All Forum Posts by: Matthew Grebeta

@Jim K. I just read your profile description and first of all Love your Mindset and Heart you are a rare one Jim!!

Second I’m starting to realize when you asked what people would do it was more sarcastic because I did not realize how experienced you are as a handyman so I’m sorry if my answer was a little off but better to catch on late than never right?! Lol

Anyways like I said you’re awesome Jim, keep it up!

@Matthew Grebeta

Also keep in mind it’s always great to work on your business instead of in it but in case of emergencies like this you’ve got to be willing to get your hands dirty.

Part of being a good business owner is of course serving your people, in this scenario to best serve my tenants I would be doing everything I can do to get the repair done. I’d stay up into the night watching YouTube videos, learning and taking whatever steps necessary to get the repairs done. Even if you have to do everything yourself you have five evenings and two weekend days to get er done, You’ve got this!!

P.S - I had an electrical issue I could not figure out and when I was at HD talking to an employee about how to work threw it there was an electrician there who ended up stepping in to help, being that I am not an electrician I asked him if he could come by when he got off of work to confirm I did everything properly and he agreed. The point is you never know who may be willing to help you get out to the stores and start talking with folks and you never know who you’ll find that’s willing to help!

@Jim K. Wow!! I’m sorry for this stress Jim but like another post said thankfully it happened now and not week one while your tenants were have dinner!

I had a very similar repair to do on my first flip in my scenario it was two drywall pieces and texturing my wife was able to help and we were got it done in two days.

You could cut out the whole corner there say an 8’x12’ section it really shouldn’t take folks long to do the repair if you did all the prep work on had supplies on site I bet you could find someone to fit it in on a weekend!

Wish I lived closer and I’d be happy to help you! Keep us updated I’m interested to hear how this works out.

@Bjorn Ahlblad

I actually bought the house 8 months ago for 175k and put 25k into so it’s basically a 1% deal. The thing I was concerned with is whether this market will continue in these states that are seeing a flood of people moving in from locked down states once bands are lifted.

My concern is that once people stop moving here so quickly there will be more inventory. Idk real estate very well and how quickly that would effect the pricing of homes? Could we see the housing price drop in 6-8 months just as quickly as we saw it rise in 6-8 months?

@Lynnette E.

I am married filing jointly. I make 70k at my normal job and then 60k from this. 50k of that sale profit would fall under the 22% tax bracket correct?

@Ashish Acharya

Oh and yes this is currently my primary residence. I have not looked into the 121 would I qualify for that?

@Ashish Acharya

A little more info would be that I make 70k per year.

We desire to sell to get a more solid financial position before continuing with our investing.

We figured now would be best being there there is no certainty that really very high prices where I live in Fl will continue.

@Effram Barrett

I definitely hear you.

This is my concern.

Where I live in Florida we have seen prices go from 225k home a year ago now being 300k homes.

In my community and surrounding ones where there used to be 40 3 bedroom homes a year ago there are now only 3 everything is selling in a matter of hours to days.

I am concerned that once the COVID stuff is over and states open back up the inventory will not be as scarce causing the temporary inflation to go back down.

Please let me know your opinion because I am only a year into this.

On a home owned for 8 months where I mortgaged 185k put in 30k and then sell for 300k, presuming there are 25k in fees.

What will I owe in taxes?!?

My home is financed at 185k I have about 48k in other debt that we Really want to get off our backs (our debt payments are great than our mortgage payment!) and our house would sell for 300k.

Should I sell and after all fees and taxes (lived in it less than a year, plan on selling with a local agent)

Pay off debt and use the left over 15-20k to buy an RV to live in (even further lowering our monthly expenses)

Or hold it because it’s an awesome long term investment being that it would rent for 1900 per month conservatively and find another way to pay off debt.

This is a super quick overview if y’all need more info ask away.