All Forum Posts by: Jim Burns

I was under the impression that 2 years was an all or nothing rule for the capital gains exclusion on your primary, but apparently that's not the case. Does anyone know if this prorated system was just proposed or is it actually law? Quote taken from here: http://www.irs.gov/uac/IRS-Issues-Home-Sale-Exclusion-Rules

For qualifying sellers, the maximum exclusion amount of $250,000 ($500,000 for a married couple filing jointly) is limited to the percentage of the two years that the person fulfilled the requirements. Thus, a qualifying seller who owns and occupies a home for one year (half of two years)

Sorry to miss the first one, didn't see this until now. count me in for the next one. 28th & 29th work for me as well

[email protected] if you're sending out details in an email

ok great

thank you

Their prices and the description of the construction sounds promising. what did you think of the quality in person?

anything you didn't like about them?

im going to be living in this unit for a few years so im trying to make this kitchen a little nicer than the average unit.

thanks in advance

So ive been pricing out kitchen cabinets at home depot.

(normal 10x10 layout with 2 extra base cabinets for an island)

im getting prices of $3400 for hampton bay (stock) cabinets and $4100 for low end thomasvilles

does this seem about right?

also out of curiosity i poked around online and found kitchencabinetkings.com

anyone have any experience with them?

Wayne Brooks Thanks for the info, I'll have to call the owner and see if he is willing to hash out a deal

Joel Owens Interesting, it definitely happened in a hurry. Now that I think about it I believe I said hi to the guy that was closing it up (not knowing that it was going on.)

I'll be asking the owner the status and looking up NYS rules on redemption rights, thanks.

Mike Neubauer and Bill Gulley, Thanks for the insight into how these things work, I have 8 units but buying one house owner financing and one on craigslist is as far as I have gone into creative lead generation.

Bill, Is there any chance that I could get a sale from either the bank or the owner and have the other party not recognize it? or is it like a normal sale where everything would be settled both owner and bank side at a closing?

I should also mention that the buyer lives in KY and is an absentee landlord. the house is currently sealed up still and I dont think he has any emotional ties to the property.

(also an interesting turn of events, he has owned the property since the early 2000s and only paid in the low 30s for it... I wonder how much he owes at this point? or how he even financed it in the first place)

thanks for the response, I have already got the owners name and phone number from the county website. I was wondering in this case though if I need to find the bank information and go over the owners head?

I have a rental property here in Buffalo and the house across the street was recently sealed up and locked by a third party with a sign on the door saying it was ordered to protect the interests of the lender.

I'm very interested in trying to make a cash offer on the place but unsure how to determine who owns it or how to contact them?

do banks sometimes sell them outright or is this certainly going to go to auction or something like that?

This property is on a street where a nice retail sale is ~60k and a rough shape house like this could be anywhere from 5-30k for a frame of reference

Thanks in advance

in my area you can find low income multifamily that rents for over 3% of purchase price and the kicker is its also in the part of the metro area with the fastest % appreciation.

sfh's are closer to 1% maybe 1.5% if you're lucky in most cases

Guess where both of my properties are?

its worth the extra hassle

that I can agree with you on, I've went to showings where the whole house was trashed and the tenants were screaming that no one told them there was a showing

that was a definite pass

keep looking though, there are definitely some good ones out there