All Forum Posts by: Thomas Capstick

@Michael Doherty

That's awesome man - congrats! I appreciate the detailed write up.

I'm currently working on BRRRRing a 4-plex and would love to know who you used for your refinance. Holding costs are so expensive with hard money, so no seasoning would help a ton.

@Nicholas Aiola Thanks for the quick response! I figured it wouldn't be so simple - I will get with my CPA and attorney.

Hi @Nicholas Aiola! Thanks for being so willing to answer questions. I actually work as an auditor for a CPA firm down here in Norfolk, VA, but none of our tax staff specialize in real estate.

I have a question for you regarding capital gains tax when owner financing.  I am in preliminary negotiations with an elderly man (85 years old) to purchase a fourplex using owner financing.  He bought the fourplex 40 years ago for $58k and I will be purchasing the property for a price in the range of $200k to $240k. 

The seller does not have any family and will be leaving all of his assets to various nonprofit organizations in the local area.  We will most likely enter into a long term loan, which will eventually be payable to a nonprofit organization when the seller passes.  Assuming the capitals gains will be paid by the seller in installments, will the nonprofit have to continue paying the yearly capital gains tax if they are a tax exempt entity?  We are attempting to maximize that amount of $ that will eventually go to the nonprofits.

Thank you in advance for all your help and please let me know if you need any more info!

@Patti Robertson I appreciate the insight! It looks like I have a lot more research to do. I will definitely check out the Hampton Roads Landlord Association.  Nothing compares to tips and advice from people that already do what I hope to do! 

@Sean H. thank you!  It's good to hear from someone who has been through the 203k process as it's still pretty unfamiliar to me. Is there anything in particular that I should be aware of? Can you recommend any 203k lenders, contractors, brokers, etc. in the Hampton roads area?  Thanks in advance for any help you can give me! 

Thanks everyone for the welcoming words!

@Dakoda Spencer I'm happy you reached out.  I was actually thinking about investing in some single family rental properties in Buckhannon, WV (where I went to college) as real estate is fairly cheap there.  I know I would be able to cash flow, but I'm afraid the investments wouldn't appreciate in value because of the unstable economy and declining population growth state-wide.  How have you found the market in WV?

Thanks, @Luke Jeffery! I am sure I will have a lot of questions in the near future, so I will definitely be reaching out to you.  Thanks!

Hello all!

I have been listening the BP podcast for months now and finally decided to create a BP account. I have recently moved to Norfolk, VA for work - I am an accountant at a local CPA firm. I was born and raised in Ottawa, Canada, but went to college in West Virginia.

I hope to purchase my first rental property (SFH or small multifamily) in early 2017 when I become a little more familiar with the area. Based on my research, I will most likely be looking for value-add opportunities in Norfolk or Portsmouth. I also hope to purchase my primary residence using a 203k loan in the summer of 2017.

I have little real estate experience (other than research and countless hours watching HGTV), but I have a strong economics and accounting background.  I am eager to learn the industry - and more importantly the local market - so please reach out to me if I can help you in any way!