All Forum Posts by: Filipe Pereira

thanks...but I do not have a 401K at this time.

 It is a 4 family. Thanks for clarifying. This is my first acquisition, so I am only vaguely familiar with some of this, and new to all of it. 

So just to clarify @Aaron Mazzrillo you are saying that if he wants 205K, and I can't quite meet that, that I should ask him to sell it at 215K, and ask for 10K buyer's credit? Am I understanding this correctly? 

Doesn't that leave him on the hook for more capital gains taxes @Aaron Mazzrillo?

My understanding is that you need to be at 25% for anything bigger than a 2 family in Connecticut. 

Not a personal residence @Dan Schwartz

Thank you @Dan Schwartz, "unfortunately", I'm only 23 and graduated/started working about a month ago, so I don't have a 401K to pull from. The retirement account I have is something I started for myself back in high school, but again, if I don't have to touch it, I'd prefer not to. 

I don't mind doing work if it means getting the deal. Hopefully my awesome real estate agent @Rick Santasiere knows a thing or two about what you're talking about...because quite frankly I can't say that I do. 

I have no debts in my name at this time. I don't think the car note will kill my DTI.

How do I prepare the numbers for his projected capital gains tax? Don't I need to know how much he owes, and how much he bought it for? 

@Matt Lefebvre

I tried that as well @Matt Lefebvre he didn't seem keen on it, but that was only our first or second time meeting him. I would prefer that route, if the rate is low enough, because that way I would not have to live there. (=more income) Might have to try him again on that. Right now I am able to get a 3.375% rate though, and I feel that is pretty darn good. 

I have considered this @Cody Campbell. Still need to see the remaining units before I try to talk him down, but I think this is his "take it or leave it" as it is priced VERY well for what it is/income it generates. 

Thanks @Matt Lefebvre. It's worth considering. At the same rate, I believe the seller wants it to go as low as possible, (while still making financial sense to him, of course) due to the capital gains he is expecting to pay come tax time...so I am not entirely sure that is an option.