All Forum Posts by: Shalanna L. Pirtle

@Seth Ellis, you can reach out to Gary Hunter at GM Hunter & Associates for CPA services. 

Thanks

@Joe Splitrock! I am very much happy in my neighborhood and don't want to leave, that's why I was looking elsewhere initially. The neighborhood is great. The larger Steele Creek community is already well-defined and established, yet there is lots of exciting development happening all around us. That said, I have the ability to be flexible. It's just my son and I in the house and we are not constrained by schools as he does not attend the neighborhood school. Other than not wanting to go across town too far from my mother, we could move if there was a great opportunity. We are very comfortable where we are but nothing is holding us here and I am willing to sacrifice a little comfort in the short term for greater wealth gain long term IF the numbers work. Stay tuned and I'll keep you posted on the decision!!

@Thomas S. We have different perspectives for sure. I will 100% disagree with you about home ownership being more expensive than renting an SFH in the Charlotte market and particularly in the 28278 and 28273 zip codes for Steele Creek up for discussion in this post. My decisions to refi were right on the money for where I was 12 mos ago and in prior years, especially as I only began considering REI in the last 3-4 months and began thinking about the possibility of renting my primary residence in the last 72 hours. Hence, the reason for the post. By no means is my home a financial burden, the question at issue was merely how to put it and the savings I already do have to their best and highest use. I'm also not sure how you could possibly assess the amount of effort I am willing to put into my future based off one comment I made about preferring to stay close to family - the family who by the way happens to be my 70+ year old mother who moved to Charlotte solely to be closer to me, her only child, as she ages. I won't bore you with further details on that situation as they frankly have no bearing on the original questions at issue. Your uniformed assessment on that point is what is off the mark, sir. We'll have to agree to disagree on some of your comments but I do appreciate you and others taking the time to respond. Thanks!

Thanks @Becca Summers. My understanding is I won't need the landlording history at this time since I already otherwise qualify to acquire a number of properties based on my personal debt to income ratio and income. By the time it's an issue, I should have the history I'll need. I've discussed this at length with several lenders, but do let me know (PM me please) if I have missed something!

Thanks Dave and Steve. Excellent food for thought!!

@Marty L. good luck to you too! Keep us posted on what you do!

 @Dave Foster, @Steve Vaughan - What would influence your decision on whether to sell by that third year or to keep it in the rental portfolio? Couldn't I do a 1031 exchange with those proceeds no matter when I ultimately sell it?

@Steve Vaughan, I believe the use test requires primary residency in two of the last five years. My investment focus is to buy and hold for cash flow and wealth generation so I hadn't even considered a sale but thanks for that thought!

@Darren Horrocks, there is not enough equity for a HELOC. I refi'd just about 12 mos ago and wouldn't to do it again now to pull the cash as that would increase the mortgage payment and cut into profits. Re: moving, I'm more concerned about the cost - I haven't priced it specifically for my home, but my current job won't allow the time for me to pack or move myself. Thus, I'm assuming a couple thousand to pay another company to do it. My only concern is if I have to do that a couple years in a row, that expense adds up. Thanks for your thoughts!

@Dawn Brenengen thanks for that nugget! I was definitely thinking FHA, and having to put 20% down to avoid PMI. But, if I could do something that only requires 5 or 10% and allows me to avoid PMI, I can pursue both avenues much more quickly. Are you aware of anything in particular off the top of your head so I know what to talk to my lender about?