All Forum Posts by: Gina Huerta

Texas has no limit. I'm in Texas. Having to do the same thing, I'm giving notice 2 months ahead soon. In the notice, I'm stating increase b/c of taxes and insurance going up and to please let me know if they are not renewing by xxx date. The required notice of non-renewal is 30 days before current lease is up. 

I also understand that the jump is a little much for them so I did invite them to discuss with me if they have any concerns. I try to keep an open line of communication with them. Honestly, even with my increase, I'm still consider a very good bargain in my area. I checked local rents for a space as big as mine. So if they want to discuss, I can bring that up. They are welcome to shop around, but they won't find a much better deal. 

Also, I'm going to offer lawn care this time b/c they aren't doing a very good job. It helps with 2 things: 1. the lawn is kept up b/c I'm in control now and 2. they will see it as a bargain to add that service for the rent increase. It sweetens the pot a little. They are good long term tenants, so I'm trying to work with them.

Hi. So update on where we stand. And I have a question. I know to avoid cap gains it's 2 of 5 years living in it. But what if you lived in and owned for only 2 yrs? What if I sell after being here forb2 yrs only. I bought it July 2022. 

so we became landlords after having to sell our much loved home due to a big family crisis. Once back on our feet we bought the duplex thinking maybe this was a path for us, but I don't think I like landlording and living where I don't want to. I have an fha tied up in the loan and we want to buy a home for once and for all. So we are really leaning into selling it. 

This is why I ask about Cap gains. If I can own and live in it till June to avoid gains  i will. But if i had to own for 5 yrs, then theres no point in waiting and sell it now.

A realtor I spoke to said maybe we can sell to an investor who we could actually turn around and rent from them until we finish finding or building our new home. Is this crazy? I ask here b/c on Facebook ppl can be really mean and judgey. I'm trying to just do what's best for my family and make an informed decision. Thanks again.

We just bought a duplex in July. We are renting out 1 half, and living in the other. When we got the tenant, the amount was good. They just hiked our taxes and I fear rather rent amount just won't cut it anymore. We just signed a new lease with them and the new mortgage payment mad eits surprise debut a month after renewal. Because of location, population, etc, I don't foresee being able to raise rent much more. She's paying $1300 right now.  It's a 3/2.5, 1500 Sq ft. The market here doesn't have high rent prices. Not much equity in it. Do I cut my losses and sell or hold and pay a few hundred out if pocket? 

When we eventually move out and rent to another on our side, it won't cash flow. It'll be a couple hundred negative. Advice Is much appreciated. First rental property and still learning.

Hello. We are currently house hacking a duplex. We are 6 months in. Everything is running smoothly. We are starting to discuss next steps. We are considering staying the 2 years to avoid getting taxed if/when we sell. My understanding is when the time comes, we won't get taxed on only HALF of the sales, correct? Since we live in half the property? 

I guess our next question is what to do next. While living in the duplex, we will save some money. But the question is what do we buy next? A part of us wants our own home already. I thought maybe looking into buying a SFH, living in it 2 years and then renting it out. So this way, in 3 1/2 years, we can finally buy our own home. So we'd have our duplex, a SFH, and our own home. Another reason I'm not to keen on a 4 plex is b/c of my dogs. I need a yard. It may seem like a small detail, but that's important to me.

I'm not looking to own and rent a ton of properties. Just a little to help with investing in our future. My concern is with having multiple properties, does our ability to buy a home get more difficult? I know rent offsets, but I've heard ppl say it gets harder to find a lender with multiple properties in your name. 

I know it's a lot to unpack, but if you have any advice or your own personal experience, I'd appreciate the help. Thanks!

Are you buying SFH or multis? I guess my biggest hurdle is having the patience! :)

 Our families think we are crazy. And honestly, when we move, it's me doing all the packing b/c I'm super organized. But it's kinda freeing. Every time I pack, I declutter. Less things weighing me down.

Thank you for responding! I find the forums much more helpful and welcoming than the Official fbook page. Lol. We have a duplex that we bought at the end of June.We repainted, updated light fixtures and now adding a carport. So we will have spent about $13k when we are done. We live in one, rent the other out for $1300. So we pay $1000 for the rest of the mortgage. I'm so excited to have started on this path, but my worst enemy is my patience. I'm constantly looking for the next place. We have $36k in the bank and I'm afraid to "spend" it. Not sure if we sit and wait for a year and househack again or put into an investment property. But that would mean 20% down. In my area, renting out rooms from a SFH is unheard of. Here it's apartments or whole homes for rent. In the meantime, I keep learning.

Thank you for that clarification. So the 1 year minimum is because it was an FHA loan/house hack correct? The 2 year is to avoid capital gains on the unit I'm using? But there will still be capital gains taxed for the other half? The only way to avoid that is to roll it into the next property if sold or just refi/cashout and use on the next. Correct? Sorry. I learn something new everyday and just want to make sure I understand it clearly. Has anyone ever just bought, kept a while, sold for equity and built the "cash pile" after taxes? Or most just stay in real estate? I imagine as we age, we'd sell eventually and be taxed in the end anyway.

So are you saying you went with SFHs b/c of the capital gains taxing not being worth it? A single family will get you all the equity if you live in it, but a multi only gives you the percentage you live in? Correct? As far as taxing goes.