All Forum Posts by: Champ Leong

Investment Info:

Single-family residence other investment in Talladega.

Purchase price: $165,000
Sale price: $195,000

Appreciation sale. Negotiated with an agent for them to list for 1%. Commission to buying agent was 2%. I saved $3,000!

I've lived here less than 24 months. Any other strategies I can use? 

I can 1031 my personal residence into an investment property? 

CPA'S? : I'm looking at approximately $5,500 in capital gains tax from the sale of my house. How can I reinvest the $5,500 into an investment property and legally have ZERO in taxes to pay? TIA!

My plan is to get a house under contract and during the due diligence get a rental contract so I know I'll have the income to pay the mortgage and expenses. If I can't get a rental contract for the amount I need a can cancel the contract and get back my earnest money. Who has done this?

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This is a SFH turned into a duplex. The top is 4/2 and 963 sq ft and the bottom is 1/1 and 690 sq ft. I will live in the bottom. My goal is for the TOP unit to pay ALL EXPENSES. This is predicated upon estimating being able to get $1,500 - $2,500 for rent in Birmingham, AL. I have purposely estimated LOW on rent and HIGH on expenses. How I can make this deal work without the owner coming down SIGNIFIGANTLY?

If I want to pay myself for managing the room I rent out, mowing the lawn etc am I able to use this as a tax deduction against my rental income? 

What is the best type of property to rent to a family with young kids when you know the kids are normal, destructive kids? What type of property will hold up best long term? 

I'm looking for an attorney who specializes in real estate to review all paperwork when buying/selling. My house is 45 minutes SE of Birmingham AL.