I am currently in a position where I want to sell my primary residence and eventually find a new primary. My current place is great but I have neighbor issues and am really over dealing with it.I own two investment properties, one I just recently closed on where I do not have tenants yet. I did purchase it as an investment with the banks / insurance etc…My goal is to sell the current primary – which I have owned and lived in for two years – and buy another primary. Unfortunately there isn’t anything I want on the market right now.I was considering living in my investment property short term until I do find a new primary to purchase.So with all that said, I don’t want to be eaten alive by the tax man. The way I understand it I can keep the proceeds of my sale of my primary and not get hit by Uncle Sam, but I want to make sure that is correct. Can anyone confirm if I am correct or anything I should do in order to prevent getting a major tax bill?
Im currently a sole prop, because my personal credit cards/loan rates are extremely favorable. Now that I have two rentals [paid off] and looking to buy my personal residence, id like to consider a llc [just for best practices sakes].What process did you follow and how did you structure the llc (s)?Do you form another llc for “management”?Id like to cash out on both of these houses and buy two more. I was quoted a generous rate but it was a personal loan. If i move them to the llc is this still possible or would I shoot myself in the foot and have to deal with commercial loans?Would the LLC name be different than the current DBA name?thanks!
Hi everyone,I am 21 years old and am looking to start investing in real estate. I want to buy enough income producing real estate in order to quit my current job and possibly go full time into investing or find a real estate related career (agent, broker, appraiser, etc.) I have been researching real estate for a couple years now.I am 21, I am starting with 20k in capital (not much, I know) but I am working on saving as much as I can. I work for the USPS and I am making ~40k a year and I absolutely hate it.I want to hear about how you started in real estate, what type of properties, what type of areas, how you achieved financial independence through RE, etc. I would love to hear tips you have for me and I cant wait to hear your stories!
Little bit of back story. We’ve currently lived in the house for a bit over a year at this point and our lease doesn’t end until May 2018. Our landlord (who is a real estate agent) bought the house as an investment in 2014 for ~$110,000 but for some reason he just decided to sell it. He originally listed it for $99,000 but he’s already lowered it to ~$93,000.The price dropping already makes it seem like he’s having issues selling it. Especially since during the showings so far the potential buyers and their real estate agents have all been confused on us having the current lease. I don’t know if they think we are leaving soon or what. I was under the impression he was attempting to sale it to other investors (what he told us) but so far the potential buyers are acting like they want to move in.In our current situation we may end up moving next year, which would require breaking the lease or may stay until 2018 when it original expires.With all of that said, I’m thinking of just buying it myself. The mortgage would be ~$250/month cheaper than what I pay in rent (unless I go for a shorter mortgage). Plus when we need to move renting it out shouldn’t be a problem as it’s a prominent university city.So I guess my questions are:As far as negotiating price, how much can I reasonably ask to be taken off? Since it would be between us I would assume there would be no realtor fees he’d have to pay so that would instantly save him money. Another factor is my security deposit($850) which would normally be transferred to the new owner. Then considering the fact he’s already lowered the price quite a bit. Seems like it would be fair for me to negotiate the price with him a bit.Besides from not being able to find tenants when we move, what other issues could there be in the future? We’ve been here for over a year so I’m pretty aware of the condition of the property so I’m not worried about that.How should I prepare to being a future landlord? When we move, it’ll be out of state so I already know the property would have to be managed by someone else (unless we just sell it).Is there anything else I should be thinking about in general? This would be our first time buying a home instead of renting so this is all pretty new to me. If you need any other information feel free to ask and thanks in advance for any info/advice you can provide.EDIT: Just to be clear in case there was any confusion. The entire “building” is about 5 attached townhouses but my current landlord only owns the 1 we live in, which would be the one we would be buying.Another thing to mention is that I’m a veteran that is 20% “disabled” so getting a VA loan without a funding fee would be no issue. Credit score is also ~735 with my only current debt being student loans (still a student so I’m not paying on them).
The old rule of thumb is that you can afford a house that is 2.5 times your annual salary. Yet when I use online home affordability calculators, they indicate I could afford anywhere from a little to a whole lot more than that. Some suggest I could buy something 5 to 6 times my annual income. That seems crazy.I know the 2.5 rule originated back when interest rates were a whole lot higher, so maybe it’s not accurate anymore. But if it isn’t, then what is?
City of Passaic, NJ – just performed a city-wide re-assessment of all the properties in the city – we have a commercial property here and the city has doubled what they deem the ‘true value’ of our property – and effectively doubled our property tax in one year.There are thousands of property owners facing this issue – and you even have law firms sending out ads just to combat this asinine route this city is going just to make some bucks.Is there a case against the city? Can we have the state to convene here? We appealed to the city court – but the court re-affirmed the city’s decision.. what are we supposed to do?
Yet another interesting headline in the world of health and well-being. Thousands Of Firefighters Battle Massive Big Sur Blaze
After more than a week, a 38,000-acre wildfire on the California coast is still growing, and authorities warn it could burn through August even after it is contained.
Hi Folks,My fiancee and I just bought a house in Nova Scotia, Canada. We had an inspector in the house already who gave some suggestions for improvements but overall he gave it a good report. The closing date is coming up and we are going to be doing a final walk through. My question is what kind of things should we be looking for while we are doing the final walk through? Thanks for any advice.
I’ll keep this short and sweet. My fiancee and I are in contract for a house- our bank made us get a mold inspection for the basement bathroom after seeing the inspection report mention the possibility of mold. The mold report just came back- it looks like there is some harmful mold, and it needs to be remediated.This is obviously the sellers responsibility, right ? Were not going to put money into a house that we don’t legally own yet. The sellers are already losing money on the house, and they just paid to get the roof repaired. Thats not really our problem though.
We just refinanced our mortgage with a broker right before Brexit that was no cost to us. It was a great rate at the time (3.625% for 30 yr jumbo) and the broker paid all closing costs. Presumably he gets a commission or has some benefit by selling our mortgage to a larger bank (he was very upfront that the mortgage would be transferred to another institution).Since Brexit, rates have dropped again and colleagues of mine are seeing some even lower rates.I don’t think we could go back to our current broker to ask for a second refinance so quickly, but if we find another broker or large bank that can give us another fantastic rate, is there any downside to refinancing again so quickly since this recent one had no cost to us?Thank you in advance for your comments!