All Forum Posts by: Mitch Miller

Thanks! 

Sure you can DM me if you feel comfortable  

Turning a unit and need to put Carpet down in a rental.  Does anyone have any recommendations on any contractors or crews?

@Sean Ade Nice, I think 1.2 is at a point where you can find some deals in that area especially if you are looking up to 2 hours drive from Rolesville.  Places like Wilson, Rocky Mount, Greensville, and Fayetteville are inside that and are not as competitive as the places mentioned prior.  So you should be able to find a 6-10 multi with that price point.  

Business wise, you have a good chuck to place down especially if you are doing seller finance.  They dont call it creative finance for nothing, you can prolly find deals with your investment capital there too.  

Best of luck!

@Sean Ade First welcome back to the Raleigh area and congrats on the success in your duplex.  

As far as your question, If you are looking for "outter City limits" you do not have enough to get a 6-10 unit.  Your 150k at 25% down (commercial standard) you are looking at 600k.  You wont find find anything that cheap in the near areas of Raleigh.  Places like Zebulon, Wendell, Clayton, Garner, Fuquay are all past those price points for 6+ units.  And are prolly the most up and coming areas.  Those would also be considered Raleigh suburbs.  If you look farther out you might find deals in your sweet spot.  I would look at places like Alamance county (Burlington, Mebane, Graham), Greensboro, Angier, and Lillington.  These places are growing with Raleigh but at variring clips.  I would take a look at them and see what best fits your goals.  You have a leg up being from here or having family here.  

Another note, I know Portland is seeing a lot of growth as well.  You are able to get your gains tax free from it being your primary residence for the at least two years. That rule is actually written as 2 out of the last 5 years. So you may have the ability to hold it for up to 3 more years and still not pay tax on gains up to 250k, or 500k if you are married.  So that could also be a play if it fits your goals.  

Hope it helps and there are a handful of meetups in the area so reach out once you move back and I can let you know when and where they will be. 

Best,

@Ryan Casady see you there!

@Jillian Ez sent you a dm with all the info!

@Jillian Ez Sounds like you are coming up on some exciting things for next year.  You are also advanced in your mindset to meet with your CPA Prior to you making moves.  Best of luck!

Some Items to look up before your meeting or to ask during your meetings to max out your tax advantages. Real estate professional status (deduct losses on active income), Cost Segregation/Accelerated/bonus depreciation (most likely not an advantage on one property unless its 350k+).

@Jillian Ez I would say that you would want to get a CPA in your area for the small nuance differences from state to state on state taxes.  For me if you are selling or doing any taxable event this should be my first go to (A CPA in your Area). I am a big believer its not how much you make but how much you keep and a CPA helps with that.  I would look for one with both business and real estate experience so that you can maximize the benefits of both investments/assets.  If you do choose to go with a Raleigh CPA, a lot of people use Tom Smith CPA, he has both business and real estate experience. As far as LA (is that Los Angeles or Louisiana)I don't of a good CPA. But I'm sure someone on here can recommend one.

Your financial Advisor at Merrill Lynch "should" do it for free and give real estate a good look but a lot of times, captive agents like Merrill don't look at alternative assets for one of two reasons.  They don't know much about them and most of their training is one traditional assets like stocks, bonds, insurance, and annuities. Or they don't recommend it because they don't make money and actually lose money to do so.  They typically are paid by AUM or the amount of money they hold of yours in investments.  They also get kick backs from products too like funds, insurance and annuities.  So they are indirectly incentivized to not go for alternative investments.  That said if they are good they should be able to help you plan out a path to reach your goals in real estate.  Things like liquidating under performing funds or getting margin set up on your account so you can draw against your assets without selling any.  If you like your advisor stay with them but if your meetings with them are only adjusting money into stocks, bonds, insurance and annuities, I would be asking people that are doing what you want to about recommendations. 

After all this I feel like I have just given you a bunch of unsolicited advice haha sorry for that.  I would just say if you refine what you are looking for, people can give better feedback.  All of the above are important parts to your team but some are more valuable at different times.  Also there are plenty of meet ups in Raleigh if you ever come to look at the area.  It is a great place to meet other investors to help grow your network in the area.  

@Jillian Ez can you clarify what exactly you are looking for? Are you looking for a bookkeeper that can help you see your current financial situation? A CPA to look at what moves would be smart tax wise? Or more of a financial planner that can help you make a decision on what your goals are and steps to take to get there? Depending on your answer people can better recommend people. Also are you looking for someone in Raleigh or LA?