All Forum Posts by: Terry Hall

Filed a extension, This is for a house I sold in July 2016, filing my 16 taxes.

I bought a house lived in it for 3 years, then rented it for 3 years, is it tax exempt? My CPA keeps using a complicated formula saying I owe a portion. Then I convinced him if it was my residence for last 2 of 5 years its tax exempt. But he says I will still have to pay in the depreciation that was used while a rental, correct??  Any help with sources to show please. Thanks

Looking for a handy man and a cleaning service for a rental needing extensive work in New Caney, Texas. This will be painting, sheetrock, tile, garbage disposal replacement, trim work, fence work, pressure washing, cleaning, general cleanup. I usually do most things myself, but short on time right now.

Thanks

Terry

I have a house I bought in July 2010 for $155k, I lived in in till July of 2013, have rented it since until 6/15/16. I have buyer, buying it for $206k on 7/15/16. My net proceeds to me are estimated about $61k on the preliminary HUD. Would it be best to do a 1031? to just pay the tax or?? My CPA advised just paying the tax since it would not be on the whole 61k. Advice Please?

I registered and set up the LLC through the state myself. There is no partners. I was using financing through a local bank to fund the MHP. I backed out of the deal after I kept finding undisclosed expenses. I do not plan on switching my current houses to it, because they all have loans and I don't think it will benefit me. But I am looking a other sfh and mobile homes I was considering buying using the LLC.

Originally posted by @John Champagne:

As a Texas resident you have real estate crowdfunding as an option for raising funds, or as an investor.

 What do you mean by crownfunding??

I currently have 4 rentals, all SFH, in my name excluding my own residence. I have a LLC I started when was trying to purchase a Mobile Home Park last summer. The deal fell apart, but can I use this LLC to my advantage in single family homes or single mobile homes?? Also I live in Texas if that matters on the LLC. Thank you for the advise.

yep, I've looked at that one when they wanted 200k

Hi, I'm Terry. I have been a Realtor since 2003 as my side job from the fire service. Bought my first investment property in 2008, have acquired a couple more since. In the process of buying small MHP. So would love to hear advise on MHP & all aspects of investing!!!