All Forum Posts by: Chris Arnold

Hi @Jake Andronico, you got it! I just closed yesterday and have been identifying buy and hold properties for the last couple weeks. Plan A is MTR to traveling workers (great neighborhood across from one of our largest hospitals as well as near tons of construction downtown). I'll use LTR as a fall back to deal with vacancy issues. As of now, I plan to invest in the upstate of SC, bit will likely expand eventually. Thanks for commenting!

I am a budding REI who still has a very solid W2 job. I have bought and built a lot of houses over the years and have a passion for real estate strategy. I built a lake house a few years ago with the intention of STR, but new city regulations removed that option shortly after I closed. I now have that home under contract since I haven't been able to use it as intended. I have also started the 1031 Exchange process (already consulted my attorney and accountant), but we don't close until 8/14/23. The exchange will be approximately $1.75M so it's great opportunity to jumpstart a decent sized new rental portfolio. I live in a popular and rapidly growing small city in the southeast. I would love to hear this groups' thoughts on what strategies you might employ given the great location, investment capital, but challenging macro-economic environment. I love the medium-term rental opportunity for a lot of reasons, but completely open to STR and LTR as fall back options. That's my current thinking so greatly appreciate any coaching you all might offer. Thanks for your contributions to this amazing community!

@Jeff Nash estimated gain is $726k. Intending to use the gain to purchase several small family rental properties. I have a few small "rental" transactions during '22 and more planned for this year, but those were more friends and family transactions since I am prohibited from using the home for short term rental per city ordinance. I am solely interested in avoiding capital gains tax to maximize dollars available to make cash offers on the new investment properties. Thanks!

@Dave Foster thanks a lot for your helpful advice!

Closed on new construction home in March of '21. Initially assessed as vacation home, but thought I would be making it my primary home in '22. Changed secondary to primary, assessed at 4% tax rate in '22. Turns out I cannot use this as my primary residence due to kid school zoning issues. I intend to change back to secondary home, assessed at 6% this year ('23). If I choose to sell the home, I want to roll the gains into other investment properties via 1031. Given the back and forth in '21 and '22 tax records, what is required for me to ensure I can leverage 1031 to avoid capital gains after the sale? Thanks!