All Forum Posts by: John N.

The 1031 exchange would be my current residence that I have now into the 2nd house (new residence), skipping the idea of turning house number 1 into a rental. If I turn the 1st house into a rental the income that would be coming in would help with the new mortgage on the 2nd house but won't need it since I will be able to handle all the new expenses on the 2nd house. My plan is to turn house number 1 into a rental and socking away the money that isn't used for all the expenses and not touching it for anything other than paying the expenses just for that house and upkeep. Then selling the 1st house in about 2 years and whatever money I get for it and adding the cash I socked away to buy a duplex.

Or am I not thinking right, that an income property (1st house) when it's turned into a rental later be used for a 1031 exchange for another income property (a duplex) or is that not "like kind" property. Does it need to be another single family home that its sole purpose is to be used as another rental?

But my real question was, will I make/save more money in 2 years collecting rent or making a larger down payment on the 2nd house and having a smaller mortgage payment.

Thanks again.

Not sure if this is the correct area to ask this question, but want to throw some numbers out to see what's the best direction.

Last year I bought a house, paid $13,000 through the city since it was an abandoned property. I put another $10,000 in repairs and it's worth $40,000 or $600 for rent in the my area. I'm in the process of closing on a foreclosure down my street. Final paperwork should be done in mid Oct. I would like to rent out the current home and live in the new house. I'll have a 15 year mortgage which will be around $550 (with tax and insurance).

I was planning on renting out the 1st house, roughly $100 for tax, $50 for insurance, 10% for property maintenance and throwing in what's left over in reserve to put a new roof on it in 2 years and then sell it when the market (fingers crossed) is a little better and then buy a duplex for better income.

My wife on the other hand wants to sell it and use the money towards a larger down payment on the other house to make the monthly payments less.

From my experience, a person's standard of living is higher when there is extra money each month rather then having a little nest egg (the rental) gaining equity that can be used at a later date. So I feel we will not save more money even when our mortgage payment is less.

You can see which way I'm leaning but I can see her point as well.

Tell me your thought from someone that has been doing this a little longer.

Thanks

Well, the house I had my eye one and placed a bid was a no go. The bank said I was the lowest of 8 other offers.

That time it work, giving me the option to click on the "browse" button.

Thanks

Yup, tried that word for word as you described before I posted here. It doesn't show my picture or a browse button to look for a new picture. The display I get makes it think I already uploaded one.

As soon as I click on the "profile Image" tab, I get a window that says "thanks for uploading your profile photo"

I think I'll need the administrations help on this one.

I've searched the forums and came up with 2 different ways to change my image profile but when I click on the tab, it just says "Thanks for uploading your profile photo!" I'd like to upload a more current photo.

Thanks

When taking apps, write the date and the time that you got it. If you have more then one that qualify and you pick the first one and the second one happens to be of a minority group, you have proof regarding timing about filling out the app.

Hey Joel.

I happen to be looking at a house that's a block away from my home. Will be putting in an offer tonight, but I'll be taking some measurements and crunching some numbers to see if I can rehab it within the budget I'm willing to spend.

Currently there are tenants in the house that said they would like to sign a new lease with the new owner and they are currently paying $800 per month. They have been keeping up with the place and don't fear that they would trash it, but if they did, yes, I would be the one to fix and replace anything that needs to be done. In a way, I was hoping she would find something that I could fix up and tinker with for a few months. A handy man's special but this one is a turn key.

She has a will that any current and future investment properties that she has will be turned over to me. If something happens to me, she's in the clear since my name is no where on any of the papers for the house. Right now I don't have any connections for her current properties and if she was to file bankruptcy (which I doubt), then I'm out of a house that I was managing but I'm not out any money, only my time that I learned. Using her as a mentor is the biggest thing I'm looking forward to.