All Forum Posts by: Account Closed

Congratulations @Brandon Hall and @Lance Lvovsky! Much deserved! 

@Sherri Schmonsky Great question! As @Matt K. stated this strategy is specifically excluded from 1031. But under the new TCJA (Tax Reform) there is opportunity to roll gains from stock into what is called “designated opportunity zones.” If held long enough (around 10 years) you can permanently exclude gain from stock. Makes it even better than 1031. 

There is still plenty of gray area on with these new rules and others in tax and legal have written more in depth analysis. @Ashish Acharya comes to mind. 

@Tony Figurelli Thanks for posting that article. That article is correct but it's referring to property with the intent to hold for investment (longer than 1 year, maybe even longer than 2 years) and rent to tenants (in our real estate context).

In our thread here, fix and flipping, the intent generally is to fix up and flip well under 1 year for profit. The house is treated as "held primarily for sale" and is not considered an investment in the eyes of the IRS. 

Let me know if I can clarify anything.

@Michelle Eisenberg If you're an DIY and enjoy numbers I believe 1 maybe 2 properties you can do on your own. 

However, if you want to ensure accuracy and you want to build up a portfolio I'd outsource ASAP. 

@Rhonda Wilson Welcome to BP and wow congratulations on your journey!  

@Christopher Gee Welcome to BP! If you can house hack, that's a perfect start.

Here are some resources I recommend to newcomers (not paid for mentioning anything in this post:)

Personal Finance

I strongly suggest learning as much as possible about personal finance (if you haven’t already) as I believe strong personal finances is the foundation for a strong real estate portfolio. For starters, BP even has a Money Podcast now!

Software that’s helped me personally:

YNAB – zero based budgeting system and software; their philosophy will help you get out of debt and no longer live paycheck to paycheck

Personal Capital – a high-level net worth tracking software

Podcasts

Episode 108 - Grant Cardone... Just listen…

Episode 283 Paul Thompson - Quite a new episode but I would think everyone would agree this is a top episode. Mainly, the systems implemented are fascinating (VA, automated offers, etc.) Plus...escape velocity...

Episode 113 – Jay Papasan - Very practical slow and steady advice

Episode 221 - Tim Shiner - his concept of equity build up and "shearing the sheep" shows some of the flexibility of real estate vs a 401k

Last but not least, I also recommend all the tax advice given by my fellow CPAs on the BP Podcast.

Amanda Han Brandon Hall Tax Reform Update Linda Weygant

Books

I have to say all of the BP books…right? :)

The Millionaire Next Door, The Millionaire Real Estate Investor, What Every Investor Needs to Know About Cash Flow

Guides

Ultimate Beginners Guide, Forum Stickies, BP Calculators or spreadsheets uploaded by members

Hope this information can give you a good start. Feel free to reach out with any questions. 

@Cora Garvey Welcome to BP!

Here are resources I recommend to newcomers (not paid for mentioning anything in this post:)

Personal Finance

I strongly suggest learning as much as possible about personal finance (if you haven’t already) as I believe strong personal finances is the foundation for a strong real estate portfolio. For starters, BP even has a Money Podcast now!

Software that’s helped me personally:

YNAB – zero based budgeting system and software; their philosophy will help you get out of debt and no longer live paycheck to paycheck

Personal Capital – a high-level net worth tracking software

Podcasts

Episode 108 - Grant Cardone... Just listen…

Episode 283 Paul Thompson - Quite a new episode but I would think everyone would agree this is a top episode. Mainly, the systems implemented are fascinating (VA, automated offers, etc.) Plus...escape velocity...

Episode 113 – Jay Papasan - Very practical slow and steady advice

Episode 221 - Tim Shiner - his concept of equity build up and "shearing the sheep" shows some of the flexibility of real estate vs a 401k

Last but not least, I also recommend all the tax advice given by my fellow CPAs on the BP Podcast.

Amanda Han Brandon Hall Tax Reform Update Linda Weygant

Books

I have to say all of the BP books…right? :)

The Millionaire Next Door, The Millionaire Real Estate Investor, What Every Investor Needs to Know About Cash Flow

Guides

Ultimate Beginners Guide, Forum Stickies, BP Calculators or spreadsheets uploaded by members

Hope this information can give you a good start. Feel free to reach out with any questions. 

@Mark Fagan Welcome to BP!

Some resources I've enjoyed:

Podcasts

Episode 108 - Grant Cardone... Just listen…

Episode 283 Paul Thompson - Quite a new episode but I would think everyone would agree this is a top episode. Mainly, the systems implemented are fascinating (VA, automated offers, etc.) Plus...escape velocity...

Episode 113 – Jay Papasan - Very practical slow and steady advice

Episode 221 - Tim Shiner - his concept of equity build up and "shearing the sheep" shows some of the flexibility of real estate vs a 401k

Last but not least, I also recommend all the tax advice given by my fellow CPAs on the BP Podcast.

Amanda Han Brandon Hall Tax Reform Update Linda Weygant

Books

I have to say all of the BP books…right? :)

The Millionaire Next Door, The Millionaire Real Estate Investor, What Every Investor Needs to Know About Cash Flow

Guides

Ultimate Beginners Guide, Forum Stickies, BP Calculators or spreadsheets uploaded by members

Hope this information can give you a good start. Feel free to reach out with any questions. 

@Matt McElravy Welcome to BP! Are you house hacking that duplex or full rental?

Some of my favorite resources:

Podcasts

Episode 108 - Grant Cardone... Just listen…

Episode 283 Paul Thompson - Quite a new episode but I would think everyone would agree this is a top episode. Mainly, the systems implemented are fascinating (VA, automated offers, etc.) Plus...escape velocity...

Episode 113 – Jay Papasan - Very practical slow and steady advice

Episode 221 - Tim Shiner - his concept of equity build up and "shearing the sheep" shows some of the flexibility of real estate vs a 401k

Last but not least, I also recommend all the tax advice given by my fellow CPAs on the BP Podcast.

Amanda Han Brandon Hall Tax Reform Update Linda Weygant

Books

I have to say all of the BP books…right? :)

The Millionaire Next Door, The Millionaire Real Estate Investor, What Every Investor Needs to Know About Cash Flow

Guides

Ultimate Beginners Guide, Forum Stickies, BP Calculators or spreadsheets uploaded by members

Hope this information can give you a good start. Feel free to reach out with any questions. 

@Paul Allen Ha. That'd be quite accurate.