All Forum Posts by: Simon Gill

I read other forums and it seems like the quality at Ikea is not durable long term and difficult to install.  I may be wrong but this is what I read.

Hi BP!

I'm currently shopping around to find a quality Kitchen/Bathroom Cabinet supplier for my galley style kitchen in my condo in the Bay Area. Does anyone have a good cabinet location? I plan to live in here for 1 year or so and then convert it to a rental so long-term durability is important. I'm looking at mid-continent cabinetry as an option. I need about 14 pieces total which includes 2 bathroom single sink vanities.

Current quote from HD (Home Depot) for their ready made in inventory cabinets is $6000, those are particle boardlow-grade cabinets. A local mom-pop shop quoted me $10k for mid-continent cabinetry just for 14 pieces!

I'm open ideas. Are there any wholesale cabinet suppliers in Catro Valley?

Thanks you all for the feedback.  I looked on craigslist and found some Brokers.  Let me know your thoughts.

https://stockton.craigslist.org/rej/5703684011.htm...

https://sacramento.craigslist.org/rej/5738875546.h...

https://sacramento.craigslist.org/rej/5731574320.h...

https://sacramento.craigslist.org/rej/5713561255.h...

I'm an investor preparing to take the CA salesperson license in Sept 2016. I don't plan to use my license as a full-time job but to gain access to the MLS, network with other agents, and place offers. I'm only getting my license so I can buy my own deals easier. Right now I'm looking for suggestion on a Broker that will work for my needs. Trying to avoid crazy fees.I don't need the hand holding nor the training. A buddy of mine suggested RE eBroker in San Diego. They offer 100% splits and only a $600 per transaction fee, no monthly or yearly fees.

Any recommendation?

@Chris Washington Thanks Chris for sharing your experience.  Are you going to claim the $60k profit at your next income tax filing?  If so, depending on your income level, you will be taxed anywhere between 15%-32%?

@Dave Foster  I spoke to a local licensed CPA about this capital gain on reselling a house owned less than one year.  He said capital gains tax will apply only if I owe the house for at least one year and 1031 exchange will apply if I rent the house out to show income.  Finally, he said any profit I may make from reselling the house in less than one year will go to ordinary tax at 28% (depending on the total income).  

Is he correct?

@Dave Foster @Thomas S.

@Thomas S. , Thank you for responding.  The local real estate believes this house will sale for $50k more than what I paid for.  After real estate commission and closing cost it looks like I might take away about $20k-$25k.  I bought the house in an auction hence the $50k increase.

@Dave Foster , Thanks for responding to my inquiry.  This is new to me so please bare with me. Is it possible if you could kindly elaborate little on what you mean by prorate for the time I lived in the house. 

Hello All! 

I have recently bought a house in January 2016 but am considering taking a job offer that would force me to relocate. If I sell this house I will profit, but how can I avoid taxes on this profit? I plan to rent while I get situated at the new place so no plans to buy in the short term.  Can you please advise me couple options on how to avoid capital gain tax?  Do I need to fill out a 1031 exchange and defer the tax on the profit?  I'm not a flipper; however, I read this blog. 

https://www.biggerpockets.com/renewsblog/2014/07/10/paying-taxes-fix-flip-properties/