All Forum Posts by: Robert Perkins

Thanks Guys, 

Really appreciate the replies!

All the loans that I have seen have required 20% down....is a loan for 365K only requiring a 10% down common? 

I'll try to make this as compact as I can:

* we are getting feedback from potential lenders that our home is worth roughly $265K, with similar estimates from tulia, zillow, etc.

* We owe $141K

Goal - we would like to purchase a new home for roughly $365K, and keep roughly 35K for another investment. 

Side Goal - it would be great if this would  be possible to accomplish while keeping our current home as a rental

*Current loan is FHA 3.5%

*I do have a job and show a really good debt to income

*currently improving credit by paying off credit cards...(620).who knew using the credit someone offers negativly effects your credit even when you make your  payments....enough crying though.....should have this in order shortly.

Am I doomed to selling to accomplish our goal or are there any ideas how we can keep this home as a rental, make our other 35K investment, and move to our new home

Great Tool Thanks Jenkins!

Hello Bigger Pockets Faithfuls!

My wife and I are going to purchase a condo or multi-family property as  a rental. We are looking for advice on how to project the potential rental rate we would be able to charge for potential units. 

Other than the obviouse diggings and looking for comparables does anyone have tips for estimating potential rental value?

Cheers,

GettingaGrip

Cheers Friends,

I have AT&T and have experienced the same thing. I am happy to hear that it is being addressed, I am a new member and was hoping this was not something I would have to do everyday.

Thanks!

Rob

Thanks Guys, 

I appreciate the feedback sounds like I need to research what my deductions would be...I'll do that today. I know I don't want to over depreciate and get into a situation that I can't sell if selling becomes advantageous to me. 

Cheers,

GettingaGrip

Thanks Chris,

I am new to this and may be using the wrong language....perhaps it's income tax that I am concerned with paying. My concern is that I will be taxed on the full amount of rent I bring in and not just the properties positive cash flow. Can you confirm that or possibly point me in the right direction to research?

Good Morning Bigger Pockets Faithfuls!

I found a great multiy family rental, it has 7 total units and I think I can get it at the right price. 

My remaining issue is the tax implications of owning the property, I have the property tax covered with the calculator but I am concerned about the capitol gains tax. The rentals will make approximately $4,375 per month but that will only produce a positive cash flow of roughly $700.... Will I have to pay capitol gains on the entire $4,375 per month or just the $700 per month. 

Any suggestions on where I can Learn more about this?

Cheers,

GettingaGrip

Hello,

I am new to real estate and came across this site. I am weighing options in regards to investing in new property. Considering cashing out the equity in our existing home to purchase a flip house. 

I am wondering if it makes sense to refi, then rent my existing house out and turning our first flip into a primary residence to avoid Capitol gains taxes...sound reasonable or am I being green and naive? 

Cheers,

GettingaGrip