All Forum Posts by: Kapil Patel

Hello all,

I understand, owning a personal property and living in it for more than 2 years you can be exempt from capital gains. I also understand, if you flip your personal property to rental then you can be exempt 2-5 years of sale date.

Two questions here:

1. Can you repeat the 2 year exempt of capital gains? First and sell, second and sell, and third and sell etc. ???

2. In any case if question #1 does not work and you can only benefit from no capital gain tax once, then what happens in a scenario, you buy first property and live in it for 2 years and turn into a long term rental (superseding the 2 out of 5 years of sale date) like renting for 8 years and then sell. Then get hit with the capital gains tax, but then when you buy second property and live in there 2 years and sell, do you get to transfer over the 2 years no tax benefit since you did not use it on the first property? So essentially question number #2 is only valid if question #1 is not allowed. Or you essentially lose out on this benefit entirely since you did not take advantage in first home?

I am not sure how the capital gains tax works guys and need some insight. I bought my first property and I am in a huge learning curve.

Thank you BiggerPocket community,

Kapil

@Account Closed

Do you need to be an accredited investor to participate in Equity Partnerships for multi-family communities? What are the requirements?

Thank you everyone for providing some feedback!

Hi,

Do we need to get a city electric permit to rewire for light fixtures? Not creating a new electric outlet, using the outlet and rewiring to new location through concrete ceiling.

What are the implications of not getting electric permit and doing the job anyways down the road?

First time home owner and want to know the right way and the wrong way repercussion. Essentially, both sides of the story.

Any advice would be appreciated.

Hello, 

Can anyone recommend a good licensed electrician in Jersey City?

Thanks,

Kapil

Thanks all.

@Michael Bishop I appreciate your breakdown of the numbers, I am following. I understand if I'm able to pull 96k the first property can be paid off completely. Thereafter, I am left with 16k which I can buy another property for 80k. Rent from first property can cover my mortgage on second property.

Now I have to pay the original 96k borrowed (LTV). How is this usually paid? I'm sure this type of loan is not like a mortgage with amortization period with higher interest in the beginning on fix 30 years? I am sure the interest rates are higher than a conventional mortgage rate.