All Forum Posts by: Christopher Fovel

Seems like a pretty good deal, Anastasia! Indianapolis seems like a market with a lot of potential as well (Go Colts)!

Thanks for the input everyone! Definitely will be a conversation with a tax professional.  @Andrew Postell I agree with you and think it makes sense to reevaluate in two years. I am not having any issues with it at this time, so it's not like I'm dying to get rid of it today. @Dave Foster and @Michael Plaks - Thank you for that information! I did not think about taxes on the gain for the side I rented!

Hi All!

I just moved out of a house hack (duplex) that I lived in for over 2 years.

Since I purchased it, it has appreciated by about $80,000.

I learned that if you have owned and occupied your property for at least 2 of the last 5 years, you can avoid paying capital gains taxes on the first $250,000 of the gain. Based on that, it seems to me that selling the property in the next three years will be the only opportunity I have to capture the equity without borrowing on it, utilizing a 1031 exchange, or having to pay taxes on the gain.

I understand that my goals and financial situation could affect my decision, but my question is: Is that a legitimate reason to sell the property? Or is there something that I might not be considering/ understanding correctly regarding this rule?

Thanks!

I’m also from the Rochester area. North Greece to be exact. I’m pretty new so I’d love to connect with other investors from the area!

Also @Matthew Irish-Jones, Buffalo will always have Buffalo wings! Rochester needs something too!

Hi BiggerPockets community!

I'm looking to build wealth by investing in the Rochester, NY area. Planning to start off by house hacking a small multi-family and scaling up from there! I've been listening to podcasts, reading, and learning for a while and feel like I'm finally ready to take action! That being said, any tips for finding my first deal are definitely appreciated! Thanks for reading!