All Forum Posts by: Thomas Barrick

@Michael Plaks thank you very much! I appreciate it!!

Hey all!

I purchased a duplex in May of 2015. I lived in one unit and rented out the other unit until Aug of 2018.

I plan to sell the property within the next 2 months and should likely met $50k-$70k due to appreciation in the area.

As I have lived in one unit for 2 of the last 5 years as a primary residence, am I exempt from taxes on the gain?

My CPA said I would owe a prorated amount due to only occupying one unit.

Hoping for some additional input! Thank you!!

-Tommy

Kemar Daley Welcome to BP! I purchased a duplex and househack in Cincy. Great market for RE investing and househacking is a great way to get started! I also own my own insurance agency. Would be more than happy to meet some time and discuss RE. Best of luck!

Hey Chris, I would agree with Joe. I house-hack a duplex in Norwood that I bought in June of 2016. Prior to that, I was set on Mt Lookout, Oakley, Hyde Park. Like most younger buyers, I was priced out and I found that it was very difficult to cash flow. That said, Norwood has some nice parts and some rough parts, very block by block. If you have any questions, let me know! Good luck! Tom

I am a local investor and business owner in Cincy/NKY and I would love to connect!

Hi Tom, I bought and house-hacked a duplex in 2016 in Cincy. I reached out to bigger pockets for a CPA recommendation and many people suggested Chuck Vonderhaar. I went with him and he was great. -Tom

I currently house-hack a duplex in Norwood. I would certainly consider Norwood a B/C area with parts of Norwood being a bit rougher than others. As Patrick Henshaw mentioned above, Hyde Park and Oakley are certainly not B/C class and it’s very difficult to cash flow there as prices are so high. As many of cincy neighborhoods are block by block, narrow down your search and do your homework in those neighborhoods. Feel free to reach out with any questions!

Garett Koehler I own a multi-family property in Cincinnati. Many neighborhoods around here are very block by block so do your homework before jumping in. You can still cash flow while paying a property manager in Cincy if you are not comfortable self managing yet. Feel free to reach out if you have any questions. Best of luck!

@ga

Byron W. I currently house hack a duplex. I live in one unit and rent out the other full time. However, my girlfriend and I travel nearly every weekend and we use Airbnb every weekend we are gone to rent out our unit. Although utilizing Airbnb is relatively new for us, every weekend we have posted (6 weekends) we have always had a guest. It has served as a great strategy for me to generate some additional income while traveling.