All Forum Posts by: Jim Halpert

I’m needing money for a project I’m working on, so I cannot take on seller financing at this point

Selling my duplex . Generates 2165$ currently . Easily could go for more . Looking for offers . https://www.zillow.com/homedet...

Quote from @Caleb Brown:

I'd continue to rent for now. See how the market is by Spring time then reassess. If you can get a primary loan to buy do it, reach out to different lenders to see. 

Thanks for the responses, seems the majority is in favor of keeping the rental income . My only thought was to sell and use capital to fix and flip( after two years to avoid capital gains ) calling it “my home” . 

Quote from @Todd Rasmussen:

@Jim Halpert

You should absolutely continue to rent, and why wouldn't you apply for a primary home loan?

I have a heloc loan under my mortgage which is considered a primary residence . I don’t have a ton of mortgage experience as most of my deals were cash

Reaching out to find advice for my best course of action. 

I have a duplex I renovated and have both sides occupied. After I pay my mortgage I bring in 1400$ a month . I’m currently renting myself because of well the crazy housing market . I really want to get my own home to live in and renovate some to have a “home base “ . 

Should I continue to collect rent and try to secure a secondary/vacation home loan. Or sell the duplex and use the profit to purchase .. ? 

@Shawn McCormick Thanks for the reply. It is indeed in Orange county, In the winter garden area which as you know seems to be a very hot spot currently . Let me know If you have any ideas!

I have always been intrigued with the whole modern shipping container designs, as a small living space. I see plenty of airbnb/ vrbo short term rentals in orange county, I just dont know how regulated it would be to build "tiny homes" for that purpose

Hello, Im not sure if im posting in the correct forum. I am currently trying to find a direction with a piece of property I have inherited in a very desirable area in the Orlando area.

approx 3 acres of land wedged in a very up incoming area, and I would rather be apart of a project to design/build modern multifamily units, or even VRBO these structures rather than to just sell off the land and have a developer build single family homes.

First obstacle would be a rezoning, im assuming, There is actually a single family home already on the property, and the rest of the acreage is zoned agriculture as it was once an orange grove, but still holds the zoning.

Would love some opinions on an undertaking of this size! thanks

The long term capital gains is going to be 15%. I’m hoping a can reduce it with deductions 

My long term goal was to build enough capital to purchase an income producing property without borrowing any money !

this 130k is a start . Just need to do this for a few more years. 

So I purchased a home pre covid that was going to be a full rehab . Purchase price of 68k. Rehab costs 50k. Let’s call it 130k all in. 

Just received an offer on my home for 260k. That’s 130k profit . Without including capital gains ... currently I’ve had it as an air bnb bringing in roughly 2k a month . 

My question is , so I take the money and hunt for something it this crazy market or atleast hold for another year?? 

The money would be nice as my main job was working on the house . But I’m worried about taxes !!