All Forum Posts by: Chris Mills

@Marcus Maloney

You should definitely jump on a call with @Brian J Haney!

Hi @Calvin Lee,

I have some really great resources I can send you if you're interested, so you can do your homework between now and next year. It always helps if you're not in a rush, as that can make you feel overwhelmed when making decisions with large amounts of money. DM me if interested.

Hi Annchen,

This is a pretty common issue. It's a little hairy and complicated, but the bottom line is that both you and the LLC should be on the policy. One as named insured, and one as additional. I would have your insurance agent press your lender to say what they will accept, and go with what they say. I've done this several times, in various states, and things vary depending how flexible or conservative your lender is and possibly whether you're dealing with personal lines insurance or commercial lines.

@Andrea Finkelstein Hi! I have a few that I love. Message me and I'll send you an email with contact info.

By the looks of things, you're going to take tax hits. @Wayne Brooks referenced Boot. Boot is any cash received or deemed received from the transaction by the IRS. The difference in your sale price and purchase price, and the difference between the debt in the two properties are both taxable boot. Your CPA is the best person to talk to in order to get accurate calculations. Every situation is different.

@Keonte Davis Absolutely.

@Keonte Davis I had a lot to learn. That was the first obstacle. I was constantly studying. The market in DC changes block by block. Also, I ran out of capital really fast after my first couple purchases. Wholesaling, for me, was a great way to both build capital and relationships. I made a handful of folks a lot of money, learned the ins and outs of transactions and how to responsibly get creative, and I learned what space I ultimately wanted to be in and where my strengths lie.

Hi @Ben H.,

Good problem to have. I second what @Dave Foster said. "Cashing out" can have hefty tax consequences. You can 1031 into other areas, other types of property, and/or a passive solution. Let me know if you'd like to connect and talk through some of this. I'm happy to help in any way I can and connect you with the appropriate people.

Hi Zack,

House hacking as a college student with the help of your parents is a brilliant way to start your journey! I lived near Hillsborough Street for a few years as a kid. Great area. I still love that area, especially for investing. My parents live in Raleigh, so I'm down there all the time. I'd be happy to connect, and I'll be a resource to you in any way I can.