All Forum Posts by: Raj Acha

This is our situation

• Bought our house in 2004 for 285k in NJ and i was living in that house till November 2017
• Rented at in 2018 (Bought another house and moved into new house)
• Planning to sell it - I am getting around 100k more than what I paid for the house
• Planning to invest in a retail business

I want to understand the tax implications and general suggestions. I was under the impression that you don't have to pay capital gain tax on 500k profit in a lifetime. 

I am looking to buy a retail business and runnin it. It may take few years but i need to have money ready for the business. I believe, this is a strong sellers market and i want to take advantage of it to get decent price.

My main questions:

• Is selling house in my case directly inccure capital gain tax?
• If i have to pay capital gain tax, do you have 3 years to reinvest this money to avoid tax? 
• Since i don't think like a long term investor, any other points should i think about before selling the home?

Thank you all for your time 

-Raj

Just want to verify: Should i allow to move them to move furniture in garage and update lease document accordingly? (Two international student are in need for new place and I want to help them out without getting into legal trouble, after moving their furniture in garage- they will be staying in hotel until i get township approval) . 

I went to the clerk's office yesterday and tried to convince them but they said they are just a money collector but there is another department who handles landlord approval

Thank you guys for your replies.... it is really appreciated

Should i allow to move them to move furniture in garage and update lease document accordingly? (Two international student are in need for new place and I want to help them out without getting into legal trouble) . 

-Raj

Hi guys,

I am in process of renting my first property. My property is in New Jersey. I am in process of renting this property to international students. Main question:  in my  town (Piscataway,NJ)  we have to fill out lanlord form and provide lease agreement to township (very odd) and it may take 15 days for them to approve.  Tenants want to sign the lease and move their furniture into the home prior to getting township approval (their current lease has expired in an apartment). They willnot be leaving in the home until we get township approval. Is it ok to take deposit on the day i give them key or i must take the deposit on the day of lease signing?  One of the girls boyfriend who is working at the college will be the guarantor. 

These are the things I am doing:

• Get Fire department certification
• lease signing
• get township certification
• give them keys to home and collect Deposit and first 15 days rent (starting from Jan 15)
• Will be inspecting the home every month

Please let me know if I am missing anything or if I am doing something wrong here.

Thanks a bunch guys

-Raj 

Hi guys,

I am a new member here 

This is my situation:

I bought the home for 300k and current market value is 370k.

Based on current market value i have 200k equity on this home.

I live next to big university and homes around here doesn't stay vacant at all and we rent it to Masters or PHD students.

I can get 2400/month rent and I will be managing the property. (Will have 600 cashflow/month) (Never been landloard myself)

We have 10% down for our next home and we will be able to get/save 10% in next 2 years and remove pmi.

In this situation, would you guys suggest to keep the home and rent it or just sale it?

Let me know if you need any further information.

Thank you,

-Raj