All Forum Posts by: Lynn Gadd

question regarding taxes -1031 exchange. I’m about to put my investment property in round rock, tx on the market and should sell in the $300’s.  I do not want to do an exact 1031 exchange because I am about to close on a primary that I plan to use a bulk of this exchange in for down payment (I know you can’t do investment/primary).  My question is- to lesson my tax burden- can I use part of the proceeds to buy an ag ranch and have that small portion be exchanged while paying taxes on the bulk of the proceeds I take out for my primary?  I don’t think you can but doesn’t hurt to ask if there is a way to lessen the burden- i think the exchange has to be more than original but thought i would ask.

If I bought a property in June 2018 and lived in it for about 9 months and then turned it into a rental for 18 months and am now trying to sell it.  Can I claim a percentage of proceeds of sale against capital gains? (Is it correct to assume 9/24 months meaning about 37.5% of 500k for married?)

My properties are primary loans that have turned into rentals due to job moves, etc.. I will be doing my first 1031 exchange and will be looking at my first investor financing.  Does anyone know of a local credit union or other sources that provides these loans and what the going rates are?  Again, super familiar with a primary loan but trying to do my research so I can be ready to go when meet with our real estate agent in Florida.  I am out of state.

question regarding a 1031 exchange.  We bought a townhouse june 2018, lived in it for 8 months then turned it into a rental because we moved states to be closer to rent.  If we sell it, is it better to take the 30-40k profit and just pay taxes on it or reinvest it even though the market seems high right now?  Debating because we want to have some cash invade there is a crash but also don’t want to give too much money away.  If so, how long do we have between a close and having to buy a 1031 property.

Thanks for the replies.  I was looking more for a low yearly fee since I don’t know if I will make my purchase this year or next.  I would not otherwise be doing any other transactions except for my purchase so it wouldn’t make sense to pay someone monthly.  

I have an inactive Texas sales license and live in oregon where i have an active broker license. I mainly only use my license to buy my own personal property (which is like one every few years.)  I am looking at buying a personal property in allen and will not be part of mls.  Does anyone have experience or know of an online broker or personal sponsorship where i can park my license with a nominal annual fee or smal percentage of my commission.  (I only plan to do maybe one transaction every 1-2 years.)  Thank you.

We have family in alabama and texas and the 3rd one is not too far from here.  Our tenants are great and have stayed for multiple years. 

Thank you Theresa.  The first 2 were done fha and these homes in Vancouver, WA and oregon were done conventional.  The first 2 already have equity and the townhouse in Vancouver has appreciated in only a year. 

We would have just rented in Beaverton but it is impossible to rent with 3 dogs.  I don’t see the home appreciating too much as the markets just seem so high already and if there is a lay-off, we will not be able to leverage a high salary for more homes...So on one hand we will have a $395k rental property we have financed at 3.87 but lose $400 a month but yet have all that equity when paid off ...or we sell it for a small loss but then may not have the salary down the road to finance another $400k property.

We bought our 4th property. Let me start by saying each property we have, we have purchased to live in with the minimum 3-5% (First 2 FHA and last 2 conventional....) We had to move for jobs so we just kept them and turned to rentals.

This 4th property was bought because I just had a baby, we have 3 dogs, and my spouse couldn’t do the commute from vancouver, WA so we bought a house in Beaverton, OR across from work.  9 months living here and it’s way too small and we need a real yard for the dogs- these homes are more like row houses with a small patch of gated soil in the front....

We only put 5% down so we will sell at a loss and rentals here are so cheap, if we rent we will take about $400 a month loss....I now stay at home with the baby and manage our properties- I have a real estate broker license so I can claim the loss....Question is- would it be better to leverage the funding and keep this house even with the negative cash flow or just sell it?

1. house #1 in alabama- fha- pmi comes off soon- profit $150

2. house #2- in round rock, tx-fha- new rules - pmi doesnt come off life of loan- currently managed by company because we had to leave for new job quickly- negative $300 - will cut by half when i manage property after lease 

3. Townhouse, - Vancouver, WA- conventional- loss of $180 (due to hoa and pmi- will be about even once pmi comes off)

4. house #4- beaverton, OR...across from Nike- would be a loss of $400 or more

Hello all!  I just moved to Beaverton, OR area about a year ago, I have an Inactive Texas Real Estate license and would like to get my Oregon License for my own personal investments.  @Randy Johnston I too am interested in learning more about joining a firm who only charges per transaction.  

Thanks for any info.