All Forum Posts by: Kristian L.

@Kristian L. Try searching through the Las Vegas specific forum here: https://www.biggerpockets.com/...  Ask some of the regular commenters who they use for reno.

Hi Kristian,

Its awesome to hear that you want to build a bigger portfolio. With that being said, I would first ask yourself "Do I want this property to be a part of my portfolio?" If the question is yes, then I would consider keeping it and maybe trying to pull some equity out of it to put as a down payment for another property. You could also think about house hacking it and renting out part of the house for income until you are ready to purchase something else. 

You have many options, you just got to continue to think of what you are comfortable with and what exit strategy you might have. Sounds like you are doing a really good job as is and so I am sure you will pick the right path. Congrats and keep us posted.

Ya for sure some options. But maybe get some equity out and use that as down payment 

Well, there's probably more factors to this. However, just based on the info given and if you want to maximize your returns.

Suggestion: Rent it.

Reasons:
-You haven't lived in it for at least 2 years, so you do not qualify for the homeowner exemption (Section 121), therefore if you sell it now then you will have to pay tax on it.
-Sounds like it cashflow well. Rent it, if you rent it for at least an year then want to sell it, it will qualify for long-term capital gains tax.

I'm not an accountant, so please double check with yours.

Thanks. Will need to check up one that “rent for a year” that would be awesome if I sell now and say goodbye to the homeowner tax exemption 

@Kristian L. If you already have 5 rentals there, then you should be able to answer that question yourself. I'm sure the other properties you have there have also appreciated nicely. If you are satisfied with the cash flow and the rental market there, then why not keep it and have it keep growing your wealth. Unless you need it for a down payment on the next house when you move. But if you are not moving for about a year anyway, just stay there and decide at the time when you are ready to move, it will likely appreciate more by then. You could potentially take the gains and use that to purchase several more properties, or a larger multi-family to get more than the $300 monthly cash flow. In that case, it would be better to sell to create more cash flow. But also, if you don't need the cash flow and want more appreciation, it may be fine to continue to hold it too. Where in Idaho will you be moving to? If anywhere in Eastern Idaho, we will be happy to help.