All Forum Posts by: Cindy Marlin

My goal with this purchase is to find a fixer I'd like to live in for two years and sell at a profit with no taxes.   At this time I don't want to collect properties.  I might buy and keep two rentals, but I'm finding taxes too high to do much RE dealing.  I'm building two specs, one is in a 1031, the other will give me the money to buy the above mentioned property.  I've done two other specs and am finding the taxes may be too high to continue with that plan. I know I may buy and get a good mtg as an owner occupant and decide to keep it, also I will lock in lower property tax, so it may be worth keeping.  My goal is to have good income and appreciation in the future and maybe pull money out as rents rise, but not yet for that.  All this is why I'm looking at Newport as I know it is a highly desirable city, I'm thinking it may be safer, who know what the future holds.

What neighborhoods do you feel are good?  I might explore Irvine, it seems too cookie cutter to differentiate as special.

I'm considering buying a fixer SFR with the intent to fix it, live in it and then sell in about two years. My impression is the best city to consider is Newport Beach, as it seems to be a highly desirable city, giving me the best shot for gains and high buyer interest when reselling.

My price limit at this time is about $2.2Mil, pus small cost for fixing. 

Do anyone have thoughts on a better city with likely good appreciation.  BTW, I know none of us can predict what future values will be, if the market is turning down, I will hold  as a rental.  I do not plan to buy anything for at least six months, I'm just starting to research my options for a good return.

I want to comment on the question of buying pre-construction in Mexico.  Common advice is:

DON'T BUY UNTIL YOU CAN SEE IT, TOUCH IT, FEEL IT. 

There are many horror stories about buying pre-built condos that don't turn out as expected.  Condos in Mexico have the same problem as condos in the USA, too many units compete with each other.

First property sold was titled HW JT, bought upleg in HW JT, want to convert to LLC in name of one party (for simplicity), will this wash with IRS since all still funnels to joint HW tax return.