All Forum Posts by: Joe Szymczak II

Thank you very much for your input @Natalie Kolodij! 

If I were to keep it rented out longer than 3 years (2/5 lived in) than I assume I would have to pay the capital gains tax at that point?  

Joe

Hello BP community!  I have owned my house for over 8 years now and it has appreciated a good amount.  I know that if I were to sell it outright I WOULD NOT have to pay capital gains taxes on it.  However.... I would like to rent it out and move into another property.  I have heard that once you rent out a property if you were to sell it later you MUST pay capital gains taxes on it.  Is this true?!? Please say it ain't so!  Thanks in advance for all the help! 

Joe

I really appreciate your response @Kenny Lee, thank you for sharing your knowledge and experience! 

@Kenny Lee do you recommend HM in general? I know its more expensive money but its definitely a lot easier to get.  Do the positives outweigh the negatives?  

I'm looking into different funding for fix and flips in Virginia and DoHardMoney.com keeps coming up.  I looked into it and got preapproved for funds but I'm not sure how I feel about the company or their terms and conditions.  Has anyone used this company and if so how did it go, do you recommend them?  Thanks!

@Andrew Johnson, that makes a lot of sense, thank you!

Well said Russell Brazil, cheers to the future!

Hello everyone! I am a proud newbie to real estate investing.  I have read a bunch of books, listened to many podcasts, and done all of the normal newbie research.  I have spoken with a couple different real estate agents and analyzed many deals using the BiggerPockets calculators.  I am very ready to take the actionable steps needed to make my first investment but I'm extremely nervous that as soon as I do the market is going to tank. 

Everyone I talk to says it's a sellers market and that property values are as high as they have been in a decade, which is great if you are selling and obviously not so great if you are buying.... 

I guess my question is two fold, should I wait it out and keep preparing/analyzing/learning or should I take the chance and buy something where the numbers make sense, and if so, how do I buy low in such a strong sellers market? 

Any and all help is appreciated, thanks in advance! 

Joe