All Forum Posts by: Heather Klompmaker

Hi All,

We are considering selling our primary residence which we have remodeled and now have some equity in. We plan to sell for 200,000 and purchased for 145,000. Our mortgage balance is now 128,000. I have been reading up on capital gains and am confused about a couple of things. I know that we don't meet the exclusion of capital gains because it's been less than 2 years and we don't meet any of the special circumstances. On one website I read that if your AGI is less than 70,200 (married filing jointly) then you don't pay capital gains taxes. Is this accurate? If we don't have to, then that makes selling appealing, but if we do obviously less appealing! If we do have to sell can we subtract closing costs from when we purchased as well as our selling costs (realtor fees, transfer tax, etc) and our remodeling costs? Thanks so much in advance for your responses!

@Ramon Huerta, 220K-240K. @Sergey Sidelnikov, I actually did use the calculator, but I'm just unsure becuase it does not meet the 70% rule, but when I look at the actual numbers it looks profitable. Thanks again!

Hi All,

I have a potential deal I am on the fence about. I am leaning towards no, but thought I'd check out other's thoughts as this would be our first deal that we've done besides buying, fixing up and selling houses we live in. Here are the numbers:

Thanks,

Heather

@David Toupin, thanks for your quick response! Have you found having your license to be beneficial so far?

@David Toupin, which online class did you go with? Did you find it to be a good, thorough program? If you could let me know, I would appreciate it. Thanks!

Anyone? Still trying to find a contractor in Grand Haven, Michigan.  Thanks!

Hi,

Do any of you have any contractor recommendations in Grand Haven Michigan? I'm looking for a contractor to work on a fix and flip. 

Thanks,

Heather

@Jonathan Thrasher, sounds great! Is that typical to have to do a survey prior to really getting going with the permits? Is that expensive?

Thank you all! I am leaning towards walking away, but feel like I need to research it more fully before doing so! My father in law knows basically everything there is to know about remodeling/building so we are inclined to listen to his assessment, but to me it would be helpful to have hard numbers to be sure the numbers truly make it unprofitable. I know that it's a ton of work which was his concern and he was worried that once we get into one area a huge list of other problems would come up. I think getting an actual estimate (which we didn't do) probably would be helpful. @Michael DeYoung, would love to connect with you and get your opinion on the property.

I just came across your post. How has your project been going?