All Forum Posts by: Jay Bickmore

@Glenna Wood

Yes I did use use 121 on my primary so I might be out of luck there but I do plan on doing the 1031 and using all the proceeds for re so I will explore that option in a little bit more detail. Thanks for the input.

@Brad Hammond I will reach out the cpa thanks for the input.

I currently have a property and am thinking about doing a 1031 exchange and have a few questions. I will explain the situation a little bit more. If it is a possibility I would like to maybe take a small amount out from the sale and keep it for other bills.

I would like to find a way to sell the property and avoid the capital gains taxes if possible. It was my primary residence for over 2 years and I moved out about 2.5 years ago. I cant remember the right name for the sale of primary residence but would this be eligible to sell and not pay taxes since it was primary residence since it still has been primary residence for 2 out of past 5 years? Or is a 1031 the only route where I can sell and avoid extra taxes? I would like to keep most or all of it in real estate. If it changes things I recently am changing jobs and sold my current primary residence in March.

Hopefully that isn’t too confusing if so please feel free to reach out. Any advice is welcome.

@Shawn McCormick

It is going to be my primary residence and it is a single family home in winter springs built around 2013-2015. Thanks!

I am closing on a house in Orlando, Florida and was wondering if anyone knows a good home inspector I could use? Thanks

@Lien Vuong

Thanks for the input. Time is on my side so that is a good way to look at it.

I am in the process of getting ready to close on a primary residence soon and have a question wanting to know what people think will be best.

I am moving out of state for a job and anticipate it will be very busy for a good 6-12 months. I would like to start building a rental portfolio there once things get settled a little bit. Maybe down the road this house could be a house hack. I sold my primary residence and have enough to do the 20% down if that is best.

Do people think it would be best to put 20% down and reduce the payment around 200-300/month and possibly open a Heloc for investing down the road or would it be best to put less say 10% down and save the money for a while when I am ready to look for a deal?

Hopefully that makes sense. Let me know if you have any questions or advice.

@George Despotopoulos thanks for us response that helps clarify!

I have been under contract with a new development for over 6 months now. It will be completed in the next month or so. Meanwhile the value has gone up drastically and I probably could get 20% if it is financed off of appraisal instead of sale price. I have two different options for financing and would like some input.

The first option would be to do it as traditional financing as a second home. We would be able to put 10% down but then have to pay PMI. We have already deposited 10%. The second option would be to use my HELOC to pay for it. Do you know if I use my HELOC to purchase it would I be able to refinance it based off of appraisal value within a month or two or do I have to wait a certain time period? I have already talk to probably 10 or more banks to see if I can find one that would go off of appraisal value but all of them so far have said they go off of sale price with financing.

Hopefully that makes sense if not I would be more than willing to clarify.

@Brian Garrett

And to the other who have posted on this thread. I am new to the bp community and have 2 single family homes. I have gotten the real estate big and am ready to start growing my portfolio this year. I am changing jobs and moving to the Orlando area in a month or two. I would love to start getting into multi family homes in the area by the end of the year. I would love to connect with others in the area and see how I could be of assistance to you as I get more familiar with the area.