Agree Or disagree and why.
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Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
2yI have been in real estate since mid 90’s so I am definitely a location location location person
Why - because it’s not as susceptible to as significant a price drop during recessions and they typically recover faster and have greater appreciation which is the true wealth builder in real estate. Just my opinion and feel free to disagree. I love healthy discussions on challenging topics
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112 Replies
- Real Estate Broker · Minneapolis, MN · Member since 2011 · 5k+ posts · 6k+ votes2y
Quote from @Account Closed:
Quote from @James Hamling:
Quote from @Account Closed:
Just curious how much tax you would pay if you sold it today. That's a lot of capital gains.Quote from @Rob K.:
In 1993 I bought a house for 235K in North San Diego County. Today it is worth about 2 million. If I had overpaid back in 1993 at 275K would it have mattered much? Nah....
I would expect a "Real Estate Coach" to know the obvious answer of NONE....
And if ya think the next things is "well someday ya gotta pay those tax's" let me introduce you to my 4th generation real estate investors who are still kicking the can from the "old man's" 1031, generations later.
Please reread my post:
"Just curious how much tax you would pay if you sold it today. That's a lot of capital gains."
Actually, if it is a personal residence that he has lived in for 2 of the last 5 years, he has a $250,000 exemption if single and a $500,000 exemption if married, if he sold today, while still living. You can't 1031 a personal residence.Only by letting it go to the next generation upon his death, does he avoid some/most/all taxes. But, since he is posting about it, I'm guessing he is still alive. ;-)
Is this the advice you charge people for in your "coaching"?
Look, you want to bill yourself as some "Guru" so it's on you for accountability of such. And this, above, is horrendous advice on such.
What I expect from a "Guru" is all the jazzy ways it is the readily obvious answer as I stated; NONE.
I'm not a "Guru" and I can give a person a list of way's off top of my head.
So what if he's living in it, so move, don't live in it, rent it than sell it to 1031, well worth it. Or, or, or....
Again, billing self as a "Guru", I expect a person to walk the walk if gonna wear that cape. You wanna put a big S on your chest, ok, go ahead, but I'm gonna expect you to leap buildings in a single bound and when that "leap" is a foot off the ground, yeah I'm gonna point it out.
- Real Estate Broker · Minneapolis, MN · Member since 2011 · 5k+ posts · 6k+ votes2y
Quote from @Account Closed:
Quote from @James Hamling:
Quote from @Account Closed:
Quote from @James Hamling:
Quote from @Account Closed:
Just curious how much tax you would pay if you sold it today. That's a lot of capital gains.Quote from @Rob K.:
In 1993 I bought a house for 235K in North San Diego County. Today it is worth about 2 million. If I had overpaid back in 1993 at 275K would it have mattered much? Nah....
I would expect a "Real Estate Coach" to know the obvious answer of NONE....
And if ya think the next things is "well someday ya gotta pay those tax's" let me introduce you to my 4th generation real estate investors who are still kicking the can from the "old man's" 1031, generations later.
Please reread my post:
"Just curious how much tax you would pay if you sold it today. That's a lot of capital gains."
Actually, if it is a personal residence that he has lived in for 2 of the last 5 years, he has a $250,000 exemption if single and a $500,000 exemption if married, if he sold today, while still living. You can't 1031 a personal residence.Only by letting it go to the next generation upon his death, does he avoid some/most/all taxes. But, since he is posting about it, I'm guessing he is still alive. ;-)
Is this the advice you charge people for in your "coaching"?
Look, you want to bill yourself as some "Guru" so it's on you for accountability of such. And this, above, is horrendous advice on such.
What I expect from a "Guru" is all the jazzy ways it is the readily obvious answer as I stated; NONE.
I'm not a "Guru" and I can give a person a list of way's off top of my head.
So what if he's living in it, so move, don't live in it, rent it than sell it to 1031, well worth it. Or, or, or....
