All Forum Posts by: Jon S.

@Meryl McElwain

@Meryl McElwain any advice?

@Meryl McElwain

Thank you for making your free advice available. I’m keeping your name and this post as a future resource and you’ll definitely get some inquiries from me in the future!

My house is paid off. It has a HELOC used for real estate investing. I've been in it for more than 10 yrs, and I recently learned that if I lived in it for 2 years I can sell it and have zero taxes on the capital gain. I'm a buy and hold investor so keeping it makes sense but passing up on selling with no tax consequence also makes sense. Also, I would have approximately $300k from the sale. In terms of opportunity, I could keep the house and expect $2000/mo rent or I could sell it and use the $300k as a deposit on a $1M multifamily commercial property, which would probably have $6000-$10000/mo rents. The latter sounds pretty good to me. I don't have a particular MF property in mind; but I am looking at a new house to move to. Any thoughts, advice, resources? Thank you

@Mary Mitchell

Thanks. I’m not going to provide one unless that would close the deal. My realtor told me the buyer should depend on their home inspection report anyways.

@Lien Vuong

Thanks, I’ll check them out!

@Greg Dickerson

Thank you for the suggestion. I called my realtor and found that less than 50% of sellers offer buyers a home warranty. She doesn’t think it’s a necessary cost.

Thank you Joseph, that's great information. I'll look up Old Republic and see what they are offering. Is there someone in particular that you recommend there? Much appreciated.

Renovation is nearly done and I’m almost ready to sell. A few people have asked if I’m going to buy a 1 yr home warranty for the buyer. I’ve never bought one before but all my properties till now have been buy and hold rentals. So I’ve never looked into home warranties. Any info and advice on home warranties appreciated.

@Todd Powell

Well done! Thanks for sharing your story!