All Forum Posts by: Roger P.

https://www.zillow.com/homedetails/27758-Norris-Rd-Tippecano...

Perfect STR vacation rental getaway cottage or full-time residence!
Roof/siding/soffit/windows 2019.
Newer deck made with Trex decking.
Three sources of heat; primary source is Radiant Hydronic Floor Heat that heats the whole house independently, secondary whole-house baseboard heat, and nice fireplace wood burning stove insert.
Two instant-on propane hot water heaters (one for radiant hydronic whole-house heated floors and one for house tap water).
New floor heating hot water circulating pump and thermostat 2023.
Kitchen/bath faucets, showerhead, and toilet 2021.
Kitchen/living room/bedroom/screened porch ceiling fans replaced 2021.
Hughes Net satellite internet.
Whole house water filtration system.
Window AC included.
Newer 500 gallon propane tank owned, not rented, and will transfer to new owner.
Access to private HOA 4 acre well-stocked lake.
2-minute drive to Clendening Lake dam and park, 7-minutes to the marina.
Just under one acre of land.
All kitchen appliances and laundry transfer with sale.
Can leave furnished with sale.

Inquiries will be forwarded to Realtor.

Quote from @Dave Foster:

@Roger P.

I agree with what @Marc Rice is saying here, If you don't like any properties then you would just leave your list blank and let your exchange die on day 46. We find that over 95% of our clients right now are able to complete their exchanges. But the price of a 1031 exchange isn't much for the time it buys you to see if you can make it work.

You could also shop around for replacement properties prior to selling your relinquished property, or better yet go under contract for a replacement property prior to selling your relinquished property.

Naturally, you must close on the old property before you can take title to the new one, but there is nothing that prevents you from being able to go under contract for your replacement property before your old property closes. You just have to close the sale before taking title to the new purchase.

Another strategy worth considering is known as a consolidation exchange. If you're concerned about the hassle of managing a bunch of properties, you could sell multiple investment properties and purchase a larger investment property in your 1031 exchange.

This way you minimize the stress of owning multiple investment properties while deferring all of the tax, as well as not have to recapture any depreciation.

Just keep in mind your reinvestment requirements to purchase at least as much as you're selling or greater and using all of the proceeds in your exchange. So you just want to be proactive when selling your relinquished properties.

 Thanks Dave!  I have heard you on so many podcasts over the years and always thought that if I considered a 1031X that I would be contacting you sir.  Your knowledge of the code/laws, nuanced scenarios, and historical concepts and stories are must-listen-to's for sure.  I'll reach out to you and I have a feeling you might be the one to talk me into it if anyone can :)

The family and I are strongly considering moving to eastern TN sometime in the next year or so depending on what we can sell our house for here and find something reasonable to purchase down there. We currently live in Ohio and have owned quite a few rental properties in the suburbs of Cleveland, Ohio since about 2017.

One of the rentals has sold so far, and we have another one coming on the market in Lakewood this week. I wasn't planning on doing a 1031 exchange since I don't want to rush buying new rentals in the Knoxville area and risk buying in the wrong part of town or have unexpected issues, in addition to believing that capital gains rates will one day be much higher than 15-20%. But I understand the "1031x til' you die" business plan. I don't necessarily trust property managers, so I'm not willing to keep them and have them managed from afar. Although the really great CoC return %'s we are getting on them right now might be the only reason I would half consider using a property manager and keep some of them after we move.

Basically, we are looking for a home with over 5 acres and at least 3bd/2+bth in the area south and east of Knoxville seems to be the most beautiful and private from what I can find on the MLS... but also very expensive right now. And I've been looking from Chattanooga to Johnson City and Crossville to Gatlinburg and everywhere in between.

And then of course wanting to find rental properties that I can get at least 15% CoC returns from, which I can not find on the MLS when I'm running the numbers lol ... seems hard to find BRRRR worthy deals either anywhere near Knoxville in a decent neighborhood. I'm assuming most people are finding off-market deals to BRRRR there? The places I hold as rentals now are getting 20-40% CoC returns after BRRRR'ing them in 2018 thru 2022 and refi-ing them, so it's kind of sad selling them, but I'd rather get new rentals closer to where we move so I can self manage and hope the cashflow grows over time.

Anyways, if anyone has experienced this type of life change and situation or have had clients go through this, I'd love to hear the outcomes and connect with you!

Thanks

https://www.biggerpockets.com/real-estate-listings/9-cash-on...

Link to listing above!

https://www.biggerpockets.com/real-estate-listings/9-cash-on...

Hi BP, Is there a plan in place for the App to feature the Tools currently available on the website such as the Rental Property Calculator and others? This would be the best App ever if it would mirror the options on the full website! Thanks, Roger

Is this still available?

Is this still available?

Thanks @Russell Brazil and @Andrew Postell !  Good info.  I did not know mortgage credit checks were lumped into one hit if they are done within a short period of time.  Years ago when I applied for financing for a vehicle, I told the dealer to use my personal bank only for financing for the credit check, but a couple weeks later I noticed on my credit that they ran checks with four different lenders in that one day and all of them showed up on my credit report.  Perhaps the rules are different with auto loans, but I have been scared to have anyone run my credit after that experience ;)

As far as my credit score goes, between free viewing from the three different bureaus, free "FICO" scores from two credit cards, and Credit Karma, they were all different between 806 to 838 last month, so I just averaged a round number at 820. But to your point Russel, when I rolled a HELOC into a mortgage a few years ago, I did notice the credit score they used was on the lower end of where I "thought" my score was based on the free scores I was viewing from other sources.

Thanks again for the tips, fellas!

Hi BP,

Maybe we chalk it up to the "cost of doing business" when applying for loans with multiple lenders to find the best deals on financing, but what are some rules of thumb to try to avoid getting multiple hits to your credit score when applying for loans?  I have a FICO around 820, so I already know I am eligible for top tier rates with conventional banks, but I'd like to see if that score can get me some special deals on low or no money down loans that perhaps only the unconventional lenders can offer, but they would have to run my credit.

Thanks