Take your sales price, minus selling costs, minus any capex, minus purchase price and that’s your taxable gain.

A big part of it is the lack of inventory—there just aren’t enough homes for sale, and Long Island isn’t exactly expanding in size, so demand keeps pushing prices up.

If you’re a real poster, they need to give you some sort of commission on the sales you bring in.

Thanks, Haresh I couldn’t find the numbers you mentioned about them online.

BTW: most owners that have hired a PMC, don't want to speak with you, much less meet with you in person to hear a hyped-up sales pitch.Also, you want to do rental arbitrage - so, you will need to be properly licensed to manage properties you do not own as required by your state & local laws.- why would an owner want to do business with someone NOT properly licensed?

I'd recommend speaking with local specialists in your target market to look at multiple investment options side-to-side.Lastly, some of my clients have been encouraged to stay away from HELOCs unless they expect a lump sum (inheritance, sale of other asset, bonus, etc.) to pay off the HELOC in the next year or 2. 

However, the depreciation claimed while the property was a rental must be accounted for upon the future sale of the personal residence, which could increase your capital gains tax liability.The adjusted basis of the property (original cost minus depreciation) will be used to calculate gains or losses at the time of sale.

Hi Ella, welcome aboard,Your post about your real estate ambitions, encompassing the purchase, renovation, and sale of properties, as well as the ownership of Airbnb rentals, is indeed an exciting endeavor.

Additionally, property taxes may go up after a sale. 

Very similar to properties in Oregon we've sold and for sale.