All Forum Posts by: Aline Elad

@Aline Elad You said "we" so assuming you're married you can exclude up to $500k, or $250k single, in capitals gains if you lived in the property for 2/5 prior years. 

If you sell a property in one year or less after owning it, the short-term capital gains is taxed as ordinary income, which could be as high as 37 percent. It's long-term capital gains if you owned for over a year and are taxed at 0 percent, 15 percent or 20 percent depending on your tax bracket. 

The HELOC is a 2nd position loan. The interest paid on a HELOC may be deductible if you used the funds to "buy, build, or substantially improve" the first home. It can increase your basis in the property which affects capital gains, but given you bought another primary with the funds I don't think that applies. The HELOC is paid off and closed with the sale of your property.

If you're married, lived in the house for a few years, sell for $825k, you're looking at $275k - taxes/RE commissions 

@Colleen F. I disagree about the walkability of Worcester to the hospitals.  There are 3 hospitals that make a triangle between Shrewsbury Street and Belmont Street.  Inside that triangle there is a lot of walkability and rentals.  On the West End of Shrewsbury street by Union Station you have Alta on the Row which will come on line in the next 6 months, from here you can walk to Saint Vincent's hospital very easily along with MCPHS.  What people don't realize is that there are a lot of 3 deckers in that Triangle as well.  Yes you have to pay a premium but you can buy them.  There are a lot of owners I know that will sell, but these properties have value so they need 1031 purchase targets before they let them go.  @Aline Elad my recommendation for anyone looking to do this is to find a local realtor who sells in that area. They will be able to find you stuff. Most of the good stuff trades off MLS so you need a realtor who is tied into the local investors

@Aline Elad I used to live in the next town over from Worcester. I can say they are trying to get the higher crime areas down but neighborhoods matter.  My son is involved in creative hub worcester to try to revive south Main and you do have union station development so they are making an effort but it will take time. I don't see at this time for health care workers any walkable locations to hospitals and there also isn't the attraction of living in the city like Boston.  Anywhere you buy walk it. See if you feel comfortable there. Also parking make sure you have some parking because they tow. There are some people on here quite knowledgeable about Worcester too.

@Aline Elad  If eastern MA look at the boston travel nurse FB group to see if your area is in demand or people are being warned away from it. In general high crime areas are not where travelers want to be.   You will get an idea reading what is available and what is in demand in the area you choose also look on FF. What is the character of the area. Are you on the edge of a crime zone or are you smack in the middle.  Are people driving or walking, if they have to street park high crime is a bigger issue. Crime rate in denser areas is ranked higher then the suburbs so you don't look at statewide rankings.  Are you looking in Worcester, Springfield, Boston, or Lowell?  It will matter.  Are you in the most crime ridden part of worcester? probably find another neighborhood.  Next to MGH, longwood, or Boston childrens in Boston, look where your competition is.  I know that is not a straight answer to your question but that number by itself might not be as useful. The whole city of Springfield has a high rate, that doesn't mean you shouldn't buy in Springfield.  How small of area are you looking at?

 I own MTR's in a San Antonio medical center and I can give you this advise: Traveling nurses/professionals are looking for small accommodations (lower price point), they are concerned with safety, as they are usually women traveling alone, well-lit walkways by their parking spot, private entrances/bath/laundry. I had a nurse recently cancel her contract because she didn't feel safe at her hospital. Many nurses have been put thru the ringer, are not being paid like they were in 2020, and their contracts can be cancelled at any min. notice. I do wish you luck, but do a lot of research. Make sure you have 1 person units and allow pets.