All Forum Posts by: Carmen Chow

I was told that you cannot charge potential tenants more than $40 per family in terms of background/ credit check in New York? Does anyone know if this is true? If so, the 2 background/credit for the 2 sons would come out of my own pocket

Thank you everyone for your valuable responses..will ask for credit/background check for the 2 sons as well!

Hoping to get some advice on fellow BP members.

I’m planning to rent out a unit for a family of 4. Mom, 2 sons of working age and a 17 yo daughter in school. The combined monthly income for the mom and the 2 sons are about 3.5x the rent. Credit/ background check for the mom is cleared and she has minimal debt (mom paid a total of $40 on cozy screening).

My question is, would you also advise doing a credit/background check for the 2 sons as well? And who should be responsible for the fee?

@Peter MacKercher just messaged you

@Gary Carver just messaged you

@Dave Foster

Thank you so much for your responses!! I really appreciate that.

If I can just pick you brains a bit more: 
The other side the coin,
Lets say we decide to sell the house right now- how much would we get taxed for capital gains? Say the house was brought for 300k and sold for 1 mil.  I understand if you live in the property 2 out of the 5 years, 250k would be tax exempted and we would get taxed accordingly based on income. But since its under 3 people's name and we moved out at different times... how does that work?
Sibling A- moved out more than 5 years ago Sibling B- moved out 2 years ago Sibling C- moved out 1 year ago
My question is: would the capital gain be split among the 3 siblings and taxed differently? 

Lets say in 5 years, we decide to do a 1031 exchange on this property

House was brought for 300k, say we can sell for 1 million (no mortgage) 

We use that 1 million and buy 2 condos (all paid off)

Condo A for parents living

Condo B as rental property

Would that work?

@Dave Foster , how long would you need to hold the property to qualify for 1031 exchange suppose we restructure it going forward? 

thank you for that info!

Hello BP members!

Here's the situation,

My parents currently reside in a single family house (Title was under my parents name originally and was changed over to me + my 2 siblings 9+ years ago). My siblings and I don't live in that house anymore.  Can I do a 1031 exchange on that property? 

Any advice would be appreciated, thank you!