All Forum Posts by: Tom Bud

That's what I was thinking as well. Thanks for the help.

Hi BP friends,

I was researching 1031 exchanges and couldn't find a concrete answer to my question.

Imagine this scenario;

An owner bought a building at $350K with a conventional mortgage. Owner sells building for $1M, uses $200K from the proceeds to pay off mortgage. Owner has $800K left. Owner has another building in another state with a mortgage of about $800K left and wants to pay that off as well. Would a 1031 Exchange work here?

Thanks for any help,

Tom B.

Hey everyone, 

Wanted to hear the communities response to this;

Brand new r/e investor, going to do a fix and flip. Does anybody have any interesting tax strategies in respect to this whole process? (buying, selling and personal income wise).

I will be doing this in my personal name as a part time office clerk earning ~22k/year and want to get some income on the side. I'll be doing this in Brooklyn, NY if it helps.

Many thanks to this awesome forum and all its members!

Tom B.

Thanks for the input everyone!

F/Y/I

This would be done all in NYC

Hey all,

I wanted to get everybodys opinion on my situation. I want to take the hardest step in the real estate investor world; BUY MY FIRST PROPERTY.

I wanted to ask is there any benefits of completing a flip under an LLC vs my personal name in terms of tax? I don't want to spend 50% of my profit in capital gains tax, although I don't think there are any ways around it without a 1031 exchange. I want to take my profit and pay for my whole college tuition.

Thanks,

Tom B.

@Ned Carey Thanks for your post. I was asking in more broad terms since I don't have any properties ATM.

I was looking for more on the timing of the sale, disregarding holding costs. I noticed that a few properties that I help manage are taking a long time to sell, which might have to deal with the cold climate we here in Brooklyn, NY are facing.

Hi BP Friends,

I wanted to hear what you guys thought about this topic. Feel free to add some personal stories if you can relate. My question is this, is there a "good" time to sell apts/houses?

In other words, do you find your properties stay on the market longer in colder weather (winter) and sell faster when it is warmer outside (summer)?

Happy Investing,

Tom B.

Thanks for your posts @Will Barnard @Kevin Clark .

I've seen some HML advertising 100% LTV, those are some of the more shady lenders I suppose.

Hi everyone ,

I'm, a new member here at BP. I am a brand new investor about to do my first flip, and have little I can spend on the project, so I'm looking to borrow the full sales price (I believe this is possible?). Is it possible for HML to lend out rehab costs as well? I believe I have enough to cover my rehab costs but I wanted to know all of my options.

Also, is there something I should keep in mind when using a HML other than high interest costs and filing costs associated with obtaining the loan?

Thanks and happy investing!

Tom B.