All Forum Posts by: Ian Russell

Don

Either one,  whichever makes the most sense.  I know that the loans change once you go past 4 units 

Thanks 

Ian

Just had a deal fall through and am looking for a multi unit property to purchase.  Have 30 days to find a property.  Looking for a multi unit property.   As long as I can find a good property manager Im not concerned what state it would be in.  Have 188,000 thousand to use.  Any good areas I should look in.  Ive been primarily investing in Washington, and Idaho but  struggling to find something that pencils well.

thanks

Ian

I have a duplex that is all paid off.  I bought it all cash in 2012 and it has appreciated modestly.  Bought for 120,000 could sell for most likely around 185,000.  Its an older duplex and has had a lot of maintenance issues.  Each side rents for 800 dollars.  Should I sell it and do a 1031 exchange and just get into a new type unit?  Or do I just hold onto it since it is paid off?  Currently net about 1200 per month after all is said and done.

Any advice is usefull

Ian

@ashish acharya 

My wife should meet the occupancy test if she lived with me the last five years correct?

thanks

Ian

@Dave Toelkes and Nicholas Aiola

Yes my wife has lived in the house with me for the last 5 years so that should qualify us for the 500k exemption?

thanks 

Ian

So I am trying to see if anyone know the answer to this question.    I am selling my house in San Jose in which I lived in for 5 years.  I moved out last year and rented it out for the whole year.  I bought the house in 2012 for 388,000 dollars and will sell it for around 800,000 to 850,000.  I know that as a single person you get an exemption of 250,000 dollars.  I got married last year and will file a joint tax return with my wife.  Do we now get the 500,000 dollar tax exemption since we are married?  I am the only one on title.    My tax accountant said that we would get the 500,000 dollar exemption but my real estate agents tax person says that this is not the case since my wife did not help buy the house.  Hopefully someone knows the answer to this. 

thanks

Ian

Sorry I should clarify the price and it might help.  I bought the house in 2011 for 388,000 it will sell for probably around 840,000.  The house is in my name but I got married last year.  Just trying to figure out how much exemption  I will get.

thanks

Ian

I am selling my house awhich was my primary residence.  I moved out last year and began renting it out.   I understand that I can take up to 250,000 tax exemption if I am single or a 500,000 tax exemption if I am married.  I got married last November but I am the only one on the title of the house.  Do I need to put my wife on title to get the 500,000 tax exemption or since we are now married we qualify?  thanks

Ian

Thanks for the great feedback lots of really good ideas.  We are married but only just recently and I am the only one on the title.  Do we both need to be on the title to qualify for the 500,000 non taxable amount?  Or does just being married suffice?

thanks

Ian

Just looking for a bit of advice as I have found some really intelligent answers in this forum before.   I have a house in San Jose, California that I am contemplating selling and need to figure out the best use of the profit from the house.  I would have about 500,000 in equity if I sell the property.

So currently I make 1200 per month by renting out the San Jose property, which I am told is not a great return since I have 500,000 in equity.

I currently have 8 rental properties actually 6 but two triplexes I just purchased will close next week

1.  First duplex is all paid off   net 1200 per month

2. 2nd Duplex is almost paid off  I owe 35,000  and will net 1400 per month

3. 3rd Duplex I owe 100,000 and am positive 400 per month  When paid  off it will net 1300 per month

4. 4th Duplex I owe  100,000 and am positive 400 per month  when paid off will net 1300 per month

5. 5th duplex I owe   100,000 and am positive 400 per month when paid off will net 1300 per month

6. 6th duplex I owe 120,000 and am positive 400 per month when paid off will net 1400 per month

7 7th triplex  I owe 170,000 and am positive 400 per month when paid of will net    1700 per month

8  8th triplex I owe 170,000 and am positive 400 per month when paid off will net 1700 per month.

Currently with San Jose property rental  at 1200 per month + the first paid off duplex netting 1200  and the other 7 properties rough yielding 400 per month for a total of 2800 per month for a total per month profit of 5200   this is an average and fluctuates if I have a major issue at a duplex.        

My Question would it be better to sell the San Jose House and take the 500,000 profit and just pay off 5 of the duplexes?   

1. duplex paid off  1200

2 duplex paid off 1400

3 duplex paid off  1300

4 duplex paid off 1300

5 duplex paid off  1300

6 duplex paid off 1400

7  400 cash flow

8  400 cash flow

My new cash flow would be 8700   compared to the 5200 by not selling the San Jose Property  so plus 3500 per month if I sold it.    The last question is how much do I get dinged on taxes when I sell a house.  I was living in it for 5 years and rented it out last year.  I really dont know what the best course of action is.  Any help would be great.