All Forum Posts by: Vangie Moore

Good day everyone! 

I am currently in negotiations with a seller.  He asked a tax question that I am not sure how to answer.  He asked how much taxes will he have to pay when he sells his house.  He has lived in the residence for the past five years, but had the deed in his name for only a year.  He is in the 12% tax bracket.  I am reading from tax sites (not the IRS) that he may not have to pay capital gains on some assets because he is within the 10% - 15% tax bracket, but does not specify if a home falls in to this category.  The IRS website does not seem to specify what rules apply in this situation.  Does anyone know if his house would fall in to this category?

Thank you everyone for the warm welcome!  Apologies for the late reply, as I have been taking care of my flu-stricken son.  

I am currently looking for more groups to get involved in. So far, I am going to two different REIA meetings per month. @Lemaine Hargrove, I am still wrapping my head around how to go about market research, but I'm hearing from quite a few investors that San Antonio is a good market to invest in. I personally know a few vets that decided to retire in San Antonio because they wanted to go into real estate and this area being a good place to start. So far, I was able to make a couple of offers, but no deal because they were not very motivated to sell at this point in time. @Joe Martin, thank you for the offer. I'll be reaching out in the near future.

Hello everyone!  My significant other, Juan, and I decided to start our journey in real estate a few months ago.  We have no experience in real estate.  However, we are soaking up all the info and education we can.  We launched our first direct mail campaign 3 weeks ago, and are excited to have made our first couple of offers within the first month.  Our long term goal is to have enough of a real estate portfolio to where we can have the option of working for ourselves in 4 years.  By this time we will have a couple of passive income streams from sources outside of real estate and can supplement our income with the real estate income.  So far, the plan is to start off with wholesaling and complete our first flip within the year.   Hopefully, we can start doing buy and holds within the next 18 months to two years.  I have already obtained a wealth of knowledge from this website.  We look forward to advancing our growth and knowledge with the BP community.