ways I'm wrong.  :) 

Paul,

Thanks for the advice & links to get me started.  There's so much to read here I appreciate the list of things to do.  

Flipping houses is intimidating for me, as a beginner, to think about.  From watching the TV shows about flipping houses it seems like a lot of pressure finding the deals and getting the timing right.  But it's also obvious that there can be great profits.  I'll start reading more about flipping, and try to get more comfortable with it.  

A "flipping guru" bought a house on our street for $795K and sold it about 6 months later for $1,250K.  Those numbers sound great, but I have no idea about the improvement costs and I know the capital gains taxes would be huge unless he did a 1031 swap or something.  A 1031 swap sounds great, but reinvesting all the gains doesn't feed the family.  (Maybe you can "cash out" in areas without state capital gains taxes to minimize the hit, or some other trick of the trade?)

My family holds some older lake properties in Cornelius, which is the expensive end of the lake and also in the county with the highest property tax rates.  I'll have to consider all the numbers (after I learn them! ;) ), but I'm thinking we should think about replacing the old homes with new homes that are up to the current neighboring home prices.  I don't know if it's better to split the lots and squeeze as large a home as possible on each lot, or if it's better to build the largest house that will fit on the present lot sizes.  

After building the new homes I'm thinking we'll should probably do the 1031 swap to less expensive properties, with lower property taxes.  I'm interested in lakefront rentals, and Cornelius doesn't allow short term rentals.  The North end of the lake is much more affordable, allows vacation rentals, and is much more convenient to my home in Boone.   The politics in NC have been getting more and more frustrating in the past few years, so that is also a deciding factor about living & investing here for me.  It's a shame to have to consider the political climate of a state when making investment decisions, but I guess that's often a big factor in the RE game.  

Thanks Jim,

I've realized it's a number crunching game.  I need to learn about which numbers are important and how to crunch them.  

Are there any RE groups near Cornelius where a beginner can listen and learn from experienced investors?  

I'm not in the position to buy or sell anything right now, so time is on my side for learning.  :)

David,

Here's an interesting site & forum that you should check out.  mrmoneymustache.com It's about becoming financially independent asap.  The guy that runs it retired at 30 years old.  You're young, so you could do it too.

Good luck,

Does anyone have experience with rentals on the lake?  I always see a lot of homes for sale, but don't know if many are rented.  Is there much demand for rentals on the lake?  

Cornelius doesn't allow short term rentals, but long term might make better sense considering the slower months would likely be vacant in the cool months.  Opinions on this?

Where can I find long term rental rates to see what they a renting for?

Michael,

Thanks for the welcome & the advice.  I've been thinking a lot about the things I've read on here and browsing the local listings.  Cornelius is on Lake Norman, so I found a site that had vacation rentals on the lake.  It was interesting to see the rental rates and to compare them with the real estate prices.  

I've been reading threads here that relate to the ideas and questions I have.   There are always a number of solutions to most situations and it's great to read the various recommendations.  I've started following a few of the better responses, especially the local ones.