All Forum Posts by: Tara G.

Very nice!  Did you just replace the kitchen cabinet doors and paint the rest of the cabinet?  Was the bathroom vanity bought somewhere ('off the shelf' like Lowe's or similar), or built by your contractor?    I ask because I have those same honey-oak cabinets that I want to change in my rental.

It looks nice and modern inside- big change!

@Basit Siddiqi  You are exactly right; that is what I got out of the help here, some research, and confirmed further by you.  I have decided on selling BEFORE I am a 'resident of CA'! I love the number layout, as I did my own rough version and can see the methods are the same.  So, thank you for taking the time to do that, I appreciate your time!

@Logan Allec It wasn't so much tax advice on doing a 1031 (though I did have questions there); it was more the property sale should I not be able to do a 1031, and how I would be taxed between the two states as a CA resident.  Thank you for you time!  I had a CPA tell me that a 1031 was very complicated for taxes, though, and I learned quickly that was not the case! 

@Phillip Bicker @Thomas Rutkowski @Christopher Smith
THANK YOU all for replying!  I am a bit mortified that I did not realize you all had answered me.  I need to set up alerts so that I know I have replies- this is no excuse; I should have checked back more.  I am so sorry that I did not thank you for your informative and timely answers.

I delayed the sale of my condo and the move until this Spring.  I will be sure to sell the condo before becoming a Ca resident if I can.  The information on Monetized Installment Sale is something I will be researching; thank you for alerting me to such a thing; it may be a powerful tool should I need it.   

I do not do my own taxes, and don't have a very simple way to run scenarios.  Understandably, my CPA is a bit buried as he learns the new tax laws.  I will be consulting a tax attorney for further!

Again, THANK YOU.  I appreciate the time you took to share your expertise!  

I am changing those alert settings this minute!

There are a couple of houses posted today and they are scams.  

This is one of them.  I called the local office of the company (Waypoint Properties) on the title who assures me that this is ONLY for rent (NOT SALE) though their company.  

If you text the number on For Sale By Owner (Redfin directs you to do that), you will get a guy who insists he will only do a lease to own...he's out of state...just got relocated....needs a quick sale....  

He will even give you a lockbox code that works (which he gets by calling the rental company and then forwarding to YOU).  You can tour the house.  If you text, you'll get a response and eventually requests for your address, etc.  If you call, your call goes to a 'text mail service'.  He then calls you back and the reception is not good enough to hear- he then claims, 'bad reception'.  

Don't waste your time.   Just wanted to give a heads-up.  Apparently Redfin is a common vehicle for abuse (according to the rental company).  

 

Not really out of the box, but right off the bat, the pictures make it look dark and small; they look like cellphone pictures.  I would definitely at least change that.  I glanced at this thread and thought this was a before picture- until I scrolled back up and saw it looked pretty nice if you REALLY looked at it.  

I own a rental in CO (over 5 years definitely classified as 'investment property').  I may be moving to CA soon.

I have plans to sell the CO rental in the next few months.

From what I have read, it appears that it's better to do this BEFORE I am a resident of CA.  If I move to CA and THEN sell the CO rental, I think CA taxes me on 'global income', which means whatever I get off the sale can be taxed or partially taxed, in addition to Colorado taxing me on it.  I am in a high tax bracket.  (I MAY do a 1031 exchange, but let's assume that I am not able to find something I want to exchange into, for now).

Am I right on this?

I would like to ask someone who will be able to answer this clearly.  Do I ask a CPA?  Do I ask a RE Lawyer, or is that overkill?  I would like to find a CPA who I feel is better with rentals,1031 exchanges, etc.  I have not gotten a clear answer, and am unsure who the right person is to call.  I am somewhat of a rookie- not an experienced landlord or investor (yet).

Thank you for your time.

  

I called several banks who would 'not do' a cash out refinance or HELOC 'on an investment property'. Just be sure to keep calling banks if you hear this- a lot of us have heard this response. Don't stop if your bank says no. Come back here and ask which bank others have used to get this- certainly don't stop at one 'no'. Good luck!

Hey, Mike, I have also been looking in LA (LAX south to PV).  I'm having the same trouble.  For now, hanging out in DEN and flying to LAX to look at properties.  I can help you with flightpath stuff.  I fly out of LAX- pilot.  Bid on something last week and I was the higher offer, but the sellers went with the guy with $4M in his bank account (not that he was using it to buy...they're getting a loan like me) ?!  

Hotpads is another good one.  I was looking in South Bay (south of LAX) and using that. Around there, for a room+ own or shared bathroom in a home, 1500/mo is a very reasonable estimate.

I would like to add to the query:  What is on the Pro Forums that is worth an upgrade for?  I think PLUS looks like it provides the best value for a relatively new person, but to say that I'd like to know what those Pro Forums could do for someone.  Thanks!