All Forum Posts by: Jonathan Freeman

@Michael Plaks thank you! Good point

@Steven Hamilton II thank you for the response. Appreciate it. I’m about to put it on the market but trying to figure out what I want for it by determining approximately what I will pay in taxes. I’ll wait for my accountant.

@Basit Siddiqi thanks man. I’ve been calling my accountant but he’s slammed as the end of tax season approaches and has not gotten back to me so I figured I’d ask on here. Do you know if I’m in the 10-15% tax bracket if I even have to pay capital gains?

I own a 2 family and am looking to sell it. I am trying to figure out how much I would pay in taxes.

Purchase price $145k

I owe $122k

I wanna sell the property for $250k

It is a rental property.

i have 2 questions

1. How much will I get taxed when i sell the house?

2. Is there a way to avoid tax if

A. I put the money into our residence (multi family to single familyresidence) does that work for a 1031 exchange?

B. Sell or gift the property to family (my parents may want to buy the property)

@Peter M. Cool. Thanks man

@Nathan G. Ok, thank you for the response.

@Matthew G. Thanks Matt, I appreciate the response. I will look into those options.

Hey everyone, I currently own two 2-unit rental properties. I live in one unit. I have owned one of the properties for 8 years and have approximately $90-100k equity in that house. The house I live in, I have owned for almost 4 years and have about $50k of equity. My question would be, how are people adding more properties to there portfolio? Seems that my DTI ratio never qualifies for a big enough loan to buy another feasible property. What is the best way from a investment standpoint to leverage my already owned properties to buy more. I do not do real estate full time, nor do i have many real estate mentors, so i can use some hElp. Thanks for any advice, Jon