All Forum Posts by: Scott Anderson

Hello All,

I am in the process of making a large move, and was hoping for some advice from the community.  I currently live in PA, and have 2 investment properties in other states..  One property I rent out as a vacation rental and am still making mortgage payments, and the otherproperty was a fix and flip that I own outright.

In a few months, I will be packing up and moving out west, and in an effort to boost my down payment and get a larger house for my growing family, I was planning on selling all three homes at once.

Logistics and timing notwithstanding, I was wondering what your thoughts were on the most tax effective way to do this.  It seems I cannot do a 1031 exchange on the rental property, so any gains (it looks like about 20% each  at the moment) made will be taxed as capital gains.  My primary residence has probably decreased by close to 10 % since purchase.  Is it possible to roll that together and reduce my total taxable

Am I making a mistake by selling?

Thank you in advance for your advice.

Thank you @Steve Babiak and @Josh Caldwell, I will look into DIG in my area.

@Monika Haebich - The property is located near Disney, in Davenport Florida.  I will definitely take you up on your offer.

@Paul Timmins - Thank you for the advice. I have started looking for REIA meetings in my area, and will definitely check out the books.

Hello BiggerPockets Community,

Who Am I?

My name is Scott, and I am a novice Real Estate Investor living in Pennsylvania.

What Real Estate Experience do I have?

I have worked my professional career in Real Estate for the last 5 years. I worked for a large corporation's Facility Management division, and now work for a global software company who specializes in Real Estate Software. I have purchased three homes in my career, 1 personal dwelling, 1 distressed home and 1 vacation rental property.

What am I doing here?

I am very excited to join the forum community here. I stumbled across the website in searching for some advice on a vacation rental property I purchased within the last year. I hope to continue to learn more and more how to grow a business within Real Estate, and help hone in on what I can do to be more successful. I hope to heed the advice of the many investors on BiggerPockets, and zone in on my long-term strategy for real estate investing (whether its buy and hold, flips, or vacation rentals).

Thank you for reading, and I look forward to getting to know this community.

Scott