All Forum Posts by: Eric DeVito

@Mark Wolf Great post. I understand. Well yes the idea is to buy 2 family via the VA loan after I sell this house. I'm also wondering if I fall in the 15% tax bracket I was reading about and also maybe use a military disability to avoid tax gain. I was reading on google and found these maybe some options for tax exemptions. Still trying to take it all in but I have my brain working lol.

@Rob Golob I see, do you recommend a cash out refinance or Helco. This is sort of like the BRRRR strategy as well. Few options

@Dave Foster I will talk to my brother-in-law who is an accountant and knows a lot about this type of thing. He does have my listing but ultimately it is my choice if I want to sell or not. Thanks for the help. 

@Herman Herrera I understand my options. Yes my agent keeps saying there's ways around the capital gains tax. He wants to list today.

@Dave Foster and @Danny F. so that being said refinance or Helco? I have about $60,000 equity in the home.

@Steve Vaughan thanks. So my agent said he was going to list it today, should I just continue to seee what happens or just stop everything.

@Dave Foster and @Hunter L. and @Erick Hernandez is it possible to setup a trust or put my net profits into a trust to avoid paying capital gains tax ?  My RE agent is telling me we still have some options to avoid paying captain gain taxes.

@Hunter L. Well it was to turn around my home and make a nice profit from it and then reinvest into a 2 family. Like you said though, I did not know I would take 20% hit though at the time. I already have a RE Agent who took photos and wants to hold an open house. I guess I could always see what or if any offers come in. 

@Dave Foster I understand, makes sense. I do not have the ability to buy the next primary or multi. Do not have the cash for that. 

@Erick Hernandez I am just using that as a random number. I would assume the property needs a bit of work to make it rent ready. 

@Hunter L. Yes it is my primary residence. Purchased for $255,000. Put $30,000 into it. Now listing it for $499,000. RE Agent agrees this is a good price to list at. That being said should I still go through with this since I will be taking a hit with the capital gain taxes. 

@Dave Foster So basically I have to take some type of hit on this first deal lol. Correct? If so is it still worth it?