All Forum Posts by: Ray Slack

20% return on a flip is my min return.. So, it depends on how much work the place needs. So, I would say 70-75% of ARV - Minus renovation costs.

Great answer/reply.. Went to your website and lots of good info there too.. Thanks. 

Just one more question I'm curious about. 

 If someone bought a house for $500,000 lived in it for 10 years and then rented it out for the last 2 years and then sold it for $1,500,000. 

They are single so they could take the $250k exclusion for the sale of a primary residence. (Lived in 2 of the last 5 years)

They still have $750k cap gains, Could they also 1031 the sale of the house since it was a rental property for the last 2 years? 

Ray

I'm selling a rental property for $550k and holding $130k in seller financing for 1 year with a balloon payment next year. I bought the property for $80k.   My questions are these:

1. Would I need to buy replacement properties that totaled $550k ?  or my Basis in the property of roughly $470k ? (rental is vacant land so no deprecation)  Or would the $130k be boot next year when the balloon comes due?

2. If I buy 3 properties that Total the $550k or whatever it is that they need to total and then down the road sell just one of those properties and wanted to 1031 again would I only have to invest the sales price of the property? for instant I would buy 1 property for $400k and 2 properties for $75k to total $550k ..  Then in 2022 I want to sell one of the $75k properties for say $100k.. I would then only have to purchase a new property of $100k or over correct?

Forelcosures are tough in Miami because they are not sold free and clear.. All liens convey to buyers. You need to do a title search before bidding.. It's not like other counties or states where you get clear title.. That being said. This is where you can see them www2.miami-dadeclerk.com/mfs/

Congrats..

You listed two mortgages recorded in Sept 2006. Double check the recording page numbers to make sure the Federal saving bank was recorded first.

IF the mortgage foreclosing is the first recorded mortgage it will wipe out all mortgages and liens recorded after it. (As long as they were all named in the foreclosure suit as defendants and properly served) 

You need to do the "dirty" work that we don't want to do anymore.   Knock on doors, ask around to try and find distressed sellers.  drive through neighbors and looks for signs of run down or vacant homes, ect.  

next Learn your market. It's really insulting seeing deals from wholesalers claiming ARV of properties 10% to 20% higher than ever possible.

It's all about the number.. What makes a deal attractive to cash buyers is the abitlity for us to make money weather it's from buy and flip or buy and hold

I may be wrong but I don't believe you can legally "only go for section 8"  .. The new law in MD makes it illegal to discriminate based on source of income. 

IMHO - In the city the main A  areas are Federal Hill and Canton, B areas would be Harbor east, little Italy, Otterbein, fells point,