All Forum Posts by: Doug Vigliano

Here is an article on my website addressing your question. 

http://www.costsegregationservices.com/file-form-3115-not/

If you own commercial or residential real estate in excess of $500k, there is a chance you could substantially lower taxes through a Cost Segregation study.  

I represent Cost Segregation Services Inc. (CSSI), we have performed over 20,000 studies and have never triggered an audit.

Here is what CCIM says about Cost Segregation:

www.ccim.com/cire-magazine/articles/benefits-cost-...

If you would like to check and see if you could save, send me an email to [email protected] or simply connect with me here on BiggerPockets. 

"It's your money, keep it" 

So I bought a house in June 2015 in Orlando, FL 

I currently have it rented out with an option to purchase, they tenant-buyers put down a fairly large option fee and are self-employed, the deal should close in 2019

I have since moved to Texas and am renting a house.  Since I didn't buy a new house, this is the only "mortgage" on my credit.  

My question is when it closes, will I have to pay capital gains since this is technically my primary residence? 

I guess my question is what qualifies as a primary residence? Just because I've moved if I don't own anything else, does that qualify?

If someone has a guardian, can the guardian just sign the QC deed?  If you bring the guardian order along with the QC deed, will that suffice?

 The buyers live right across the street from us now, they are looking for a larger floor plan.  We've known them for years, so are not to suspicious of this happening.  But if they were strangers this would be a very valid concern. 

Hello BP Community.  I wanted to get a consensus, I am relocating to Austin and selling my primary residence here in Orlando, FL ..... I am selling on a lease-option, but I'm curious how many of you would have sold outright?  Here are the details below.  

- $22,500 option fee, 3 year lease @ $2,000/month (about $100 in Cash Flow), $312,500 purchase price (to be closed within 3 years) Effective price of $335,000 ... Owe $265k on mortgage, so when it closes will net around $50k for a total profit of $75000 +/- including cash flow.  Tenant-buyers are actually our neighbors, high income earners but self-employed, need 2 yrs of tax returns for mortgage. 

-If I sold outright, I would walk with about $45k +/-, house could appraise for low $320's .... This would put me walking away with twice as much now versus waiting on more later ... 

Thoughts?  I've already collected option fee, but I'm just curious to see who out there would have sold outright 

Thank you all, decided to get a pre-listing appraisal to see what it is worth now, as-is. Still trying to get clear title and then will likely list & sell on MLS or wholesale. As my attorney pointed out, this is a wood frame house built in 1991, here in FL not an ideal long-term play.

I am in the position to take over a house via QC deed from a long-distance relative, the agreement is $10,000 cash paid to the relatives guardian.  Additionally there is about $4,000 in back taxes owed. 

The house needs about $25k or so in repairs (new roof, update kitchen, fix drywall, flooring, paint inside & out) but once fixed up would be worth around $125k

I will be moving out-of-state in the next 60 days and don't want to really manage a huge project if I don't have to.  

Knowing the above, would you:

-Invest the money to fix it up with your own cash, and keep as a long-term/long-distance rental

-Get a hard money loan and really do it up nice, and try to sell for as much as possible 

-Wholesale the deal to another house flipper, make a modest profit and be done with it

-Sell on lease-option or owner-finance as a handyman special

Just curious what others would do in this same circumstance. 

Jewish lightning?

Hi @Dan Gongora, my opinion is analyze the property as if you are renting out all of the units, since that is "what is going to happen" isn't it?