All Forum Posts by: Jason Gallimore

We live in Charlotte and are looking for a CPA/tax advisor that can help us with tax planning, yearly tax service, and tax advise related to our realestate business any recommendations would be very helpful. Thanks.

We are looking for a property manager who can help manage our vacation home in Beech Mountain, NC. We are looking for a full service manager who can help list and market the property, assist with guest concerns checkin and checkout, property maintenance, and cleaning. Our home is a single family residence, 2 bed, 2 bath that we will be renting out year round. Please let me know if you have any recommendations. Thanks in advance. 

My wife and I just successfully completed our first flip.  We used a hard money fix and flip loan.  Now there is a property we want to buy, but it is a “cash only” purchase.  We have the cash to buy the property outright, but don’t currently have the cash to fully complete the construction.  Two questions: 1) Is it smart to do a cash purchase like this or would it be better to go the hard money route again if that’s our only other option?  2) Are there any companies that do a construction loan on a renovation property that the terms are reasonable? I think it would need to be about a $50k construction loan.  Any advice would be appreciated.  

We are looking for a property manager to help manage some rental properties we are starting to acquire in Salisbury, NC. Does anyone have any recommendations? Thanks. 

Dave Foster that is a great option I am very interested in researching more about it. We have not closed on the original house yet we just accepted an offer today and closing August 10th so we are scrambling a bit. It is very good to know an option like this exists. I will be calling our intermediary in CO tomorrow who is handling this property since it is selling in Colorado. You mentioned that this process would be called an improvement 1031 exchange or is there a certain terminology I can use so he knows what I’m talking about? Also I noticed you do 1031 exchanges for NC is that correct? We are actually looking for someone who can help us in the future so I’m glad we could connect.

We are selling one of our rental homes in order to purchase one in the same state we reside in to better manage the property. We are doing a 1031 exchange however we are having issues getting pre-qualified for a mortgage for a rental property that would equal the sell amount of the original property ($425k) due to changes in jobs and relocating etc. We made the decision to sell the original house when we ran into an issue with our current property manager and our tenants deciding to end their lease early. Long story short we decided instead of finding another Manager long distance and new renters we would rather go ahead and sell the house. I have a couple questions about this scenario: 1) Are there creative ways to finance another rental property or properties to fully utilize the 1031 tax benefit even if we are having problems qualifying for financing? 2) Would you recommend just doing a partial 1031 and just finance what we can qualify for then pay the taxes on the remaining balance? 3) Has anyone used a 1031 exchange with a brrrr method strategy? We are looking at a fixer upper house to finance via a hardmoney loan for purchase and construction and then refi to a long term rental property loan. Is this possible to begin with? I realize we will still have issues with finding lenders to refinance the property or properties. Thanks in advance.

@Scott Patterson:

Are there other meetings in the area you would recommend attending?  

Thanks Bill for the input!

My wife and I just moved to the Charlotte, North Carolina area.  I am originally from here, but have been gone the past 15 years.  I was an active duty Air Force officer, then have worked in commercial construction as a Senior Project Manager and Director of Operations for the past few years.  My wife also is a professional in the corporate world as a Laboratory IT manager.  We are heavily feeling the itch to work towards breaking from the corporate world and begin a journey into real estate investing.  Right now, I am really focused on just finding our first flip.  I am also considering getting my NC real estate license (I may sign up for a course starting in a few weeks).  I feel we have a strong background in project management and business management, but we feel pretty naked when it comes to the best way to finance our first flip when not doing it with pure cash and also in finding the right people to do the renovations (both of us work 50+ hours a week currently).  In regards to finance, we own a home in Colorado where we could probably get a Line of Equity loan for $25K or so, and I know there are hard money options, but to be honest I'm not quite sure what is best.  Our credit is decent (High 600's) and we both have solid jobs with good monthly income.  Any recommendations?  Also, in regards to finding people or companies to do the renovations, any tips on how to search for contractors and what to look for or look out for?  I am unsure if I should go direct to subcontractors, or hire a general contractor then have them sub out the work.  I bought the ultimate house flipping guide and am about halfway through, but any recommendations on how to get this ship out of the dock would be greatly appreciated!  Thanks -Jason and Tehane