All Forum Posts by: Glenn Smits

Lets say I have a paid off rental worth 200k and I have depreciated it all the way and want to sell it. I will need to pay cap gains. 1031 exchange does't work for me because of timeframes and a competitive market. 

How do the cap gains work if I seller finance? I would take a down payment of 20% and then have a mortgage term of 15 years. Would I need to pay cap gains on the 20k that I get as a down payment and then pay quarterly as I receive mortgage payments over time?

This is in New York state

Yes

@Chris Bell and @Account Closed I was able to get the refi done on my house in Palmyra just fine working with Premium Mortgage. The house that I want to refi now is in the city of Rochester on the northern side in the Maplewood. I have 4 more months before I can do a conventional cashout refi with Premium. So is it possible to find a lender that will give me terms that are close to 5% for 20 years with a seasoning period of more like 4 months?

@Mark Safrin MSA = Metro Statistical Area? Do you have a good source where I can plug in my property address and find out what it is? I just searched for Palmyra NY population and got 8000 people back but there are lots of very close towns that also have the same amount of people

@Stephanie P. Thanks for the tip. I'll keep that in mind as I go to a rural county property tax auction tonight :)

Ok thanks for the details everyone! @Tarik Turner, I don't know any other market :) I'm starting to learn where the equity pockets are inside the city limits. There are areas where you can buy from motivated sellers selling SFR and have sold house comps that primary home owners have purchased that help establish the top end of the market in that little area. My first house is in one of the rural towns about 25 minutes outside of the city. I'm looking for my third house now and would love to use the cash on hand plus the cash that is locked up in the second house to make it happen.

I’m looking to cash out refinance my second deal. My first one worked out well but I want to do this one faster. My lender told me that I had to own the house for 6 months before we could refi it. 

This second one has a tenant in there already, I’m going to fix a few things and would love to get the cash out in more like 4 months. I’m in New York state and this is a single family rental home. Am I stuck waiting for 6 months?

Ok I'll check that out. Sounds like it is in the ballpark lol. Shark ... hawk ... tiger. 

I was listening to PB the other day in the car and they had a sponsor that had a website that would help you find off market deals and send postcards to the owners to try and scare up some deals. I thought it had hawk in the name or something. Anyone remember? In their little ad they said something about how the platform had some special sauce for the Texas area. 

Hey all, I'm from Rochester NY area. Bigger pockets is nice! I'm an avid consumer of podcasts and really like the format. I like that BP has all the bases covered with ways to consume the content and interact with the community!

My history is that I've never rented a day in my life. Moved from my parents home when I was 21 into a two family in the Highland Park / Swillburg area of Rochester in '97. I ran that house for 5 years while living in half of it. I did end up buying a single family and moving out and kept the double for 1 year before selling it.

Boy do I wish I kept it lol, it's worth 3 times as much right now!

After I sold my mother was in and out of rentals. She would buy and hold and then sell and play. We understand a lot more about all of this now and are both establishing our own strategies to ramp up. She has bought and sold 18 houses in the last 18 years.

Just sent out an offer about an hour ago, keeping fingers crossed!

Anyway, just introducing myself. Oh and I'm a software engineer by day.