Again, billing self as a "Guru", I expect a person to walk the walk if gonna wear that cape. You wanna put a big S on your chest, ok, go ahead, but I'm gonna expect you to leap buildings in a single bound and when that "leap" is a foot off the ground, yeah I'm gonna point it out.
I know you try to bluff your way through things when you are wrong and don't care to admit it, I've seen your long boastful and often incorrect information, but that aside,
Please enlighten us. How does someone sell a personal residence with large capital gains and avoid paying taxes on their above exemption amount? I'm open to learning new things, (all good coaches are) ;-)Is this a joke?
Why do I feel like one of the 7 dwarves just walked up and challenged me to a slam-dunk contest?
So, how about looking up Ken, I literally detailed one way right there. And IDK wtf your talking about me being "wrong" at here, 1031 a personal residence? Well duh, an 80 iq would know I am NOT saying to do something that does not exist. If I tole you to fly over, are you going to argue you don't have wing's, or use an ounce of common sense to sort the facilitating actions?
If you have a personal residence, with such a mountain of equity, don't sell it as a personal residency because YOU DONT HAVE TO. If sitting on "Mt Equity" there is a number of other ways to utilize that, to procure the new personal residence, shift the prior into a qualifying status FOR a 1031, and then ya do the dang sale and 1031. Simple.
When talking such a massive tax potential impact, it's more then enough profitable reasons to do such. You could even lease it at net-0, or a minor book loss, and it's still wildly profitable to do such.
Again, simple.
Or engage in more higher level, more complex construct's such as utilization of trust structures and/or asset island methods, etc etc..
And yet again, your the one Ken putting self forward as a "Guru"....
So, care to enlighten with what I bluff way through on???? That's an interesting acusation, with 0 detail given for such, from one who can't even sort out a grade 3 level standard action of flipping personal into tax deferred liquidation status.
Or, are you just inviting me to detail the "bluff's" I see Ken? Should we go there? Because you might note from your glass palace, I reside in a concrete dome, a rock throwing contest may not fair the result you think.
- Real Estate Broker · Minneapolis, MN · Member since 2011 · 5k+ posts · 6k+ votes2y
Quote from @Account Closed:
Okay, without the all the blather, explain to us simpletons how your startegy would work. I asked for "how do you make a cheeseburger" ad you replied with "anybody can do that, then you put pickles on it". It makes no sense and your explanation is "you just do it". ;-)Quote from @James Hamling:
Quote from @Account Closed:
Quote from @James Hamling:
Quote from @Account Closed:
Quote from @James Hamling:
Quote from @Account Closed:
Just curious how much tax you would pay if you sold it today. That's a lot of capital gains.Quote from @Rob K.:
In 1993 I bought a house for 235K in North San Diego County. Today it is worth about 2 million. If I had overpaid back in 1993 at 275K would it have mattered much? Nah....
I would expect a "Real Estate Coach" to know the obvious answer of NONE....
And if ya think the next things is "well someday ya gotta pay those tax's" let me introduce you to my 4th generation real estate investors who are still kicking the can from the "old man's" 1031, generations later.
Please reread my post:
"Just curious how much tax you would pay if you sold it today. That's a lot of capital gains."
Actually, if it is a personal residence that he has lived in for 2 of the last 5 years, he has a $250,000 exemption if single and a $500,000 exemption if married, if he sold today, while still living. You can't 1031 a personal residence.Only by letting it go to the next generation upon his death, does he avoid some/most/all taxes. But, since he is posting about it, I'm guessing he is still alive. ;-)
Is this the advice you charge people for in your "coaching"?
Look, you want to bill yourself as some "Guru" so it's on you for accountability of such. And this, above, is horrendous advice on such.
What I expect from a "Guru" is all the jazzy ways it is the readily obvious answer as I stated; NONE.
I'm not a "Guru" and I can give a person a list of way's off top of my head.
So what if he's living in it, so move, don't live in it, rent it than sell it to 1031, well worth it. Or, or, or....
