All Forum Posts by: Lesley Pinckney

Thank you guys, this is really helpful.  Here is the info you requested:

• HHI  - >$400,000/year split 50/50 between a W2 salary and a owner operated business with 1099s  (not including the property revenue), ~600K in savings, current homeowners in Chicago, a little cash poor at this moment but it's temporary
• Current Brooklyn Rental Property - ~$600,000 left on the mortgage, appraised last year for $1.2MM, current comps are between 1MM-1.3MM. Currently property has a tax abatement until 2023, looking at taxes going up 20% YOY from >$1,000/yr to ~$12,000/yr (per our building's accountant). Currently renting @ $4125, HOA's are $1,200 so I'm making about $600/year when all is said and done. According to my broker (who also agrees it's time to sell) I would see a minimum of ~350,000K in profit.

I work full-time with a fair amount of work travel, and I have a young daughter so I'm looking for something that is fairly low maintenance.  I would love to stay a passive investor and morph into an active investor the more I learn (on bigger podcasts).

Thanks!

I’d love to become an investor and am trying to learn but concerned this is a big first step for a newbie.  Any additional info would be greatly appreciated!

I’m an investor by default (bought an apartment in Brooklyn, NY and then moved to Chicago and have been renting it for 7 years). Based on neighborhood conditions it’s time to sell and we stand to make a significant profit and want to minimize the tax penalty. I will speak to my accountant and lawyer in a month or so, but I was wondering where I can educate myself about the tax code, the selling/buying process and pitfalls so I can ask better questions and be better informed. Thanks!