All Forum Posts by: Michael Pallotta

Welcome to BP @Matthew Almeida !

Sounds like you are on then right track and are doing very well to start. I work as a real estate in Arlington and am pretty close to you. I would be happy to meet up or talk about what your plan is and if I can help you out at all!

Welcome @Olivia Umoren! I also live and work just outside of the Boston area and would be happy to talk with you more about what you are looking for and answer any questions that you have, just send me a PM. 

I also agree with  @Steve DellaPelle in making sure you are financially stable enough and comfortable with the process and any unexpected expenses.

Sounds good @Andrew Beaver! Let me know if you need any help!

If you owned and lived in the property for two of the five years before the sale, then up to $250,000 of profit is tax-free. If you are married and file a joint return, the tax-free amount doubles to $500,000. The law lets you "exclude" this much otherwise taxable profit from your taxable income.

If you wanted to continue investing, I would consider looking into a 1031 exchange to use the profits of your investment to invest in a new rental property.

Hi @Mark Pijanowski, Welcome to Boston! I just sent you an email to say hello and I would be happy to talk more to you about some options!

Welcome to BP  @Account Closed! Congrats! Feel free to reach out if you have any questions.

Congrats @Aksel A.! That's great!

Welcome to BP @Olivia Umoren! I would definitely recommend the books and all of the podcasts. It's great to hear about others experiences, good and bad, to learn what will work best for you. 

Looking through the forums will also help you get your questions answered and get more info on different subjects as well as meet new people. 

If you have any specific questions, please feel free to shoot me a message and I would be happy to help too.

No problem @Shannon H.! I don't think it would be too ambitious depending on the time of the closing. It's a good thing to give yourself a deadline