Had a quick question.I purchased the property for $500K about 10 years agoI'm selling the property for $575K with the Fire DamageI received an insurance check of $380K for the fire damage.After Paying off the Mortgage + Escrow + Realtor Fee's, I'll be left with about $150K.My question is will I get taxed on this $150K?

The catch is I bought in Dec 21, put renters in in Jun 22 and didn’t try to mortgage it until Nov 24.

Deduct NEW property taxes after you buyDeduct home insurance costsDeduct maintenance percentage, typically 10%Deduct vacancy+tenant nonperformance percentage(we recommend 5% for Class A, 10% Class B, 20% Class C, good luck with Class D)Deduct whatever dollar/percentage of cashflow you wantNow, what you have left over is the amount for debt service.Enter it into a mortgage calculator, with current interest rate for an investment property, to determine your maximum mortgage amount.Divide the mortgage amount by either 75% or 80%, depending on the required down payment percentage - this is your tentative price to offer.If the property needs repairs, you'll want to deduct 110%-120% of the estimated repairs from this amount.Be sure to also research the ARV and make sure it's 10-20% higher than your tentative purchase price.As long as the ARV checks out, this is the purchase price to offer.It is probably significantly below the asking price.

A second mortgage or HELOC might allow you to unlock some funds without losing the 3.25% rate.- I recommend avoiding condos. 

Well even if the rent is equal to the mortgage, you'll still be in the negative after repairs, CapEx, vacancy, etc.Why would you specifically be thinking of investing at a negative cash flow?

I don't care who teaches this stuff its fraught with danger to think you can take title and keep someone's mortgage in place for years and years stuff happens and when it does the original seller gets HAMMERED.

Guild Mortgage - 30% down with a 5.75 rate.

List price: 445,000.DP: 89,000Closing: 8900Total Invest: 97,900Projected mortgage: 2500Rent: 1700 per unit, 3400 totalTaxes: 42Insur: 263CapEx: 100Repairs: 100Vacancy: 100Total expense: 3105Cash flow: 295, 3.1% - 6.0% CoC return. 

We are a Veteran owned and operated mortgage company! 

Housing prices are high, mortgage rates are high, and competition is fierce so revenue is way downIt’s one thing if you bought a while back like many of us did, so your cost basis is much lower.