All Forum Posts by: Chris L.

I can see that property values are up in the area. I may be interested in purchasing residential rental properties in the RDU area-particularly Durham/Hillborough/Chapel hill area. I'm wondering, considering the uptick in real estate prices in the area, if this is a bad time to purchase an investment property in the area. I was also wondering how the rental market is in the durham and other areas. I have seen A LOT of rental buildings go up in the past couple years and I'm wondering how that will impact the rental market for those of us with rental homes or other. Are there certain cities in the RDU area that would be better for purchasing rental properties? If you were to invest in investment real estate right now, what type of investment would you choose and where?

Hi there, I was wondering if someone could explain Agency as it relates to NC law and how it works.

I have a property in NJ which I may be selling shortly. I'm wondering how the market is right now in Bergen County NJ area-is it at a high or falling some from it's high last year?  I'm just wondering if it's a good time to sell my property in NJ and purchase investment properties in NC or if I should hold off. NJ properties tend to go up more in value; however, taxes are very high and eat a big chunk of rental income. NC taxes are lower; however, so are the rents so the return might be higher but not significantly. I really need to have ongoing income from the properties or investigate another type of investment that would provide me such income. What are your thoughts about selling property in this area of NJ right now and buying in NC? Do you think the market in either state is about to drop? 

I presently have a property in NJ that is in an LLC and I would like to sell it and buy investment properties in NC. I'm unsure as to what the first steps are that I should take OR if having the property in an LLC affects the process. My questions are as follows:

1. What step do I take first? Do I set up and LLC in NC as the first step before buying property, then find a property here I'm interested in then sell NJ property and then place those funds into 1031 exchange and then purchase the NC property via the NC LLC. If someone could write out the steps for me in order of how to proceed that would be great.

2. Where do I find legit folks to hold the funds for the 1031 exchange?  How does that work?

3. When do I go about dismantling the NJ LLC when I switch over to an NC LLC and is it a long and difficult process?

4. What if I find one property to buy but am not able to utilize all funds from the 1031 on time to purchase another? For example, what If I make 300,000 on sale of NJ property but am only able to spend 200,000 on another rental before the deadline?

Any advice would be greatly appreciated. 

I may be selling my property in NJ in the next month and it seems that most older homes in the area are being knocked down and sold to builders. What is the best way to get the most exposure for such a property so that I might get the most return on the sale?  

 That's just it, the tenant is saying that they want to use the security because they DONT have the money to pay me rent while paying a security deposit and first months rent, along with moving fees, realtor fees etc for a new place. Also the tenant is reactive, so I'm not sure how they will react when I say I won't use the security.  I have also been advised to rescind the cash for keys offer since they didnt pay their rent-the document hasn't been signed yet. The tenant feels they are helping me by moving out in June and so is looking for something in return. I thought the cash for keys was a nice offering if they were to move out by June; however, they seem to want more. It's frustrating. What would you do if you were in this situation?  I'm wondering if there is a happy medium. 

A little history-selling my rental and asked tenant if they are interested in cash for keys if they move out by June 1. The offer would have to be signed by the end of this month if interested. Meanwhile, rent was due for April 15 and they did not pay. They have always paid their rent monthly so this was odd.  I contacted him with no reply. Four days later I get an email and he states he found a place to move into in June but that between security, moving fees etc it's very expensive and that he needs me to use ALL the security to cover him until he moves out. He said that since he was trying to comply with my wishes that he had no choice.  Odd thing to say.....He listed out all the expenses associated with the move-about $8000 (security, realtor fee, first months rent, moving fees etc). Ultimately, I would like the tenant to move so that I can get on with selling the property so I am debating whether to let them use the security for the final months rent or not. It will be much easier to sell the place without a tenant in there. Any input would be appreciated.