All Forum Posts by: Edison Nunez

thank you so much! I learned so much and now I know which direction to take. Edison

I think I'm in line and understand all you are saying, but one last question. purchase price was $72K + $40K rehab = $112K all in... If sold for $200K then the gain(profit) is $88K do I pay taxes on the$88K or on the entire $200K. assuming I don't do a 1031 and just sell it.

wow your answer is so helpful and clear. Thank you! one last question. Do if decide to sell and not do a 1031, I will then probably pay the capital gain. so I am assuming that the capital gain is lower than the ordinary income?

Hi biggerpocketors, Wondering if I can do a 1031 Exchange or SELL. My intent was to rent it but... Here are the numbers: SFR Price: $72K Cash purchase Date: Aug 11th 2017 Rehab: $40K New Appraised Price: $227K Here's my issue. I bought this house under my Llc in an Auction and I have been fixing it up my self. Almost done and was planning to list it as a rental beginning of July to hopefully have tenants in by Aug 1st. However... A lady(savy) looked up my Llc, found my name and number and is making me a purchase offer. I'm not sure how the 1031 works, but will I even qualify for it? or can I sell after Aug 11th(one year later) and not have to pay the huge capital gain taxes? thanks I advance for helping understand my options.

So not to wait for the seasonal 6 month period to do a cash out refi...  I though do a HE Loan for $29K and also a home equity line of credit for the difference of $50K or so.  This way i can use the 50K to buy another one.

i was thinking of doing this with two separate banks.  One for the Loan and the other one for the Line.  I belong three credit unions in my area.

Does anyone know if this is doable? 

thank you!

My crefit union said just that.  they also said that if I needed money now I can do a home equity loan, but it will be based on the purchase price.  the ltv is 70%.   therefore, I would be able to get about $$29k right away.

My question is...

Can I do the home equity loan and pull out $29k and also do a HELOC on it?

Hi everyone...

I currently purchased a property on Auction.com for $43K and will like to apply the BRRRR strategy but have some questions. First, see numbers below.

Purchase $43,000 

Closing cost $4,500

Rehab $2,500

Rent $1,200

ARV $80,000

So I have invested $50K cash and will be renting for no less than $1,200.   

The lease will start on January 1st 2017.  Here's the big question...

Will I be able to refinance this thing right away after the lease starts?  I need my money back so I can do it again.  

 Thanks in advance...