All Forum Posts by: Lisa Sessions

Hello

We are looking to list our duplex homes in North topsail Beach North Carolina. With the CMA the realtor just provided to us, we may have over 350k in capital gains if each home sold for about $430k. I own this property with my sister and brother-in-law. Here are my questions

Am I still able to do a 1031 exchange, if they do not do one?

Any recommendations of a qualified intermediary in North Carolina. I’m thinking of exchanging outside of NC and maybe multiple properties.

I understand I have 45 days to identify up to three properties. How would that work if I was the only one doing the exchange? Do I look for homes that equal the sales price estimates at $431k or only my portion of ownership?

Originally posted by @Eric P.:

Great discussion! I'm also curious if anyone has purchased an STR as an LLC and how you financed that?

We have an LLC, we talked to our bank regarding this. They told us we need to have two years of income with the LLC in order to qualify for lending using the LLC.

@Jake Cohen my sister lived 30 mins from our desired location for the Airbnb. We loved it so much that when the other side of the duplex was for sale, she bought it. She’s my co host. We get family vacations but also military families since we are close to three mil bases. I’m trying to establish new criteria that doesn’t include : my sister lives next door!

Hi!  i love your place. I have a duplex in North Topsail Beach, NC. We airbnb one side and live in the other side. Its so easy for issues. 

Airbnb is a great strategy.  I'm looking to find another airbnb investment. Right now, my current unit is strict vacation rental. Busy in the spring/summer. What made you purchase your multi unit in Steamboat Springs? 

North Topsail Beach, North Carolina! Its beautiful! two streets back from the water

Hi BP, 

I'm looking for a real estate agent who is familiar with short term rentals/vacation rental market in the Surf City, Top Sail, N Top Sail Beach, NC. Definitely want a local who really knows the rental demand in those areas.   Private Message me. Thanks!  

thanks for the info! 

Hey BP. 

I have a duplex under contact in a North Topsail Beach, NC. My insurance agent with USAA said they don't want to insure us since the house is being used as a STR and it's close proximity to the ocean. Any suggestions? They said to try a local agent to insure us.

Thanks, Lisa

Thanks so much for your responses!! @Trenton Miller we haven't talked to the tenant yet to know their plans after DEC.  I'd like to keep them on during the slow months!! 

 Any thoughts on an accounting system to keep it all straight with the county/state accommodation taxes etc?

Hi BP, 

I have a beach (not ocean front, a street or two back) house in Topsail Beach, NC under contract (this past weekend).  Its a duplex, one short term rental, one long term rental. The current owners have a long term tenant in the entire place (both units) until Dec when the lease ends. During our due diligence phase, we are doing the inspections etc. The plan is to self manage and continue with the short term and long term rentals.  

We plan to use AirBnB/VRBO for bookings.  What things can I do now to ensure that we are hitting the ground running on this rental property?