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All Forum Posts by: Justin Petrides

Justin Petrides has started 5 posts and replied 23 times.

Post: Renting to friends ? Yes or no ?

Justin PetridesPosted
  • Fort Lauderdale, FL
  • Posts 24
  • Votes 27
I appreciate all the feedback . After reading everyone’s posts I think I’m not going to go through with the rental . This would be my first rental property and I think it would be a bad business decision. Being the property is paid off letting it sit for a few months I’m not really losing money and I won’t risk losing a good friend . He may be upset temporarily but if he wants it he can look into a 0 down mortgage.

Post: Renting to friends ? Yes or no ?

Justin PetridesPosted
  • Fort Lauderdale, FL
  • Posts 24
  • Votes 27
@Joe Brisindi I’m not worried they won’t pay , I’m worried they won’t purchase after being there for a year. We have been talking over some different options and it doesn’t seem they have any money . I’d like a small initial down payment or raise the rent and take a portion and put it towards the purchase of the house .

Post: Renting to friends ? Yes or no ?

Justin PetridesPosted
  • Fort Lauderdale, FL
  • Posts 24
  • Votes 27
@Joe Brisindi I know them very well. They currently rent a 1 bedroom and are looking to buy a house . I was thinking of renting my 3 bedroom home out to them for about half of market value because they are interested in purchasing it but aren’t ready financially yet. The house is in Pa and I’d be living in FL. I don’t feel comfortable being an absentee landlord. Putting someone in the house I know well i thought would be a better idea then keeping it vacant while it was up for sale . I’m thinking of a rent to own contract with them .

Post: Renting to friends ? Yes or no ?

Justin PetridesPosted
  • Fort Lauderdale, FL
  • Posts 24
  • Votes 27
@Bradley Bissett thanks I appreciate everyone’s input .I was trying to help a friend out with the purchase of my house by letting him and his wife rent it while they saved money but I think it’s best to just pass . I realized that if I want to get started in rentals I need to do it as a business and nothing else .

Post: Renting to friends ? Yes or no ?

Justin PetridesPosted
  • Fort Lauderdale, FL
  • Posts 24
  • Votes 27
Renting to friends ? Yes or no ?

Post: Capital gains and 1031 exchanges

Justin PetridesPosted
  • Fort Lauderdale, FL
  • Posts 24
  • Votes 27
@Clayton Mobley thanks again! I just looked at my deed . February 21st is my 2 year mark . Definitely worth the wait .

Post: Capital gains and 1031 exchanges

Justin PetridesPosted
  • Fort Lauderdale, FL
  • Posts 24
  • Votes 27
@Ashish Acharya @Paul Allen @Clayton Mobley Thank you all for your help. It’s really appreciated. I’m very excited to use this money and start investing further in real estate !!!

Post: Capital gains and 1031 exchanges

Justin PetridesPosted
  • Fort Lauderdale, FL
  • Posts 24
  • Votes 27
@Ashish Acharya @Clayton Mobley The property was purchased by my parents in August 2001. I have resided there since they purchased it. I bought it from them for $1 in 2017. There was never any mention of a gift on the transfer paperwork. Hopefully this helps a little more .

Post: Capital gains and 1031 exchanges

Justin PetridesPosted
  • Fort Lauderdale, FL
  • Posts 24
  • Votes 27
@Paul Allen thanks for the information, I tried to keep it brief just to get a general idea of what I’m in store for. I thought I had a time frame where I could use the money from the sale to purchase another house without having to be taxed .

Post: Capital gains and 1031 exchanges

Justin PetridesPosted
  • Fort Lauderdale, FL
  • Posts 24
  • Votes 27
I own my home outright. It was gifted to me over a year ago. I am planning on selling it within the next few months . I plan on using some the money from the sale as a down payment on a multi family that I will live in. Being new to this I have a few questions. 1- Do I need to pay capital gains on this money if I don’t use it all as a down payment ? 2- Does this situation qualify for a 1031 exchange ? 3- Can I use a portion of the sale money towards closing costs and other fees associated with the new property?