Updated almost 6 years ago on . Most recent reply
New Member out of Chicago
Hello everyone I am out of the Chicago-land area and am excited to start investing in 2020. I am selling a single family rental next year and from that I will have a good size down payment for a great multi-family. I have a family member that wants to go in with me so I need to make a great decision for our first investment.
I am happily married with 2 1/2 kids, as we are expecting in late May 2020. I am 50 (yes younger wife!!) and want to retire replacing my current salary+ by the time I am 59.
The current single family rental was my house for which I could not find a buyer in time to close on my current house so I just rented it out. Which worked out well however with the new tax law I have to sell by eoy 2020 or get hit with a 15% tax when I do sell it. It is renting at a loss but has sufficient equity to sell.
Looking to get into large multi-family property. Looking forward to learning about the financing aspect of all of this. Right now that is my biggest uncertainty but am learning as I go along.
Very excited to be here and learn from everyone!!
I hope this post is in-line with forum expectations for the intro portion. Moderators be merciful! :)
Most Popular Reply
Welcome to the BiggerPockets community, @Bryan Darge! Have you considered a 1031 exchange rather than selling your single family rental? Just a thought.