All Forum Posts by: Paul David

Thinking of selling a residential duplex investment property in CT. A sale would yield $250-300k profit. Owned it for 5 years. I have a commercial mortgage on it in the name of my LLC that I also personally guarantee (as per the loan docs). That's the only debt on it. I'm the sole member of the LLC. I'd like to buy another property within a few years using the profit. What vehicle can I set up to hold this money so I avoid cap gains tax? I know that SDIRAs, etc take time to set up and that's fine. Just looking for what options there are given my details.

For context....
Net rental income on this property is $6500/mo. I have no retirement account. I have no W2 income. I operate a small nonprofit (an actual 501(c)(3)) in the education field. I have a 2nd LLC set up for other business income but haven't had income on that since 2020. I own my own house around the corner (also a duplex) and it's in my name (no LLC.)

My reasons for selling:
A) prices are up,
B) my elderly parents need me and this house takes all of my time as a diy-er,
C) property management is 15% or more near me + it appears they only collect rent / execute leases; repairs would still require my energy,
D) labor shortage means no reliable, skilled, sober handyperson to do upkeep that I do now (tile bathroom, paint a room, etc)
E) a cashout refi will not solve my problems- see B

Would you be interested in seller financing? I'm looking to get into my first deal and that may be a great way for you to get out of this property while also avoiding cap gains tax.

0 Votes

Norwalk, Connecticut

Hi All,

My wife and I are currently looking to buy our first property in CT, we're looking to buy in southwestern CT if possible but we're open to other options. We're fairly young, 29 and 24, and I've been researching and learning about real estate for 3 years and I'm finally at a point where I'm ready to just jump in a buy. My wife and I both have full time jobs but we have student loan debt so typical bank loans are hard for us. I'm very interested in getting a seller finance deal to solve that issue. I guess I'm posting here to get in contact with other people that are local and are actually out there already accomplishing things that I want to accomplish such as owning multiple properties, multi family properties or apartment complexes.

3 Votes

Hartford, Connecticut

Originally posted by @Michael Noto:

@Paul David Welcome to BP! Always good seeing others from CT active on the forums. Where in Fairfield County are you thinking of looking? By the way, it is overwhelming starting to look at first for a home, everyone goes through it. Eventually things will start to slow down and make a lot more sense the more you learn about what you want and don’t want.

Thanks Michael. I'll be looking ideally in and around the Danbury area.

0 Votes

Hi all! I'm a little over a month in to real estate investing and looking to buy my first home. My first goal is house hack and buy a duplex or triplex to live in while renting out the other units. I'm currently paying $1,600 a month for an apartment and it has to stop! I've been on these MLS sites for the past month and I have to say, it's a little overwhelming looking through thousands of houses for sale. Anyone in the FC area??

1 Vote

All Forum Posts by: Paul David

Paul David has started 2 posts and replied 4 times.

Post: Options for holding cash profit from sale of real estate

Post: We are Motivated Newbies!

Post: Fairfield County CT Connecticut- First time home buyer

Post: Fairfield County CT Connecticut- First time home buyer