Again, billing self as a "Guru", I expect a person to walk the walk if gonna wear that cape. You wanna put a big S on your chest, ok, go ahead, but I'm gonna expect you to leap buildings in a single bound and when that "leap" is a foot off the ground, yeah I'm gonna point it out.
I know you try to bluff your way through things when you are wrong and don't care to admit it, I've seen your long boastful and often incorrect information, but that aside,
Please enlighten us. How does someone sell a personal residence with large capital gains and avoid paying taxes on their above exemption amount? I'm open to learning new things, (all good coaches are) ;-)Is this a joke?
Why do I feel like one of the 7 dwarves just walked up and challenged me to a slam-dunk contest?
So, how about looking up Ken, I literally detailed one way right there. And IDK wtf your talking about me being "wrong" at here, 1031 a personal residence? Well duh, an 80 iq would know I am NOT saying to do something that does not exist. If I tole you to fly over, are you going to argue you don't have wing's, or use an ounce of common sense to sort the facilitating actions?
If you have a personal residence, with such a mountain of equity, don't sell it as a personal residency because YOU DONT HAVE TO. If sitting on "Mt Equity" there is a number of other ways to utilize that, to procure the new personal residence, shift the prior into a qualifying status FOR a 1031, and then ya do the dang sale and 1031. Simple.
When talking such a massive tax potential impact, it's more then enough profitable reasons to do such. You could even lease it at net-0, or a minor book loss, and it's still wildly profitable to do such.
Again, simple.
Or engage in more higher level, more complex construct's such as utilization of trust structures and/or asset island methods, etc etc..
And yet again, your the one Ken putting self forward as a "Guru"....
So, care to enlighten with what I bluff way through on???? That's an interesting acusation, with 0 detail given for such, from one who can't even sort out a grade 3 level standard action of flipping personal into tax deferred liquidation status.
Or, are you just inviting me to detail the "bluff's" I see Ken? Should we go there? Because you might note from your glass palace, I reside in a concrete dome, a rock throwing contest may not fair the result you think.
....... I can't sort if your joking, trolling, or seriously this oblivious. I did everything short of spelling it out step-by-step in crayola.
Are you, the "Guru", saying you need me to spell this out in the "Paint-By-numbers" fashion? As in exact step-by-step? Serious question.
Because again, your marketing yourself as a "Guru" and this is rather simple basic stuff. I mean, really basic. I require 1st yr agent's to have proficient comprehension of this. So again, I can't tell if joking, trolling or actually that ignorant of such....... I think it's just shock that one branding self as a "Guru" or "Real Estate Coach" would be of such deficit of knowledge to not readily know in full exactly what I am speaking to.
I don't know at what base level I have to start off for explaining all this. DO you know the asset island method? Or trust structures? Do you know how 1031's operate in C4D structures? If you don't i'd have to start there vs just mentioning to such in any examples....
- Real Estate Broker · Minneapolis, MN · Member since 2011 · 5k+ posts · 6k+ votes2y
Quote from @Account Closed:
Quote from @James Hamling:
Quote from @Account Closed:
Quote from @James Hamling:
Quote from @Account Closed:
Quote from @James Hamling:
Quote from @Account Closed:
Quote from @James Hamling:
Quote from @Account Closed:
Just curious how much tax you would pay if you sold it today. That's a lot of capital gains.Quote from @Rob K.:
In 1993 I bought a house for 235K in North San Diego County. Today it is worth about 2 million. If I had overpaid back in 1993 at 275K would it have mattered much? Nah....
For the lurkers laughing at this conversation, the correct answer is that you can reduce your taxes but you can't completely eliminate them unless you use a trust or similar vehicle to gift the property to your heirs. Talk to your CPA for proper estate planning. ;-)
Lol, wow, your just something else. So, exactly how do you sleep at night? I mean seriously, I have always wondered how one who lives a life of lies, how do you sleep?
You CLEARLY have 0 clue what your talking about, and at best google things and regurgitate a basic google search.
But a "real estate coach" LOL.
So, you've earned the distinction of being blocked, good bye.
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