All Forum Posts by: Justin Garrett

Hello all thanks in advance for the assistance! So I am putting my rentals on the market at the end of the month that I purchased for 230. The list price will be around 410. Just some other important information I have owned the town home for 7 years lived in it the for the first 20 months than was transferred by the military to Hawaii than followed by Virginia. I have read some of the IRS rules that apply to this and I am still a little unclear because they are different for military. I know they extend the normal 5 years to 10 years but I am unclear if the 2 year requirement is different. If there are any other service members or tax pros that have handled this in the past please pass along your story! https://www.irs.gov/uac/irs-helps-military-personnel-get-new-law-s-tax-breaks

Hello all thanks in advance for the assistance! So I am putting my rentals on the market at the end of the month that I purchased for 230. The list price will be around 410. I have put in about 15 thousand in upgrades over the years(have all the paper work to prove). If I do a 1031 can I pull that 15 thousand out or is every dollar over the original purchase price considered profit and have to go towards the next property?

Ryan Woods thanks the the insight I would almost have to take the money out of state to get any thing for my money. In the 500 to 600k range in Cali wouldn't get much. They also aren't very friendly to out of state investors with the non resident fees they tack to rental properties. I am just lucky my current townhouse isn't a cash cow so the fee is relatively small. Thanks again for providing feed back!

Dave Foster that 100k is after paying off mortgage and all other fees with sale price of the town home near 370k. I know find multifamily now is getting harder and in the 500 to 600k price range even harder and being able to do all that in the allowed time frame of the 1031 is my fear.

I currently own a town home in San Diego that I purchased back in early 2010 and have rented it out for the past five years. It is not a cash flow monster but has built up some nice equity in the last six years. So where I need help or guidance is I have been doing a large amount of research in to multifamily and would love to get small complex with my 1031 exchange that should be a little over $100,000. I also have another property with about 30,000 dollars equity. I would be working with about 130,000 but with compressing cap rates is it really worth getting in to the market also with the time constraints on the 1031 finding a closing a deal that fast I think might be trouble some. Should I look for other alternative ways to invest my money like notes. I am in military for at least another two years and would love to have a little passive income on the side making it easier to transition back to civilian life. I know it's a little all over the place but just really want to use the 1031 to avoid the taxes for now and hope to upgrade to more passive income.

Peter Carlseen is great is also runs a property management company. He has handled one of my properties for six years with no problems.

I currently live in Norfolk, VA I have two properties one located in San Diego and another in Kansas. I utilize a property manager for both properties. My townhouse in San Diego I purchased at the bottom of the market and currently rent for 1900 a month after every thing said and done bring in maybe a 1000 a year. It's not the great by any means but it's market value has gone up greatly since I bought it. My other house located in Kansas brings in around 325 a months after all is said and done. I have only had this house for a little over a year now the Kansas market is going to grow like San Diego and this is house is in my home town so plan to keep it. So all that being said I plan on continuing down the real estate journey, but the military makes that a little harder because of the moves hard to find anchor properties. I think now that I am in Norfolk I will be able to do this just looking for tips tricks and the ability to network on bigger pockets this site is amazing.