All Forum Posts by: Tommy Cheng

Hi BP!

We're moving to Dallas for work in the upcoming few months and wanted to get into a house hack situation. Does anybody have any experience with duplex/fourplex in the Dallas or surrounding areas? From my research I've noticed that rent doesn't justify home costs, but wanted to get a feel for other's experiences in that market.

@David M. Thank you! That's good information. I'll have to check with a CPA to see if there's some way that I can be responsible for all the capital gains. I read somewhere that it may be possible as my name is the first on the title. I appreciate the response!

Hi BP!

I was hoping somebody could help me answer who would pay the capital gains on my primary residence after selling.

Details:

-My name along with both my parents' names are on the deed

-I've lived in the place for 5 years, my parents have not lived there at all

-I've paid all the mortgage, taxes, insurance, utilities, etc. throughout that time

With all that information, would all the capital gains tax be my responsibility or would it be divided between the 3 on the deed? Basically, I want to be the only one responsible for the capital gains tax after the $250,000 deduction. 

Does anybody know how this works?

I'm currently looking at a property in Sullivan County in NY sitting on 22 acres, but is only accessed through a private road. This road is only shared between 2 houses and I can't get Google Maps to add the road to their database. Has anybody had any experience dealing with private roads when it comes to RE investing (specifically Airbnb/STR) and what questions I should be asking before purchasing this property?

@Samantha Cash Awesome! Thank you for the rec. I'll def get in contact with them

@Samantha Cash Thank you! The property we need assessed looks like it'll be about 1hr away from Blue Line. Do they charge for travel?

Hi BP family,

We're looking at purchasing an off-market deal near Parksville, NY in Sullivan County and would like a recommendation for a good RE attorney and property inspector. I understand that a RE attorney doesn't necessarily have to be in close proximity, but if anybody has any recs for a good property inspector in the upstate NY area please let me know! I'd be forever grateful.
 

Hi BP,

Does anybody know where to find land besides on site like Zillow? I'm looking at purchasing with potential to build. Also, do you think land is overpriced currently? I'm seeing some 2-5 acre unimproved plots going for 50-100k.

@Bill Hampton Thank You!

Hi BiggerPockets fam,

I'm in search for a knowledgeable CPA familiar with clients that own short term rentals/airbnb properties in New York State. If anybody is or has any information on an accountant that works with that niche please let me know! Also, first-timer here, how much do CPA's/accountants usually charge?

Thanks for any information,

Tommy