All Forum Posts by: Kyle Stanley

@Tzvi Ausubel

@Dave Foster

@Bill Brandt

Sorry I should’ve added a little more context into the numbers. Thanks for y’all’s input. It is very much appreciated and informative. Figures below.

Prop 1 in South Carolina:

* $116,500 purchase price

*Cash out refi-new debt $157,500

*Sold $250,000

*Amount of gain after everything-$75,000 to 1031 into new property

Replacement Prop 2 in Tennessee:

* 420,000 purchase price with 15% down full exchange amount from property 1

* new debt $355,000

* should sell at around same dollar amount as purchase price minus realtor fees and closing costs

Question for the 1031 QI’s and the CPA’s.

We bought a STR in the Smokies in September 2022 using 1031 proceeds from sale of a LTR we owned for 2 years. It is draining me and we need to get rid of it. Our intent was definitely to hold as we've had in on AirBNB and VRBO but we financially can't any longer as all our reserves are gone and having to pull from personal funds at this point. We just need to cut losses and move on. The replacement property has not gained any value if anything maybe lost a a couple grand in value so should be a wash with no gain on this from a cost basis. What do you folks think we would walk away with approximately after everything?

Net proceeds from sale of LTR $75,000

@Chris McCormack yes sir thank you

@Jacob D Adamczak thank you. Looks like they have good reviews. I’ll look into them.

Looking for recommendations of a good CPA in Charleston, SC that understands short term rentals, tax planning and cost segregation studies. Thanks.

@Bruce Day Absolutely. That is a big focus moving forward is working to find my all star team.

@Dmitriy Fomichenko Thank you!

@Bradley Chapman For sure. Catching something on the outskirts of Park Circle will do great in a few years I think.

@Kristopher Kyzar Thanks. Very exciting!

Investment Info:

Single-family residence buy & hold investment in North Charleston.

Purchase price: $116,500

SFR. 3 BR 1 BA 1152 sq ft built in 1961. I bought this property off the MLS with a realtor using a HELOC on my previous personal residence. No cash out of my pocket. Used HELOC for down payment and rehab costs before putting long term renter in. Currently in the process of closing on cash-out refi to purchase 2nd property so I can complete the BRRRR process.

What made you interested in investing in this type of deal?

Listening day in and day out to bigger pockets and reading the books associated with.

How did you find this deal and how did you negotiate it?

MLS and through realtor.

How did you finance this deal?

HELOC on primary residence.

How did you add value to the deal?

Complete rehab prior to putting a tenant in.

What was the outcome?

On 2nd year of the same tenants (which are great tenants). Also, in process of cash-out refi on property to use proceeds to purchase 2nd.

Lessons learned? Challenges?

Lessons learned....hire professionals to do the rehab that you don't have personal relationships with. Pay contractor for job, not by the hour. The rehab took way too long and went very much over budget.