All Forum Posts by: Brian Heimerdinger

I bought the place as a primary but started renting it out soon after as I moved. It has appreciated about 15% in the past year and I would prefer to move on from the place. I'm talking to a CPA tomorrow about it but just wanted to pick all of your brains. Thank you for the help.

Are there any restrictions on how long you have to hold a property to 1031 it?  I have had a property for 11 months now that has appreciated about 15% and would like to try to get out of it and was wondering if there were any rules against this.  Thank you!

I'm not really looking for exclusions or anything as it is not my primary income or primary work. I have a main steady job right now, and bought it as my primary home. But am looking to purchase another home in the area now instead.

Thank you everyone!

Hi guys, was wondering if there are any issues switching over a primary residence to a rental. I currently own a place and am looking to switch it over to rental, and buy a new primary. Does this void the mortgage? Or have any ramifications? As long as I claim it on taxes and get the right insurance it is legal correct?

Thank you Craig. I have a good tenant and it's in a good location with very little hassle.

Thank you for the opinions.....with selling and getting the money out of it now since I'm up a little and restarting with a better rental? Or keep it and learn from it on my next deal this time around?

Thanks Nick, makes sense. If the cash flow doesn't matter as much right now for me does it still make sense? Or just get out of condos. Seems like they are pretty looked down on here, wish I would have found this site earlier.

Wondering if I am off base on my plan. I was planning on trying to purchase a rental a year for the next 10 years, but after looking at this site I'm not even close to percentages of return you guys all look for. I currently have one condo I'm renting at 1555 a month and purchase price was 260k, I put around 10% down and just paid off the mortgage insurance, (year later). It currently was appraised at 300k so have gained a little in the past year. I was looking at another condo to purchase soon, but now wondering if that is the right route, as it seems that condos aren't looked upon as highly as multi family places. I have decent income and am only looking long term for passive income so I'm fine taking my time paying these off. Ultimately was hoping for 10 places for passive income later on in life while still having the equity. Wrong idea? Thank you for the help.