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All Forum Posts by: Rigo Medina

Rigo Medina has started 24 posts and replied 112 times.

Post: Waiting game for TK properties...

Rigo MedinaPosted
  • Arlington, TX
  • Posts 113
  • Votes 10

@Dale Tucker

Good Evening Dale,

How much equity is in the purchase of a Turnkey property? Do these require a bigger down payment allow for decent cash flow? I am a newbie and when I hear Turnkey, I am thinking these are close to retail price. One more question.....

Are these Turnkey properties on the MLS or are they pocket deals?

@Brandon Sturgill

Great advice. Thanks Brandon.

Post: Owner finance question

Rigo MedinaPosted
  • Arlington, TX
  • Posts 113
  • Votes 10

@John Thedford

Ah! Thanks John. I get what you are saying. Can 2 people be on the deed and just 1 person on the mortgage loan?

Hello,

One of my hobbies is to take drives around the city and surrounding areas. Weird but true. I am not a Wholesaler. Do any Wholesalers offer "Finder Fees" for potential Wholesale deals? What small fee should I expect? I live in Arlington, Texas. That is a suburb in between Dallas and Fort Worth, Texas.

Post: Owner finance question

Rigo MedinaPosted
  • Arlington, TX
  • Posts 113
  • Votes 10

@Eric Ortiz

Great Question Eric. I am a newbie too. I am also interested in how the owner financing works. I had similar thoughts. I am going to add to your question.

If 2 persons buy the investment, do both go on the deed?

Is it wise to get a contract or agreement between both buyers to avoid greed from taking over?

@Jacob Passmore

Thanks for sharing. I am now more wiser about insurance. I have a friend who is a Farmers Agent/Owner. I have something to pick his brain about.

Thanks,

@Rod Hanks

@Jacob Passmore

Good evening Rod and Jacob,

I have a rental home and use Farmers Insurance. I assume you guys are independent agents.

Except for a lower premium, how are you a better choice versus the big names?

Just curious.

Post: Capital Gain Taxes

Rigo MedinaPosted
  • Arlington, TX
  • Posts 113
  • Votes 10

Thank you everyone for your input. I will be seeing a CPA. I did learn from this, that I will pay long term capital gains instead of short term capital gains.

Post: Capital Gain Taxes

Rigo MedinaPosted
  • Arlington, TX
  • Posts 113
  • Votes 10

Hello,

I know the answer is to seek advice from a CPA, but I wanted to pitch this question anyway.

I have heard that selling a home on the 366th day after the purchase, one doesnot pay capital gain taxes.

I also recently heard that I will pay capital gain taxes on a rental home that I am selling. I have owned the home for 8 years and refinanced it 4 years ago. I am selling it for about $25k more than what I paid 8 years ago.

Any thoughts?