All Forum Posts by: Angelica Rivera

Some additional Info....

1) I bought for 46K in 2008. I haven't seen much appreciation due to increase of commercial properties popping up around me and neighbors haven't been upkeeping their homes. Anyone know what the average appreciation on an NC home would be?

2) @Scott Wolf, Current realtor suggested 1031 exchange. Told her what my plan was and said you could still do a 1031 exchange, which I felt was a bit weird from what I've been looking into. 

3) @Basit Siddiqi- Before I listed the house for sale- I spoke to accountant and realtor since this is new to me and I've never sold a home before.  Accountant said that I'm better off taking the hit with the capital gains- especially when factoring in all 1031 costs. House is currently listed at 69,900 but realistically will be sold around 65. I used the SMART ASSET tax gains calculator that estimated my tax between 4100-4800 (combined). 

Hi BB Blog!

I have a single family 2bd/1ba home (built 1940) that's been eating more money than it can make. I've put it on the market for 65K and was advised to do a 1031 exchange. I want to use this money to invest in a Merchant Cash Advancement that has a solid return on investment. Can I do a 1031 exchange from property sale to invest in a company? I've been looking online for info but haven't found info on this. All I keep seeing is a property to property 1031 exchange. 

Thank you @bjorn, I needed to hear this. Never been in this situation before and would like to handle it in the best, most efficient way possible.

If you can that would be great! can I message you?

Hi BP members,

I need advice. I just bought this multi family unit less than 2 years- it came with a tenant that's been living on the property for 20+ years. Elderly man with dog-pays rent on time. To Summarize:

-shown behavioral instability on several occasions (Differing moods daily- outburst have increased in anger over time)

-Refuses to follow basic guidelines-Parks on front lawn instead of designated parking lot- has damaged $$ front lawn

-Has an entire list of repairs that he wants me to fix... I try to tackle but he doesn't let me in the apartment to fix. This apartment needs A LOT of work but tenants moods/behaviors don't allow workmen to do the kind of repairs that need to be made (as well as practice social distance). 

-Sexist remarks (will refer to either old 'male' owner or would prefer to speak to my dad who helps on occasion)

The last few straws were when I purchased a new fridge he requested and even with advanced delivery notice- refused to let the delivery men in because of their skin color. He became so upset, kept speaking negative comments under his breath. Got so upset that in the end, he refused the fridge entirely- and disconnected it (his 3rd one), and threw away brand new stove burners that I purchased for his personal ($$) stove. Just threw them because he didn't want them. In trying to work with him to keep peace, he's shut me down on many occasions and says he would only speak to my dad. 

I would like to evict him and give him 30 days but not sure on what grounds I could do this in North Carolina that would help to expedite the process without much push back. Does anyone have any recommendations?

Is it terrible what I am doing?I feel horrible and keep second guessing because this is an elderly fellow with his dog- but I've attempted so many times to help and he just refuses. I'm starting to feel unsafe more and more every time I have to deal with him...and I know I can renovate this apartment and charge $400 after renovations and have less stress. But right now I feel like all the reasons above aren't enough in the eyes of the law to evict him (as long as he's paying rent on time). 

Does anyone know why Some owners hold on to properties, even when they’re abandoned and unkept?

I’m trying to reach out to an owner on a single family unit about purchasing one of his properties that’s clearly uncared for and have not heard back.

Does anyone know why Buyers would not want to sell properties in matters such as this?

 @Greg H., Thank you for the advice. the person still hasn't shown up. We are waiting a few more days and putting their items in storage while we repair the apartment. This whole ordeal has definitely been a learning opportunity for me on eviction protocol and inherited tenants.  Go forward I'll be following the eviction process properly for NC but hope to minimalize that option by doing background checks on potential tenants to live on the property. thanks for your help! 

 Thanks! I’ll do that

My property is in hickory NC. Cops were called because the tenants I inherited were drug users and One had a criminal record. They were behind on one months rent.

Light, electricity and gas were no longer running for what appeared to be a few weeks. 

There were maggots in the refrigerator from all the spoiled meat, cooked food on the stove that spoiled on the stovetop and was covered in flies. Clothes were thrown all over the floor. 

When I say they left everything... I mean everything...clothes, furniture, food. We checked local jails and hospitals to see if something might have happened but came up with nothing. 

Janina- with police present-she confirmed to be out by June 30 and was already living at the new location. She confessed that the what was in the apartment was only her clothes which she would be taking with her by 6/30. I found this out when I visited the property and saw other people trying to move their stuff in without my knowledge or permission. She was also falling behind on rent for the month prior.