All Forum Posts by: Shirley Gregory

Hello - I own a sfh that I rent out and my tenant recently expressed some interest in buying this home and I am interested in selling it, so it's a win-win.  I have about 100k in equity in it and would like to know if I could use that money to purchase a primary residence to move into and then rent out my current home or do I have to re-invest specifically in rental property with the proceeds from the sale in order to not be taxed on that money?  The reason I want to rent out my current home is because my mortgage is only $700/mo and the other townhouses in my association that are rented are getting $1250 a mo and they have not been updated like mine has been and $550 a mo for one door is too good to pass up.  

Another question I have is, if I do not re-invest the equity how much of it is taxable on the 100k if I put down 65k when I originally purchased the sfh?  All of it or only 35k due to the downpayment?  

Thanks for any input.

Shirley

I use Cozy also, very user friendly and it's free for both landlords and tenants.   

Bummer!  

@Ben  Good luck Ben!  I did the exact same thing in Hickory two years ago with no problems at all.  I got a commercial loan from First Community Bank in Taylorsville from Andrew Jackson :+) with only 15% down, they required an 11k escrow account for 1 year though.  Where is the property?
 

@Nick Mehl

Hey Nick ~ Fairview is a very nice community, close to Asheville (less than 15mins to downtown via I-40) but definitely off the beaten path. In the past few years 74A has seen some growth but it is still a rural area IMO. I do not have a STR but I do have a LTR in that area that does extremely well.

In NC you only need one signature to purchase real property but two signatures to sell, if you are married.  So, if and when you go to sell the property your spouse will have to sign off on it. 

Hey Ralph,

I own a 9 unit apt building in Hickory.  The area I'm in is pretty decent and I'm in the process of raising my rents as they were all priced severely under market when I acquired the building.  I am getting $650/mo for a 700 sqft one bedroom with electricity included (due to a split meter situation).  I am about to list a two bedroom, 1000 sqft for $700, electricity not included.   There are some areas I would stay away from and $350/mo sounds like one of them.  If you PM me the address I can advise you.   

Hey Joseph,

Welcome to Asheville.  Have you checked out the Leicester community?  Great farm country out there, my gardens were prolific when I lived in that area.

Shirley

Hi Janine,

This link may help. 

https://cumbieandtrull.com/licensed-in-another-state/

Hanson, what if the tenant has children?  Doesn't that change the game especially during winter months?