All Forum Posts by: Joe Homs

@Fabio Selmi join us tonight for our local meetup group in your area.  

OC Real Estate Investor Networking - Investing out of Country (biggerpockets.com)

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@Agustin Rossi  

The Home Must Be Your Principal Residence

To qualify for the exclusion, you must have used the home you sell as your principal residence for at least two of the five years prior to the sale. Your principal residence is the place where you (and your spouse if you're filing jointly and claiming the $500,000 exclusion for couples) live.

You can only have one principal residence at a time. If you live in more than one place—for example, you have two homes—the property you use the majority of the time during the year will ordinarily be your principal residence for that year.

If you have a second home or vacation home that has substantially appreciated in value since you bought it, you'll be able to use the exclusion when you sell it if you use that home as your principal home for at least two years before the sale.

$500,000 Exclusion for Married Couples

There are certain additional requirements you must meet to qualify for the $500,000 exclusion. Namely, you must be able to show that all of the following are true:

• you are married and file a joint return for the year
• either you or your spouse meets the ownership test
• both you and your spouse meet the use test, and
• during the 2-year period ending on the date of the sale, neither you or your spouse excluded gain from the sale of another home.

If either spouse does not satisfy all these requirements, the exclusion is figured separately for each spouse as if they were not married. This means they can each qualify for up to a $250,000 exclusion. For this purpose, each spouse is treated as owning the property during the period that either spouse owned the property. For joint owners who are not married, up to $250,000 of gain is tax free for each qualifying owner.

If your spouse dies and you subsequently sell your home, you qualify for the $500,000 exclusion if the sale occurs within two years after the date of death and the other requirements discussed above were met immediately before the date of death.

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@Austin Beveridge send me the info.

@Austin Beveridge How can I help you?

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@Russell Brazil we have normal (before a judge) trials in California, but yes, they can appeal to a jury trial after.

Love California.

@Alex Smith I always like talking to them first and making them "see the light" of the ramifications of eviction.  But if not, they are pretty quick in the OC, less so in Riverside, and forget about it in LA.  What takes the longest it the actual Sheriff's eviction which is running about 8 weeks after judgement.  I have been using my eviction attorney for 20 years and he does an excellent job

Good Investing..

@Randall E Collins sorry to hear about your health issues, but you need to go directly to the sellers and not through anyone else. Pull a list from Propstream (or others) and either start dialing for dollars or texting. I pull absentee owners or pre-foreclosures and start there. Make sure you are NOT calling or texting from your own phone. Check out some CRM's that provide you with a phone number to use. If you want to go bigtime then you can hire some VA's to do the calling and you get the warm leads to close.

Good Investing...

@Juan Espinoza Mine is only 2 pages. So yes, to question number 1. I use 10% of the ARV to estimate the Rehab in my area. Yours may be different, but this gets me to the numbers I need to move forward.

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@Armando Gomez its happening all over California right now.  Reach out to Aaron Rosen Arc23insurance for your best quote.

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@Daniel Ben-Hur $100-$150 is nothing.  One repair and your profits for the year are gone.  You should look more at $500 a month plus.  Don't jump into something without some knowledge and cash in your bank account.

Good Investing...