All Forum Posts by: Kris Lai

@Sarah Lam I'm so sorry I missed tonight! How is/was it? Any chance of another meet up again?

@Joel Owens and @Dawn Anastasi :

Yes, after I get done reading all the essentials on BP, I really need to develop my plan. I've always loved all-things real estate but I never thought of it as an active part of my life. It was only in the past year did I realize it's been front of me all this time and I really need to pursue this newly realized passion.

I currently own two rental properties, in the midst of selling one, at a loss unfortunately. But it was the mistakes I made then that shaped how I approach investing now. I'm glad for those mistakes (just hope I won't regret it come tax time).

With that said, I'm open to the various roads RE has to offer, and I'm aware time can be wasted if I dabble in everything but not get serious about something. Thanks again launching me on this path.

hi Sarah! This sounds great. I too have the day off from work (Columbus Day) and will check to see if I have a family thing that night. Rogue sounds like a great place!

wow, I'm definitely feeling the inspiration and motivation from all of you. It was only 2 days prior to stumbling upon this site that I "declared" a very important goal, giving myself a two year deadline. I didn't have a plan, wasn't sure how I was going to achieve it, but putting it out there to the world was the first step. Then by happenstance I found BP. I couldn't be happier because BP is now a part of my journey. Thanks to all again for the wonderful tips and words of encouragement :-)

Thanks to all. And yes I will definitely make use of the site. I'm setting my evening aside to reading the site tonight :-)

Sarah: that sounds great. Let me check my schedule to make sure I'm off that evening. Thank you for the invite!!!

hello to all the BiggerPockets family! I can't believe I've never heard or stumbled upon this site before. Real estate has been a passion of mine since I was a kid, but I never really thought about making it a priority in life. I'm super excited to meet you all and create a plan to achieve my goals now that I know about BiggerPockets.

btw, the house is in CA. thanks!

Hi Steven.. I'm a newbie here and stumbled upon this thread trying to find answers to my similar situation. Wondering if you could add a few tips for me:

I'm in escrow to short sell my rental property. I purchased it in 2004 for $391k, currently owe approx $359k (303k on 1st, 56k on HELOC), sale price is $160k. I was hoping to claim insolvency but just realized my 401k and IRA balances count towards assets so it doesn't look like I'd qualify (correct me if I'm wrong).

So basically if I understand your math correctly, I would be on the hook for taxes based on $39k: ($160k sale price + $199k forgiven debt) minus $320k adjusted basis ($400k purchase price/improvements - $80k depreciation since 2004). Would this be correct?

Here's an additional kicker: the house has been vacant since March 2012; it's not safe to live there, and I'm not delinquent. My accountant seems to think I cannot claim it as a business since I wasn't "actively" seeking renters. How does play into my tax situation? Thanks!