All Forum Posts by: Spencer Keane

@Ashish Acharya thanks for the response. I guess I left out one minor detail that I am likely to abandon the LLC after the sale. With that being said, would it still be possible to do a 1031 exchange if I were to buy a property in my personal name from the sale from the LLC?

Hi all,

I am currently in the process of selling a vacant lot owned by my LLC in Washington state. I have owned the property for about 2 years and will only make about $8k, but I was wondering if there is a way to avoid paying capital gains tax on the sale?

Thanks in advance,

Spencer

@Jack McWatters my first house back was a 2 bedroom townhome in Washington state. That is not the ideal house hack format but I didn’t know what I was doing then. It was purchased using USDA loan, which you should look into seeing that you want to buy in Montana.

As for the job situation- I would land that before moving and getting a loan. It might be tough doing everything at the same time and remotely but it is possible as I recently went through the same situation to get my current FHA duplex that I am house hacking now.

Private lenders will always have higher interest rates. I don’t have any experience using them but would probably not recommend that for owner occupied. Also, you may want to look for a job in the same field so they can use your previous experience to qualify

@Tyler Becks can you elaborate on the homestead portion? I just bought a duplex house hack in Austin and am not familiar with it!

@Jonathan Rivette if you can find places for that price point and rent amount I would say go for it, but it may be tough. Let me know if you find ones that meet that criteria as I would be interested too!

@Shain Ismailovski sorry I guess I forgot to mentioned that she only plans to stay a few months, so not the remainder of the lease...

I inherited a tenant, and her adult daughter moved in with her, but was not included on original lease. What, if anything, should I do to accommodate this? (i.e. amendment/addendum, etc.)

@Diana Martinez yes, I am currently living in on side of the duplex and the other already had a tenant in place

@Diana Martinez I just bought a duplex in North Austin area. Yes, prices are a little strep right now but I don't think it is too hot. I did it basically to get in the door but have one other property like you as well. Zillow estimates areas could see 7% appreciation in one year, so if that holds true you can get your money back even after fees of selling, and I used 3.5% down FHA. I used Diego Corzo who is very active on BiggerPockets if you are still looking for an agent

I was basically going to say the same thing here. I also wanted to house hack a 4-plex in the phoenix area but they were hard to come by, too expensive, or in undesirable neighborhood. But good luck and let us know how it goes!