All Forum Posts by: Todd Krzeminski

@Wayne Brooks I should have clarified that rule. I was just describing my situation which met the minimum requirements.

@Stacy Weng I had a condo in Fair Oaks that I bought in 2003 and I did the same thing. Moved out and rented it for a couple years. I was able to sell it tax free because I lived in the property 3 of the previous 5 years. 

It doesn't sound like you're in that situation. You'll owe capital gains tax on the profit.  I think the first thing you should do is investigate a 1031 exchange. That would mean you'd need to identify a buy and hold property that you can use those funds towards acquiring. If you go that route, flipping would be out of the question.

I'm not a tax professional and I've never done a 1031 exchange, so you should check with an accountant and a 1031 specialist. There are very specific rules you need to follow, so research them before you do anything.

I'm also contemplating investing in the Shenandoah area including Winchester. I've only been investing in the midwest so far and there are definite pros and cons I need to weigh.

Welcome to BP. Sounds like you're in the same boat I am. I'm in college savings mode as well -- 2 kids college and less than 10 years away. It'll be here before we know it!

Why not have a contractor that specializes in foundations issues come take a look and write a quote?

I like it! 

I have been meaning to pick up Tools of the Titans. Sounds like it's worth it.

@Scott Kim Have you read Start Your Own Corporation by Garrett Sutton? If not, definitely start there. He also has a book called Run Your Own Corporation which is kind of a sequel. Great information in both books.

@William Brown Welcome neighbor! I agree with @Chris Seveney -- get to REIA meetings. Closest two are probably Winchester and Reston. Let me know if you need more information.

@Timothy Metra With respect to #1, he's saying take 9 exemption via a W-4 with your employer. This means they withhold less tax from you each paycheck. You still owe the tax, you're just putting it off until tax time -- not giving the government a free loan. And it doesn't necessarily mean you have 9 dependents. You can take exemptions for a variety of reasons, including deducting taxes on mortgage interest.

@Jessica Zolotorofe I thought, perhaps incorrectly, that a warranty deed was preferred over a quick claim because the title insurance transfers with the warranty deed. Is that not accurate?

It was just a lump sum. The money can be used for any purpose (e.g. pay down debt, buy a car, etc), so it's not tied to a specific investment. 

In my case, I can only have one loan at a time. My company used to allow at least two at a time, but they changed the policy recently. Unfortunately, it seems to be dependent on the employer so your partner will need to check with his/her HR department.