All Forum Posts by: Ashley Davis

THANK YOU for the wisdom! @Dave Foster @Wayne Brooks @Jack V. Ospina 

I know it's not an ideal situation but I do NOT have a mortgage on the property and having my mom close is more important right now than maximizing profit. I'll get back in the game soon!  

Some people are saying "defer" and some people are saying "avoid" in terms of the taxes. Just to confirm, I can 100% avoid the tax with the 1031-exchange?

1031 Exchange / to qualify - Need to buy new apt as a rental property that I would lease her as an arms-length transaction.. must actually set up a lease, collect rent and report it. ✔️

Time Frame - 180 days to close on a new property after you sell the first one to avoid paying capital gain taxes. Talk to a title company. ✔️

Am I missing anything? 

What about the $20k in reno costs? Is that added to the price I paid? So $172k (ish) rather than the purchase price of $152k? Gains would be = $70,555 (I just reduced the price today by $10k.. List price now $242,555.... so $242,555 - $152k - 20k repairs?) Or do I not even need to worry about any of this as long as I buy within 180 days of closing, I do not have to pay capital gains tax? 

Sorry for the repetitiveness, just want to make sure I got it. All feedback appreciated! 

THANK YOU!

@Juan Ardila nice connecting with you! I bought in the "upper east side" area / 78th street off of Biscayne Blvd. great up and coming area. I was ballsy and did sight unseen auction but i knew the building and that all units had a view. Can't go wrong with a direct water view in my eyes. 

Hi all! CAPITAL GAINS TAX — NEED HELP! 🙏

I bought my first investment property in August 2018. paid $152k and have put in about $20k in renovations. It's currently rented for $1600 a month and I have it listed for $252k (comps are at like $230k.) So less than a year.... (Miami, FL)

My plan was to hold for a few years while it's rented out BUT my situation has changed and I need my mom closer due to health reasons. I have decided to sell so I could buy her a place close to me.

If I sell my property and buy her a place, what are the rules associated to avoid capital gains tax? Time frame? Can it even be 100% avoided? Is there a calculator I can find somewhere to help figure out the tax? Or as long as I buy right away, I'm good? 🤔

Any info would be very much appreciated! You guys rock! I will get back on the investment game once mom is all set! Love learning from you all.

— Ashley from Miami 🌴

Hi all! CAPITAL GAINS TAX — NEED HELP! 🙏

I bought my first investment property in August 2018. paid $152k and have put in about $20k in renovations. It's currently rented for $1600 a month and I have it listed for $252k (comps are at like $230k.) So less than a year.... (Miami, FL)

My plan was to hold for a few years while it's rented out BUT my situation has changed and I need my mom closer due to health reasons. I have decided to sell so I could buy her a place close to me. 

If I sell my property and buy her a place, what are the rules associated to avoid capital gains tax? Time frame? Can it even be 100% avoided? Is there a calculator I can find somewhere to help figure out the tax? Or as long as I buy right away, I'm good? 🤔

Any info would be very much appreciated! You guys rock! I will get back on the investment game once mom is all set! 

— Ashley from Miami 🌴

Hi all! Looking for a few different contractors in the South Florida area. I have a few contractors I've been using but need more and need someone to help with more luxury properties. Have jobs now!! Let's make some money!!! 

Dear all. Working on my first rental property (bought from the bank.) Just doing cosmetic stuff but wondering about permits. Are my contractors responsible for knowing what needs a permit or is that something I should know as an investor? Again, my stuff is just cosmetic but I always hear "waiting for permits" is what takes forever in Miami. I assume it's just the bigger stuff and single family homes (electrical, roofing, etc) but just want to make sure as I want everything done the right way (not always common here in Miami.) I also assume that the people helping me complete the repairs would tell me if I needed one, right? All advice welcome!! And props to all the investors out there. This has been a lot more stressful than I originally anticipated. I watch too much HGTV :P 

I do it for my clients all the time. If you can, find a new agent. One that works with investors and understands the numbers. 

Hi! I just closed on a tenant occupied REO so I just asked a bunch of investors the same question. Luckily for me, the tenant moved out without a hassle... BUT I was prepared for the worst! I was researching eviction/laws. Which obviously vary. So be sure to read up on that.

And factor in zero revenue for a couple months while you are dealing with the eviction. The eviction itself is little $ but the time getting the tenant out is what can hurt your deal.

Hope this helps!! Good luck!

Also if you get a credit card from them, you have 24 months to pay back without interest. Was a win for me! 

Just bought 3 cans of paint from Home Depot 🤷

The color Bellflower Blue (Behr) is amazing! Just a TINT of blue.. almost white.

Much recommended by me.