All Forum Posts by: Greg Betts

This Is great info. Especially knowing I fall with in the section 121...4 of the last 5 years.

Will I be subject to income tax on the gains?

I'm trying to determine how much cash we'll have available to invest into the duplex.

Hello BP, looking for some advice.

I bought the 3bd/2ba house as a primary residence for my family in 2012. Last year 2020 we purchased another SFH and converted the 2012 home to a rental. After a year of renting to a great tenant, great cash flow, we are going to sell the property and build a duplex with the profits.

My questions...
Do I pay capital gains tax or am I exempt?
Do I pay income tax on the profit we make?
If yes, how would you organize the sale and development of a new property and give up losing money to taxes?

Thanks,

Maybe I'm wrong but the data should read Boise, Idaho. Boise city is a bit North and not as popular.

IMO

Investment Info:

Single-family residence buy & hold investment in Boise.

3bd 2ba primary converted to our first rental

I believe one of the bigger issues will be finding contractors to do the work. Our market has seen massive growth and with that new builds consume most of the labor you'll need. Asking price...don't worry about a home loan for the seller. Most people buying here are paying cash, over asking price, with no contingencies. Message me with more questions. I'd be happy to help you.

I have a contact that is reputable and might be interested in working with you. 

Tom Wendland
Construction Specialties

I've been through the same search, my words of advice are...

1. Look for the bank with the lowest maintenance fees and minimal years the account has to be open 

2. Make sure the bank will loan you the most for your equity position, aim for 80/20.
3. Before you sign the paperwork for the HELOC commit to using the line of credit and know your terms. Once you use the money to fund a project you'll want to know what fees you might be paying when you write a check.

DM if you have questions. Best of luck

Check with Brett at Bank of the West Maple Grove/Executive area

I sent you a friend request. Let's chat over a private message.

Any investors interested in funding a SFH development in Eagle Idaho, 12-15 homes?

Welcome to the club. Let me know if or when you would have time to meet up. There are a few REI groups to get plugged into. PM if you want to exchange contact info.