All Forum Posts by: Lucero Sanchez

Thank you so much for your replies, yes we lived in the home for one in a half year, so I guess we will have to pay long term capital gain ^^/ again thank you both for your replies.

In 2012 we purchased our primary residence for $60k it was a short sale and we bought it with out any loans, a year in a half later we found a larger home in a nicer area also a short sale for $157k, by that time our primary residence was now appraised for $138k, so we sold it, we found a private lender to lend us the difference so we could buy the short sale cash. So every penny from the sale of our first primary residence plus what the lender let us barrow went straight towards the purchase of our new primary residence. A few days ago I received a 1099s from title company for $138k, will I need to pay taxes on that amount or the profit we made on the first primary residence $60k - $138K = $78k profit which went straight to our new primary residence?

I would go for it, its a long term investment but it will be paying itself off, if repairs are not that important right now you can repair it little by little. If things go wrong just sell it and move on.

If anyone has suggestions or ideas on what we can do to invest our money in real estate or simply have some advise please let us know thanks a bunch!! I will continue reading into the forum getting more ideas. ;)

We were fortunate to be able to buy a few homes before the market went back up in AZ a while ago, we had $100k and turned it to $300k in 3 years. So we see that if you know how to move your pieces just right you can make money in real estate, that's why we would like to stick to flipping or building since we kind of have an idea how it works. I know there is risk believe me I know since I saw it happen to my family and friends, all of them lost everything and now rent and just cant get back on their feet. We invested our money into real estate even after everyone would tell us not to that we would loss everything, we invested and we still have our money plus more! its a good thing my husband and I are opened minded and don't mind having to sacrifice and be patient. I thank all of you that have replied to my question and now that I found this website with all this information it makes us feel more confident in going forward with this. Again thank you so much.

We have 2 houses free and clear one is worth over $100k and the other over $200k, one we have been renting it out for 3 years and get $10k a year in rental income, the other house we live in so no income from that one. We do not qualify for any kind of bank loan so our plan is to cash in on both houses, but we don't know which is best flipping or building new homes (my husband will do most of the building since he has the experience), What would be best? Any advise or suggestions on what we can do?