Gamma's right. Since this is your first house, you can avoid paying taxes on any profit from appreciation (Capital Gains Tax) if you wait atleast 2 years from your purchase date to sell it. I believe it's avoided by selling between the 2nd and 5th year. It's been awhile so I might be off. Gamma?
Depends on the state but I beleve the general rule is that you must have LIVED in the property for 2 out of the past 5 years although not consecutively or if it is a primary residence you must own it for two years in order to avoid capital gains. However there are loopholes to that rule regarding the reason for sale.
Of course, you can always avoid/defer capital gains by doing a 1031 exchange if you do not meet the criteria above, which I believe Beani does not.
I don't know, the friends I have who have ventured into the rental market have had terrible problems with renters, even when they have had references, one has even givne up and sold the few properties he did own, one of the houses got so trashed, and the way this state protects renters, it's very hard to get them out sometimes, that has discouraged me, for now anyway.
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My dad is a realtor and someone in his company is a realtor in AZ so I was working with both of them on it. But my dad tried to make me do as much of it as possible so i'd know for future use.
Your pops trying to steer you in his career direction?
On a not so side note, you could make a ton of money being a realtor. Cute realtors are like renter/buyer Kryptonite. I think most guys would screw Jared over to get you as their realtor.
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Your pops trying to steer you in his career direction?
On a not so side note, you could make a ton of money being a realtor. Cute realtors are like renter/buyer Kryptonite. I think most guys would screw Jared over to get you as their realtor.
hahaha I would much drive rather be driven around by a cute girl than myself as well.
Your pops trying to steer you in his career direction?
On a not so side note, you could make a ton of money being a realtor. Cute realtors are like renter/buyer Kryptonite. I think most guys would screw Jared over to get you as their realtor.
no way... he just wanted me to be familiar with the process of buying a house.
It would be hard to be a realtor. Do you know how many realtors there are around here? Seems like everyone and their brother and sister and cousin and aunt and uncle are all realtors. I'm too lazy to be one anyways *^__^*
First things first congrats! I am interested in purchasing some rental property. I have read that Denver is a soft market. Meaning there are an abundance of properties especially condo selling below market value.
I am looking to invest outside of my home area, which is Washington, DC. I will have some asset soon enough from the sale of my home. The DC area is pretty much tapped out as far as flipping properties without some serious blood, sweat and tears.
Could you provide anymore details about your property (i.e. location, website and etc)? I would not mind going the rental property route in a different state as long as I could get some reliable tenants and property management.
I have also heard of teaming with corporate buyers in order to mitigate risk between both parties.
LMK, thanks.
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Originally Posted by jl9618
I just closed on my 3rd rental property yesterday. I was supposed to close before I went out of town but had to push it back. Anyway, just thought I'd share as I felt like patting myself on the back and financing was a terror on this one.
Thanks, I appreciate it. You bring up some interesting topics that can be looked at in different ways. The Denver market is most definitely in the bottom 10 in the nation for appreciation (check the link at the bottom). One could look at this as an opportunity to pick up some real estate at a decent price but there are other indicators the problems could be more severe. Denver leads the nation in foreclosures (per capita) and rising interest rates will most definitely play a role in what the future holds (the entire nation included). All of this adds up to needing to look at the housing market in a different way as things change. Location is even MORE important in this type of market. There's still money to be made but the risk is higher.
I have owned my condotel for about 6 months now and have cashflowed each of them. My level of involvement is very limited compared to a regular rental property which is very nice. Email me at Jdl@sigmamtg.com or Jdl@sigmarealestate.com if you want some more detailed information.
Speaking as a Real Estate professional, I highly recommend you check other states if the entire nation is your search area. There seems to be some safer, more conservative and profitable areas than Denvers market. I have actually been contemplating finding a condotel in another state (Vegas maybe?).
no way... he just wanted me to be familiar with the process of buying a house.
It would be hard to be a realtor. Do you know how many realtors there are around here? Seems like everyone and their brother and sister and cousin and aunt and uncle are all realtors. I'm too lazy to be one anyways *^__^*
Same here Beanie, everyone is a real estate agent it seems, from what I've seen, a small percentage of them make all the money, and it has to be hard work, people can be real assholes. By the way, property is still relatively reasonable around here compared to where you are, people come here from Cali and after selling a so so house here for $600k or more, they buy a very nice house here.
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^^^ Makes it a great place to make some money if you don't wanna float a ton of overhead like other places tho. A great market for someone who doesn't have trump like financial backing lol
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