All Forum Posts by: Haemi Jung

Thank you so much for all your inputs! Appreciate this community so much!

Hi community.

We are planning to sell our Co-Op Apartment in New Jersey this year, and we have a potential buyer. However, we are unsure whether we need to pay taxes on the capital gains from the sale. I would appreciate some guidance to gain clarity on the rules. Our last residency in the apartment was in 2020, and we have been leasing it for the past four years (2020-2024).

I'm considering investing in a rental property near the University of Illinois Urbana-Champaign in Champaign. 

I'd like to hear from anyone with experience in this market. What are the potential pros and cons of investing near universities?

Any experiences in Airbnb vs. long-term rental?

I have about $40K of savings that we can use to start us off but I would like to see if there are other options to get more seed money. 

As I'm researching the best way to fund investment properties, I'm seeing an ad to fund your investment property using your 401K. Or is a home equity line of credit still the popular method?

Investment Info:

Condo buy & hold investment.

Purchase price: $200,000
Cash invested: $60,000

Presenting a magnificent, larger corner 2-bedroom unit with panoramic views of NYC and the Hudson River. Featuring a renovated white kitchen adorned with granite countertops and stainless steel appliances, as well as new hardwood floors and upgraded baths, this property is truly exceptional. The building offers full-service amenities, including a 24-hour doorman, onsite management, a pool, an observation deck, a children's pool, an indoor playground, a Jacuzzi, tennis courts, and a yoga & gym facility. Conveniently located for commuters, a bus stop is merely 10 steps away, making it an ideal residence for those seeking both luxury and practicality.

Thank you @David M. It's been 10 years since we bought it and we lived there for 6 years before renting it out. I'm glad to hear that it'll be tax-free on capital gains. 

Yes, the limited increased rent and rising cost is unpredictable so I think it's best to sell. 

In 2012, my husband and I purchased a co-op apartment in Cliffside Park, NJ, featuring 2 bedrooms, 2 baths, and a stunning New York view for very cheap. Currently, we are leasing the property, generating a net profit of $380 per month and living in Missouri.

We are contemplating the decision to sell this property and potentially gain $239-278K payment to buy additional investment properties in Missouri given the rising rental rates in the area, we anticipate increasing our rent and potentially securing a net monthly profit of $780 (annual$9,360).

While we acknowledge a monthly profit, our concern stems from the apprehension that the property might not fetch as high a price in the next five years or that our HOA fees and taxes could escalate.

Given this situation, what course of action would you recommend?

After owning 2 properties, I've decided to dip my toes into the world of real estate investing, and potentially for wealth creation and financial stability. Whether it's building a passive income stream through rental properties or seeking appreciation in property values, there's something uniquely rewarding about the tangible nature of real estate investments. 

My goal is to not only make smart investment decisions but also to create a diverse real estate portfolio that aligns with my financial objectives. From residential properties to commercial spaces, the possibilities seem endless, and I'm eager to explore them all. 

If you have any tips, advice, or success stories to share, I'm all ears and I'm an avid learner. Please feel free to reach out.