All Forum Posts by: John Jones

 No - it was a newbuild 

I want to start this post regardless of answers; I know I need to consult with an accountant. 

I am trying to understand the 121 exemption. My wife and I have owned our primary residence for over two years. We are about to sell our home and move into an apartment. We should have sizable capital gains from the sale. If I am reading the exemption right, should we be allowed to write off up to 500k in capital gains? 

I appreciate all insight! 

Out of curiosity, where is the warehouse located in Tulsa? 

For me, I might start with a non "real estate" book. I would start with Can't Hurt Me by David Goggins. 

I personally believe that rather it is real estate investing or you 8-5 job, a lot of it boils down to mindset. 

This book is incredible and really makes you look yourself in the mirror. 

I am in the process of looking for some sfr and brrrr opportunities. Should I create an LLC to put these in? My only worry is the re-fi part if in an LLC. Will I have to obtain a commercial loan if the property is in an LLC, or can I still receive a conventional loan, or am I overthinking this?

@Sara C. The property is in a great area, good school systems, and the numbers work. Just worried about selling down the line as you mentioned.

I am looking at a potential rental property in Oklahoma. It is a 3 bed 2 bath. The master bedroom is right off of the kitchen. Do you think this would be a big turn off for someone renting the property? 

My fiance and I are looking to purchase 3-5 rental properties. We are looking in the Tulsa and OKC market and will be doing the property management ourselves. What systems and apps are a must for a newbie investor? What task should we outsource? What team do we need to have in place to ensure we are sitting on a beach sipping a Pacifico by age 35 (jk, kind of)? Thanks in advance! 

 headed your way 

 This response answers my follow-up question. No OKC is not too far out.