All Forum Posts by: Tiffani T.

You most likely will not be able to find better deals out there in a hot market like this.  I'm from WA and folks over here are changing your strategies and invest in OOS.  There aren't that many inventories out there.  If yours bring positive passive income, then I'm sure others will see that too.  My vote is: To keep them as long as you can.

I'm from WA state and without looking at the condition of your unit, I'd say..$950 is not bad for landlord.  However, I agree with many folks on this thread.  You have petty expenses that are way too high, adding to out-of-pocket costs.  Hmm..I think 1) you should either renovate the home in some shape or form to add more value to the home so you can increase the monthly rate (start with kitchen area first). 2) change your landlord policy so tenants pay for W/S/G/E- yes all utilities. 3) self-manage to reduce $95/month then you can use the amount in the end as well for your tax deduction.

Numbers don't lie nor changed.  But you can change your strategies to bring higher monetary value. 

T

@Joanna Berry May I ask where can you buy a SFH for 10K?

@Dave Foster Dave, I noticed you have some excellent online resources on 1031.  These have been helpful! Thank you.

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@Dave Foster

@Sherief Elbassuoni I've owned this property for about 9 years and have yes..lived there for about 2 years..to qualify for the loan as a first-time home buyer at the time. I have done some research on 1031 and it seems like this is the only option I have for the best outcome. This may bear some hurdles which may include buying one with much higher price due to this current RE climate. Can a RE agent/broker manager 1031?  Is it necessary for acquire RE lawyer into this matter?

Thank you for your input!

TM

Thank you!  I will look into this.  I am more than 100% certain this property can be sold in a a few days but I don't intent to sell this long-term rental property, which as already becoming of me lol for the last 9.5 years, if it does not bring more positive cashflow. 

TM

@Account Closed  I'm curious where about in Seattle? Capitol Hill, Bell? Do you have this advertised somewhere as of yet?  I may have potential nurses whom are interested. TM

@Jake DeAtley  Thanks for the input Jake! Well this has been a rental property for many years and still is..Sorry, I meant to say home was purchased close to 10 years ago. I have heard of 1031 exchange but I am not very familiar with this.  Do you have any resources on its rules and regulations?  T

@Account Closed Totally, yes..many folks are moving to more rural areas like TX, FL and MN where large corporations have decided to outsource and condense. You may have more luck renting out the condo unit advertising on Furnished Finder. Due to COVID, there have been numerous healthcare travelers committing to short-term assignments (typically 13 weeks) in Seattle.  They are mostly professionals with housing stipends paid for by the hiring company so you'll have some financial and emotional securities there.  It's also a tax-deduction advantage. 

Hi BP,

So here is the scenario: If one bought a SFH in 2012 for $190, now worth about $500. Selling this piece for $490-500. Is he/she responsible for the capital gain? Any input would be great. Thanks everyone

TM