All Forum Posts by: Coleen Mathis
Coleen Mathis has started 2 posts and replied 4 times.
Post: Real Estate Associate in Jacksonville Florida
- Palm Coast, FL
- Posts 4
- Votes 0
Welcome Christina! Hope you enjoy this group as much as we do.
We are from Palm Coast and just bought our first property here in FL. We sign papers this afternoon. EXCITED! Still learning the "How"and "Why" of real estate and love having answers with this group.
Coleen
Post: California taxes on sale of rental property
- Palm Coast, FL
- Posts 4
- Votes 0
We sold a rental in Sac. California and were just told by the escrow company we have to pay 3.3% taxes to California because we live in FL and the property was not our primary residence. This 3.3% comes off the total amount of the sale $325,000.
Very new to this business and I am confused as to why we pay on the full amount of the sale and not our actual profit after depressation and repairs. Any help would be very much appreciated.
Rob,
Thank you for your advice. Being new at property investing I appreciate any and all advice I can get. Keeping my CA investment property is an option I am strongly leaning towards. I do worry about CA property tax rising with California in such debt.
Again thank you for taking the time to give me some advice.
Coleen
Hello,
I just joined and I am very new to all aspects of real estate investing.
My question is: Sell or refi?
I own residential property in CA. No mortgage. Valued at $313,00, the house needs some new carpet, linoleum, and perhaps some updates in the kitchen.
The property has been rented for 5 plus years straight, with no late payments, or any problems. Renters would like to stay.
I live in FL and would like to buy rentals in FL closer to where I live. So my question is choosing between the following options:
A.) Sell the CA rental, use profits to lower the mortgage on my personal residence here in FL, while using $100,00 to invest in one or two new rentals here in FL.
B.) Try and get an equity loan on the CA rental and use that to buy rentals in FL. Giving me a mortgage in CA and another in FL.
If I go with a refi and buy rentals in FL, I am concerned because I am not sure how to go about doing that, as having another mortgage will be hard with the debt to income ratio.
We are retired Military and have our retirement pension, and the income from the CA rental as our only incomes.
Any advice would be appreciated.
Coleen Mathis New Investor from Florida