All Forum Posts by: Jaron Walling

@David Martin Jr  I've lived in Indy for 5 years and know all the streets. You have a good eye because that's an area I'm targeting myself. Another area to look into is the near west side of downtown. 

I would aggressively pay down the mortgage, stabilize the property, and hopefully gain appreciation. Honestly you need more equity in the property to make the next move. 

I would've said option A but you haven't lived in the duplex long enough to sell tax free. I agree with @Dennis M. to go for a 1031 exchange and find a better cash flowing property. You could find a 3rd party intermediary, locate property(s), and get something under contract the day you sell. 

@Cassidy Burns Was the property a primary residence or purely investment? 

After researching more on this it looks like when a property is purchased, be sure to retain a copy of documents that can prove the cost basis. If you make improvements to a property (garage or another type of remodeling or addition) those items will also be added to your cost basis and affect your capital gain or loss. 

I would assume it's based off the ARV of the property when you had it appraised.

This is most complicated BRRR deal I've ever seen.

This was a risky first deal so I would network like a motherf**kr and learn as much as humanly possible. If it were me I'd do anything and everything to improve my credit. That's going to play a big role when you refinance in a year like you mentioned. 

@Steve Boianelli Agreed man. You gave them the choice to make the right decision and saved yourself a lot of headaches. 

THanks for the update man! Did you offer the cash-4-keys in person or over the phone? Also, was it the original damage deposit amount? 

Thanks

@Ritch Bonisa I 100% agree especially with all the houses they flipped in Fountain Square. 

Most improvements are not tax deductible in the same year, pretty sure it's spread over 27.5 years. 

@Joe Splitrock Would you know the rules regarding this? I read somewhere that improvements costing less than $____ amount are deductible in full. Example: roofing job cost $4k so I get the contractor to bill me for $2k and another $2k separately.