All Forum Posts by: Joe Kelly

@Bob Anthes I've had great success with Wilmington Realty, responsive, fair and go above and beyond for me personally specifically with challenging tenants.

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Thanks @Tom Gimer, I'll be checking on that today :)

Originally posted by @Tom Gimer:

If the deed did not include the purchase price, most clerks will consider it a non-arms-length transaction and treat as $0. You could "correct" this with a confirmatory deed... but including a purchase price in the confirmatory deed may subject you to additional transfer taxes.

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Let me explain, we exchanged money it just wasn’t at the time of deed recording. It was prior, in two separate payments. The rest I am financing through the seller until I get a conventional loan.

Originally posted by @Theresa Harris:

If no money was exchanged, then wouldn't the sales price be zero?

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Hello all, I recently bought a property from a family member which was seller-financed back in October. However, I noticed on the county's property assessment website that the sale price is listed as a zero dollar amount. We ended drawing up the contract and QC Deed ourselves and then had it recorded at the registrar of deeds. During the transaction, no monies were exchanged. What did we do wrong and how do I get that corrected? Thanks.

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Thanks @John Hinnant, I'll let you know if I decide to sell it. I reached out to my PM to get it approved for section 8, definitely seems like the way to go.

Originally posted by @John Hinnant:

@Joe Kelly as I understand, Section 8 in Wilmington, NC is getting up to $1,150 per month for 2 bedroom homes. If I were you, I’d contact the section 8 folks now to schedule a walkthrough and know what you’ll need to do to qualify. I know an investor with several Section 8 rentals in the downtown area. I’m happy to make a connection for information purposes. If you still want to get rid of it, let me know. I’ll take a look at it

1 Vote

Thanks @john Underwood, definitely something I'm going to look into. When I originally bought it was a quiet street. We talked to a police officer in the area the other day and he stated there was a gang member that recently moved on that street (since moved). So obviously that is contributing to the violence in the immediate area.

Originally posted by @John Underwood:

Sounds like a perfect section 8. Maybe plant a thick bush on your side of the memorial.

I love Section 8. I just added another one last week. Mine are not in war zones and I have the option of renting for a good amount to a regular tenant.

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Thanks @Lam N., Numbers arent great at current rent, however if we can get $1095 which is what our original calculations were based on I would definitely hold on to it (even at $995)

Originally posted by @Lam N.:

Exactly what Jaron said. You need to stop thinking about this in an emotional sense. What do the numbers tell you?

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Definitely not attached to this property emotionally :) Comps in the area are going for 140k -160k. I paid 129k. Exact replica of my house, 8 houses down went for 155K in Sept 2020. Rented for $895 (however my original numbers were based on $1095), set on market unrented for a few months, so lowered to that number. Have about 40k in equity, little or no deferred maintenance (new roof 2018, new appliances 2019, new HVAC 2020, new WH 2019, again built in 2004). ROI is about 4%.

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Hello All,

I could really use some guidance on what to do with one of my rental properties. We currently own a 2/1 (built-in 2004) in an area of Wilmington that is less than desirable. There has been gang activity and even a few shootings over the last few years, not to mention (as you would guess) the quality of tenants is less than desireable. I'm not opposed to holding on to it, however our current tenant is moving out on Jan 31st and we are questioning whether we should sell it or cater more to section 8. Another pitfall is, there is a street memorial for someone who died right next to our property, clearly that won't bode well for getting it rented or sold! Any thoughts on what to do would be much appreciated!

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@Eamonn McElroy thanks for the response. One CPA was my old personal accountant the other is one that I am actually engaged with. They sent me the IRS documentation, I’m just not concerned about an audit as I have supporting documentation

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All Forum Posts by: Joe Kelly

Joe Kelly has started 3 posts and replied 11 times.

Post: Looking for a property management company

Post: Property Assessment doesn't show sale price

Post: Property Assessment doesn't show sale price

Post: Property Assessment doesn't show sale price

Post: What to do with a Class C/D property?

Post: What to do with a Class C/D property?

Post: What to do with a Class C/D property?

Post: What to do with a Class C/D property?

Post: What to do with a Class C/D property?

Post: 1099 Required for Rental Property Work Deduction?