All Forum Posts by: Mike Chang

Thanks, Ryan, this helps a lot. Appreciate it,

Mike

Hi Ryan,

The original purchase price was 200K w/ a 25% down payment of 50K.

The sales price is 305K, and I'd have to pay off remainder of mortgage which is ~140K.

So, after fees, my back of the envelope profit would be ~90K.

The plan would be now to purchase 2 properties at 170K each, and use the 90K as down payments for each, but then take my original 50K back into cash.

It sounds like since its a partial 1031, that 50K would still be taxed for capital gains then?

Thanks,

Mike

Hi,

I'm thinking of doing a partial 1031 exchange. I'm hoping to just move the profit from the original property sale into the exchange, and then taking the original down payment out in cash.

Does anyone know if that would clear me of the capital gains taxes? Or will the original down payment still be taxed?

Thanks!

Mike

Hi Bryan,

Thanks for your feedback! Wow, yes, it's a small world! I was thinking about buying one of their houses as an investment. Their product did really well in 78704 and Tarrytown. In S. of Ben White area, the prices were good and I liked the new construction/low maintenance/green aspect as a landlord...but I was on the fence about the area. I think long-term 3-4 years, it'll be great, but there are still some sketchy areas.

Their future projects look interesting too...but at a much higher price range, I'd be worried about being able to cashflow on them unless I got a great price.

Were they also looking for investors? I'm not sure I'm in that league yet :)

Mike

I wanted to get any opinions on houses in this development as a potential investment.
http://pswrealestate.com/creeksidehomes/

I like the idea of solar/green houses, and I'm wondering if there are any strong pros/cons of that. It seems like a great idea. I noticed quite a few have gone under contract recently.

Thanks, Bryan. It's interesting so many Austinites are joining at the same time!

Hi,

I joined BP after a friend of mine told me about it, and I decided to check it out. I think it's great that people are wanting to share and help others with their own experience and knowledge in real estate!

As for me, I own a few rental properties around the downtown Austin area. I grew up in Austin, and love the city (as many do). It's changing a lot, but in a great way, and I'm very interested to see how it develops over the next couple years.

My goals are to understand how to spot and forecast trends early, and also network with developers. I'm interested in acquiring additional great properties in the Austin area for positive cashflow.

Looking forward to learning more, and meeting interesting folks with great ideas and experiences as well as sharing a few things I've learned.

Mike