Selling my first property

[Matthew Powell]

I'm selling a rental property for the first time. Curious as to any tips from the seasoned investors on how to take the proceeds of the sale and smartly utilize the LLC or other properties that I own to reinsert the money. Trying to figure out the best way to minimize the tax burden. At this time there is not another property I am looking to purchase so a 1031 is not really an option. I own 4 other rentals and curious if there is a smart play or do I just pay the CG taxes and put the money to work elsewhere?

[David M.]

I think you should sell the property outright, pay the taxes owed and move forward.  I see alot of people fretting over capital gains before they even figure out what the tax amount will be.  This is the reason why a sophisticated investor has an exit strategy that takes into account the expense of a sale ( taxes, legal fees, broker fees, etc).  Once you have an accurate idea of the costs of selling, you can adjust your sale price until you are comfortable that you will walk away with enough money.