All Forum Posts by: Dario Miles

I should add that it's been my primary and only residence for longer than 5 years.  My mom moved out over 5 years ago.

I'm hoping this question belongs here.

My family bought a condo a long while back.  I'm looking to sell, looking at a possible $330k in gains.  The loan/deed has myself and my mom on it.

We won't be filing a joint return, obviously, so can the capital gain be split between us, each reporting $165k on our taxes and avoiding the $250k limit for capital gains taxes?

And if that is the case, I assume each one of us would be taxed on that $165k at the normal income tax rate, subject to gross income, deductions, etc?

And if the above is the case, I suppose it would still be better to try to 1031 it?

Purchase price was $415.

Getting $3k on a $680k purchase would not be stellar, but we bought this in 2003, so the purchase price was much lower than current value.  Not sure if that changes the equation at all.

I definitely know what you guys are saying, I'm leaving money on the table.  I wish I had more experience to jump into owning 4 properties or a multifamily, but i might feel more comfortable just dipping my toes into this.  I would always have the option of selling the original condo if I feel more confident in the future.

Having said that, getting $12k in exchange for the landlord-unfriendly laws in NYC could give me nightmares.  You definitely provided some food for thought.

Fair question.  I wanted to keep the property as a rental (despite the very real risks).  It's in Brooklyn, so presumably it's a central market that would keep appreciating.  And with the refi, it would provide a healthy monthly return.  (You could probably argue there are faster growing markets.)

If I sold, I think I would need to use the entire profit in new properties to avoid a tax hit, and I don't think I'm ready to start buying up properties by the handful.

I'm also not sure whether you can use the profit on an investment property to avoid capital gains taxes, that's the newbie part here.  The $100k sum is flexible, but I think I only want to dip my toe in, so whatever I take out would be a downpayment just for my main property, hence the $100k ballpark.

Hi there,

I'm brand new to realestate, haven't made any purchases aside from my current main condo my family and I bought a long time ago.

I currently live on my own in the condo.  The mortgage has $96k left on it, it's worth around $680k.  My monthly cost (mortgage, interest, prop. taxes, condo maintenance) is $2700.

I could rent the place out for between $2800-$3000.  To me that's not a big enough margin.

However, I could cash out refinance, take out $100k equity in cash, and end up with a new 30 year loan for $195k at ~3%, with a payment of around $800 a month.

That would lower my ownership costs down to around $1,900, which would give me a healthy cash flow even if I rented at the lower price of $2800.

I would then use the $100k as a downpayment for my own residence.

This seems like an obvious step to me.  Is there anything that I am not considering here?

Yup, I'm also surprised that rents are that low.  Perhaps it has to do with the age of those houses, and I'm surprised I don't see more inventory for rent given there was a spurt of condo buildings built in the area a few years ago.

I'll probably get in touch with some agents that know the area, but wanted to tap the braintrust here for any possible info, or even for good agents people might know in the area.  I don't want to just go off google reviews.

Hi folks, brand new to the site.

I own a 3br/1.75bath 1,000 sq ft condo in Bensonhurst, Brooklyn. 2003 construction.  It has a 250 sq ft terrace.  It is my main residence.  My costs (mortgage, tax, maintenance) are $2700.  I also have a parking spot in the underground/indoor garage (only 6 spots total).

My research into similar rentals almost exclusively yields houses or duplexes, with an outdoor parking spot, between buildings.  And rents on those are below my costs.  So I'm having a hard time figuring out if I could rent my property out while having any positive cash flow.  I'd be curious to hear some opinions from people familiar with this specific area.