All Forum Posts by: Account Closed

Thanks everyone!

I lived in the house from 2-2008 until 5-2013. My tenant has been in the house since 7-2013.

Looking at the 1031 Exchange, it seems that I would have to purchase a home that is equal or greater in value, which is something I am not wanting to do. I am looking to dive back into the lower income housing where my profit would cover the entire cost of the house plus repairs and permitting. I am hoping that my tenant buys the house during 2014, where I would still meet the 2 of 5 rule as yall described to me. Thanks for the advice, it is greatly appreciated!

Does anyone know of an investor friendly accountant in the Charlotte, NC area? :)

Also, I sold my primary residence due to the relocation on January 31st of this year, and now I am trying to liquidate my Texas holdings and move my investment into the Charlotte, NC market.

Thanks for the info guys!

Good Morning,

I am looking for advice on something. I turned a primary home into a rental last year as a way to jump back into the REI game. Since then, I was laid off, found a new job, and I have relocated from McKinney, TX to Charlotte, NC. During the relocation, I sold what was my new primary residence on January 31, and I still have my rental. So here is my question, I have been using my LLC to manage the property, and my tenant has shown interest in purchasing the property. Now, is there a way I can double close on the house when he goes to purchase? The double close would be selling it to my LLC and then selling it to the Tenant? My reason for this is to protect the profit from the IRS, as I would like to use the money to purchase a SFR in North Carolina under my LLC's name. Is this necessary, or will I be robbing Peter to pay Paul? I just don't want to get taken to the cleaners when it comes to taxes. Any assistance would be helpful. Thanks!

Good Evening All,

So, it has been awhile since I posted last, and that is due to a major life change... I got laid off. It looks like I will be relocating from the Dallas, TX area to Charlotte, and I will be looking to gain some insight into the area. Also, if anyone has some rental homes they are willing to rent for a month to month and will allow 2 dogs, hit me up! I should be finding out by Friday of next week the particulars of the relo from my new company. My wife and I are looking to build near the speedway, so I am looking for information on good builders. Thanks y'all!

Welcome @Shoor Kalam

I am a buy and hold guy in McKinney. This site is a GREAT resource for any type of investor. I am currently researching the wholesale side of investing, and may try to make a few deals to help me with my buy and hold side of things. I too am looking to build my portfolio to where I don't have to work anymore. Good luck in your endeavors, and hit me up if you want to meet up for coffee/get out of the house... LOL

Welcome @Brandon Bennett !!!

There is a ton of great resources here on BP! Have you had a chance to listen to the BiggerPockets Pod Cast? If not, download all 30, and enjoy... I have learned a lot from them! My name is Jonathan, and I am a buy and hold guy up in McKinney.

Do you feel you are asking too much? If not, then you aren't!

For my property in McKinney, Texas, I requested the following for each applicant:
Most recent 4 pay stubs
Credit/Criminal BG check
Previous 2 landlord contacts
Reason for leaving the past 2 locations
Personal interview with all adult applicants together

At the end of the day, you are providing them with the keys to your property, and you are taking on a risk. I would request whatever information that you personally feel is necessary for you to have warm and fuzzies with your new tenants.

I have been hearing from some that a regional DFW meeting would be nice for those of us located in the northern hemisphere of DFW. I know there was just a meetup in Las Colinas/Irving area, but making it down that far south is tough for me. If enough interest is available, we can try to set up a simple networking meetup in the Plano/Allen/Frisco/McKinney (PFAM) area for the middle of next month. I know of a few restaurants in the area that have private rooms that wont cost us anything to reserve. They will expect us to provide at least 15 people (typically). Let me know if you are interested, and what day of the week is best for you. If the interest is there, I will take the most common day of the week and get something arranged. Just to let you know, Friday and Saturday nights is nearly impossible to book rooms!

I agree with Tom Lafferty; there are quite a few of us in PFAM (Plano, Frisco, Allen, McKinney) that we could do a regional meet up. If we really take a look at the various regions within DFW, we will see that investing in one region is completely different than investing in another. I am not trying to segregate out the non-North folks, but for me, Las Colinas is a long haul from my house in McKinney, especially getting to my day job in North Dallas at 730 in the morning.I would be open to arranging a regional meetup to be located in PFAM if there is enough interest. I will post the idea in the main forum to see what kind of response there is!

I have a SMLLC that my contracts and monies go through; however, my mortgage company won't allow me to transfer the title without the due on sale clause being enacted. I agree with Wayne, holding a single residence in its own LLC is a little overblown... Just get a good umbrella policy... My policy is less than $190 a year and provides me with $2.5 million in protection. For my LLC purposes, I make it nearly impossible for the corporate veil to be pierced, as everything is paid in and out of the LLC as it deals with the residence, this is where a good accountant comes into play. This just adds a layer of protection for me as a landlord. It was the idea of my attorney (who didn't charge me for the help) to do it this way, as many cases in Texas are between the landlord/property manager and the tenant. Since all of the management is going through an LLC, the tenant can't go after any of my personal holdings, which includes the residence itself. I am not protected under the LLC for personal liability of the property, but that is where having a savvy attorney comes into play. Good luck to you!