All Forum Posts by: Nathan R Andersen

Totally makes sense. I'm also in the initial stages of finding an agent to work with and think I have one I'd like to work with, but time will tell. 

I definitely don't have plans of working with 5 agents if I'm buying 1-2 properties every 4-6 months, but I have to decide what is worth the most to me. I have one that has a contractor to bring along with any showings, another that has off market deals coming in and works with a wholesaler, and another that has a PM in house to get information from. 

Thanks for the advice. I'm definitely not the type that wants to screw anyone or take advantage of people, so that's why I ask. :D 

I've been contacting REAs in the areas I'm looking to invest and I've contacted several and have some looking in some places, some looking in others. My questions is, Where do I run itno problems having some many REAs in the area? How does it work if I ask one to look at a property, they take awhile or don't get back to me, so I have another one look at it. How does exclusivity work? Is this terribly bad practice that?

How many agents do people tend to have in an area? I just figured that I'm looking for deals, so why not have more people looking for me, but maybe this is super bad practice and I'll run into issues.

Thanks in advance!

Edit: Misread. 

I'd love to connect with others here in the High Desert. 

We did have a similar scenario in our house in California that we purchased for $250k 6 years ago that is now worth $500k (much more but a well and solar in the desert is apparently worth nothing to an appraiser -_-) We got a HELOC on our residence for $180k and have used that to purchase two multi family homes. The multis cashflow roughly $500/mo each, and we have additional HELOC money to fix anything needed and just plan to use the maintenance, vacancy, and profits to pay back the HELOC (hopefully in 3 years) and plan to BRRRR a property with the remaining capital once we find a deal that works. All of this is out of state btw.

I'd get a HELOC on that property and use the capital to purchase something with a decent enough cashflow to pay back the HELOC. I would also buy another primary residence if you sell, use that low down payment to get something that will appreciate, and then buy other things or just simply house hack or move every year and continue purchasing for small down payments and rent it out when you leave.

All this is based on zero knowledge of your situation. 

If I understand correctly, you own a substantial amount of equity in house 1 (the one you currently live in) and you're taking out a HELOC on it to have capital to purchase another home which you plan to fix up to some extent to live in. You want to know if you'll get hit with capital gains taxes when you eventually sell your current home.

Lets say your home is worth $500,000, you have $300,000 in equity and your HELOC is for $200,000.

Lets say you take out all 200k for simplicity to buy the new home. If you sell your home for $500k, but you have little to no equity in the home I would assume your capital gains isn't applicable to the entire sale, but only what you gained. If you had 300k of equity, but then pulled out 200k on the HELOC, your equity is 100k minus sellers fee's (6k).

So, I'm not expert, but it wouldn't be on the total 500k, but you might still be hit with the cap gains on 100k, unless you reinvested that into something else. 

I’m interested. Shoot me a message and I’d love to meet up. 

I’m interested. Also newbie and closing on two multi families (Maine and Indiana). Would love to connect. 

Definitely! Thanks for caring to look into this! 

So I’m a bit newer to bigger pockets, but I’m curious how accurate the rehab estimator is for local pricing, but more so on the value add to the property. It seems like any property I put in and change things that the difference between cost and value add is near $1,200 and it just doesn’t seem consistent with where I’m looking (Missouri). Do others with more experience see this same thing and have different results?