All Forum Posts by: Matthew Catanzariti
Matthew Catanzariti has started 12 posts and replied 35 times.
Post: Right time to walk away?
- Saugus, MA
- Posts 38
- Votes 9
Quote from @Cody Mitchell:
It really all depends on your goals, which from the above thread seems like you are unsure. One thing that I think would be helpful would be to look at the return on equity that the property is generating for you, and use that as a baseline. Do you think you can get a better return on that equity? If so, then sell and get a better return. If you don't think you can get a better return on equity then you should keep it.
Again all of that is not important if you think decide on a different goal. Hope this helps!
Post: Right time to walk away?
- Saugus, MA
- Posts 38
- Votes 9
Quote from @Theresa Harris:
Run the numbers. If you can save that much in capital gains, why not sell it and use that money to buy a rental? How long would it take you to make that in rent on the current place?
thats the thing, not sure if I want to deal with another rental, maybe looking to just cash out and try some other business ventures
Post: Right time to walk away?
- Saugus, MA
- Posts 38
- Votes 9
Trying to figure out if it’s the right time to cash out and walk away. I’m still in the capital gains exempt territory but only until the end of the year. I have a 3-family purchased for 575 in 2017 and is worth about 1mil now. On one hand I love the idea of not worrying about the property, on another I get the long term move of keeping it, just not sure which is right for me, how did you make the decision? I’m a high earner if that makes a difference, I don’t NEED the rental income.
Post: Is it time to sell 3-unit property
- Saugus, MA
- Posts 38
- Votes 9
I’d be interested in selling and getting something larger and use a management company for a more hands off approach. My other option is selling and putting the money into some other type of long term investment (market). What type of taxes would I be looking at if selling? I’ve lived in it for more than 2 of the past 5 years so as a married couple I know the first 500k in capital gains wouldn’t apply, what else should I take into consideration?
Post: Is it time to sell 3-unit property
- Saugus, MA
- Posts 38
- Votes 9
I have a 3 unit I purchased in 2017 for 575k in todays market I’ve been offered 950k for the property. Within the next couple of years I’ll have to do some pretty big projects to the house including siding, some windows and redo one of the units.
Am I crazy for thinking about selling? I know people on here say hold hold hold but it seems like selling may be a good idea.
Post: Taking advantage of tax rebates, writeoffs? 3-family
- Saugus, MA
- Posts 38
- Votes 9
I just purchased my first three family home in Massachusetts. What are some common and over looked tax deductions/rebates I should be aware of come tax season? Just want to get my stuff in line to make sure I take full advantage of anything I can.
Thanks in advance for any replies!
Post: Raising rents on new acquisition.
- Saugus, MA
- Posts 38
- Votes 9
I'm okay losing people. So you don't think I should raise it to market rates?
Post: Raising rents on new acquisition.
- Saugus, MA
- Posts 38
- Votes 9
I recently purchased a new multi-family unit and the rents are below market by a pretty good amount. They are paying 1100 while market rate in my area is 1400-1500. My question is, is how do I go about raising the rent? Do I just try to have a conversation with the tenants explaining the rate increase? Or do I just send them an official letter stating in 30days the new rent with take effect. Sorry if it's more of an amateur issue this is my first rental property.
Does anyone know someone who specializes in this type of property?
I'm looking in the Saugus, Revere, Lynn ,Salem, Peabody areas. I'm ideally looking for a 3+ unit