All Forum Posts by: Marc Andrew

@Albert Bui I didnt think of the possibility that 50% could apply to to the rule since the other half would technically be an investment. Something to factor in and get advice from a tax expert. 

@Wayne Brooks @J Scott Hamilton@Upen Patel Thanks for the depreciation clarifications. Makes more sense now. I'm not sure a 1031 would be in my benefit because I can clear the gains tax free. 

@Albert Bui to clarify, I owner occupied the duplex for 2 years, then purchased and moved to the other property down the street after the two years. I have since relocated for my day job and am now across the country. I was referring to the IRC 121 for capital gains for owner occupied residence.

Thanks for the info @J Scott Hamilton! 

I was reading a lot about the depreciation and didnt know if the refi would make the building value increase enough to make a difference. 

I've read a lot of the cash out refi threads, I know it all depends on the "plan" for the money to be taken out. 

Is there a benefit to taking a cash out refi after owning the property for 2 years as opposed to selling it outright and using the cash for another fix & flip or buy & hold? I guess it would depend on how much money is to be made on the next deal.... 

Thank you @Mark Nolan!

Thanks for the welcome! 

Hi all,

Just a quick intro for me. I'm located in the SLC area, but have investments in a couple different states. I have a SFH, Duplex, and Quad. I've done one flip and am working on my second, which should hit the market this week. First flip I profited 50k. The most recent should get me around 70k. I'm at the point where Im looking for some bigger deals, or doing several smaller deals at once (without over leveraging). I dont pretend to know all the ins/outs. I've mainly picked areas where I wanted to live and fixed the houses up to where I'd feel comfortable showing them off. I worked for a flipper doing some rehab about 10 years ago and learned a few things from him, but lost contact shortly after I worked for him and heard he didn't do so well in the collapse. Lots of good info on the site, trying to take it all in.

Cheers,

Marc 

Anyone? 

Hey all, I'm a noob to all this but had a question and looking for some guidance. 

I have two out of state properties, both mulifamily. I owner occupied one and bought the other as an investment. The investment property is being remodeled and is almost ready to hit the market. I have no desire to be an out of state landlord or dealing with property mgt companies for both properties.  

The other property is a duplex, both sides are being rented. It's worth about 350k, I owe 150k. 

My question is how does depreciation work with the property value? Would it make more sense to sell the property outright (I've owned for over 2 years and will make less than 150k so gains aren't an issue) or do a cashout refi to roll into another property and get depreciation benefits from the higher value? I'm not too clear on how that whole thing works or how much the depreciation would actually make a difference. Any guidance is much appreciated.