All Forum Posts by: Trevor Carver

welcome to the club, Andrew!! An awesome resource in town is thr SLC Real Estate Investors Association (SLREIA). You'll meet tons of local investors and great education of flipping, rental properties, wholesaling, etc. At least I found it the most value when I was first getting started. Good luck with the endevours! 

Thanks, @Peter Mckernan. Maybe I can get input form @David K. Loveless or @John Briggs. Do you fellow Utahns have any insight there?

@Dave Foster thanks! How many more months would I have to wait in order to not get the tax hit?

@Peter Mckernan Yes, the house we are selling is currently our primary residence and the one we are buying will be our primary residence as well. Does the $500K rule (i am married) apply to Utah as well if I've owned the home for less than two years? We have done some reading in the past and understood that if our annual income was over $75K that we would be hit with a larger cap gains.

@Adam London Thanks Adam. The property we are selling is our primary residence. If we've owned it for less than two years is it considered an "investment"?

We live in Salt Lake City, Utah and we bought a house a little over a year ago as our primary residence. We will be selling it for a profit that will put our annual income well over $80K for the year but want to make sure we keep as much of the profit as possible rather than pay a crazy portion of it to capital gains taxes. Does anyone have tips or recommendations on how to use the profit we've made to legally avoid paying capital gains? We are planning to use some of the profit to repair our new primary residence which will have a basement that we'd rent out.

Thanks for any suggestions you have!

Thank you all! I actually have an emergency fund already in place and the $1K is what I have over and above my other savings to invest so I should be good there.

@Edmund Ricker@Tom S.I really like the idea of partnering. I need to get networking and find someone who would interested in going in on the next property I find. Would you say most investors are open to partnering if I bring the deal to them? What hesitancies would they have?

@Steve Kontos, Thank you for the tip. I've got great credit too so I'll look more into those financing options to get started. Did you get a loan to start off, credit cards?

I'm looking to fix and flip or buy rentals but have very little capital, about $1K. I've started doing my own marketing and connecting with wholesalers to find deals and a few have come my way but every time an opportunity comes it seems like I don't quite have enough money to get it under contract. I've talked to hard money lenders and they want 3 points upfront (houses are going between $150-300K where I'm at). Is it even possible for me to get started or do I need to save up more? If it is possible any suggestions on next steps?

Hi all,

Just getting on bigger pockets after hearing a lot about it. Looking for fix and flip as well as buy and hold opportunities in the Salt Lake City, Utah area. Looking forward to learning and chatting with you all.

Best,
Trevor Carver