All Forum Posts by: Christy Philippoff

I'm on the gulf coast as well! I'm in OS and used to have a rental but sold it. We are looking to pick another one up. When we had our rental, it rented quickly. I'm interested in seeing the responses to this post. Sometimes I feel like we are saturated with rentals because when I look at Zillow there are so many out there. It's been about 2 years since we've had and rents and, I have no idea about the current situation.

Hi Cara! That makes complete sense! Thank you!! I think after capital gains and other fees is would be closer to 30k. I'd love to keep it as a rental, but the pool just scares me. I would cover it up, but that seems like such a waste of an asset for the property. I do want to do buy and holds. You are exactly right about that. What is your opinion? Would you keep the pool and sell or fill it in? I really appreciate your advise!!

Hi Justin! I actually went to one of your meetings in November. I really enjoyed it!! I didn't come in December because my son was the lead in his 2nd grade play. Can't miss that!! We would love to come in January again. Thank you for organizing this!

Hi James! Thank you for the welcome!!

Thank you all for the advise! I really appreciate it. I guess for now we will keep our fingers crossed that there is a grace period and worse case we will plan on staying in the house an extra two years. Thank you all again!

Thank you! Do you know when they will send out the finalized version?

Does anyone know if the new ruling will include the change from 2 years to 5 years of homesteading a property to avoid capital gains?  Is there a "grace" period?  If it does pass, what would be some of my options?  We have lived in our current home for 3 years. We plan to make around 65K on the sell of our home over the purchase price.  We have completely renovated the home while living in it.  We've put about 20 K into the home, but we don't save receipts because we were planning on being it in for at least 10 years.   We now have decided to build our "dream" home on some property we already own.  What advise do y'all have for this situation? 

Thank you for responding! The house will bring in 1.2% for a rental and a 30% cap rate for a flip. We eventually do want some rentals, but not positive this would be the reason right house for it. There are a lot of rentals in our area. We have two different military bases. This one is unique because it is in the top rated school district and has a porch off the master that overlooks the water that is across the street.

Hi everyone! My name is Christy and my husband and I are just getting started in real estate. We are excited but want to take it slow as we try to be conservative investors. We live in Ocean Springs, MS. We bought our first investment property as a foreclosure off the county steps this summer. We let the previous owner stay in the house and pay rent. She paid for 3 months. She didn't pay the last month and our property manager evicted her. Now that we have the property we are deciding whether to flip it or rent it. If we flipped it, we think we could earn around 40k in profit. If we rent it, we would cashflow about $300 a month. It does have a screened in pool so if we rent it, we would make it into a deck so as to not be bothered with the pool, however, it would be a selling point if we decide to flip it. Any advise is welcome!!! I look forward to interacting and getting to know y'all!