All Forum Posts by: Jesse Snell

@Dave Foster yes sir I live in one unit and rent out the other. Thank you for your reply Dave much appreciated. It’s definitely nice to have options

@John Warren thank you, I’ll be sure to reach out to your contact. Appreciate the feedback

Posted earlier and completely messed up the term I was inquiring about...I meant a 1031 exchange instead I referenced a tax form 5498. Anywho, I own a condo in Boston and due to taxes because it’s no longer a primary residence it’s eating majority of my cashflow. That said I think it’s more advantageous to sell and invest in another property where I can get cash flow now vs waiting on appreciation and cash flow down the road.

Here are some details:

Unit rents out at 2600 a month which leaves me with a new net of 150 a month. The resident tax exemption rule/tax now eats up 700 of my cashflow each month. Took a year or two for Boston to catch on and increase the property taxes.

Equity is around 200k give or take depending on what I sell it for and realtor fees taken out.

I’m thinking about buying a vacation home and would have 25% from the sale to put down and subsidize the mortgage by possibly doing summer vacation rentals. My question is can I do a 1031 exchange on a investment property? Also I’m curious to hear about what others would do if they had 200k to invest, I’m also thinking about buying another multi family with it but personally I wouldn’t be able to enjoy the home like I would with a vacation home. My 3rd option would be to take the Dave Ramsey approach and put the money down on my primary (multi family) and knock of 14 years of the mortgage. Appreciate the input, thanks

Own a condo in Boston and because of a resident tax exemption the city is now eating up majority of my cash flow (700 a month). I’m thinking about selling it but not sure about a 5498 exchange into another investment property and if it’s allowed or would I have to roll it into a primary residence. Here are the details on the unit

The unit rents for 2600 a month currently

have around 200k in equity give or take

Have Heloc for 165k...owe zero dollars and was thinking about leveraging it for another property.

It’s a older building and the association is messed up which is a major consideration for selling. I would rather have another two or 3 family that is mine and mine alone. Any recommendations and guidance would be appreciated, thanks.

@Johnathan Cody I have two rentals for 4600 a month in rent combined. I use hotpads to list units, trans union smart move to screen them, and Venmo to collect rents. I pay nothing for any of it, tenant pays application fee on smart move and I reimburse them if selected. Hope this helps

@Robert Smith, I had the same issue which ended up causing my house to get a infestation of carpenter ants. Had lots of trees in a New England home that I was rehabbing.

At first I trimmed the trees down and removed them from the house. Then I bought a iRobot gutter cleaning machine which was pretty cool but depending on your home may not work. I eventually removed all of the trees and put in new gutters with gutter guards. I don’t think I used any brand specifically but rather ensured that the product had a lifetime warranty. Hope this helps and good luck.

@Patti Robertson yes Patti you’re correct I just remember receiving a payment in the form of rent from the state of Rhode Island for 5 years. Worked with the housing authority and had vouchers from my tenants. Never dealt with section 8....lol.

Section 8 is how I started but apparently your state must be different. I’d fail inspections from when my tenant would complain to her social worker for things her kids broke in the house.

@Cameron McCown originally I paid 481k, I currently owe 450k and my county limit is 515k.

@Cameron McCown

450k

@Chris Mason

Thanks Chris but I’m not clear on the formulas you sent me. So if I paid 481k for duplex and my county limit is 515k I can only use the difference? I appreciate the help