All Forum Posts by: Cindy Harney

@Dave Foster thank you so much! That’s likely why I couldn’t find a specific answer. I’m a rule follower, so I was searching for a rule! That’s great to know! We already have a 6 month tenant lined up while they build a house and possibly a year tenant after them, but we would much rather invest in something that has a better return so we may just sell after the 6 month guys move out. I appreciate you sharing your knowledge!

@Wayne Brooks we just bought it last June so it only served as our primary residence for a year. Therefore the profits would be subject to long term capital gains.

I searched all of the questions on the forum and couldn’t come up with an answer to this one...

My husband and I own a house as our residence but are building another house and are going to turn the current one into a rental.

Curious how long we have to hold it as a rental before we can use it in a 1031 exchange. We have about $50k equity, which we would rather invest in something that cash flows better.

I have also done numerous google searches trying to find this answer and I just can’t seem to find the answer. Any help would be greatly appreciated!!

Would love some advice!

My husband and I purchased our current home in June 2018 for $160k. We were planning to downsize, but I am pregnant so we are building and upsizing again - we both work from home and this will be Us plus three kids in 1500sq ft. Just can’t do it.

So, husband wants to rent the house out. Mortgage is $1150 and we could rent for about $1300 per month so not much extra there. The house is in great shape! Roof is about 8 years old, but Ac will need to be replaced soon (about $4000) as the unit is undersized for the house so it struggles in the GA summers. Anyway, the house is in an incredibly desirable school district and would stay rented! Likely no down time between tenants.

The market for our price point is strong, though and we could probably get $200k for the house if we sold it. However, we would owe capital gains taxes if we sold since it hasn’t even been a year.

We have had rentals before and I’m a real estate agent so the ins and outs of being a landlord don’t scare me. Just the lack of cash flow. Any advice about which route to take would be greatly appreciated!

@Shane Ward don’t count on credit karma! Sometimes they are close, but my husband looked at his score on there and it showed 100 points less than what our lender pulled for our mortgage. Just my two cents.

@Mike Huerta I would certainly find a new agent. It may help to join a local Facebook for sale page and ask for recommendations. May sound like a cheesy way to find an agent, but my experience is that the best agents are tagged numerous times. That’s the way it is in my market. And we have the same issue here. I’m just outside Savannah, GA and good listings have offers within hours of going live. It’s such an insane market here! I love being an agent in this hot market! Best of luck!

Just joined Bigger Pockets and thought I'd help out (I'm a realtor in the area). This zip code is a huge area and has a potential to be a good location, but there are also some less than desirable parts. I tend to go on google maps street view and 'ride down' the streets surrounding a property to check out the neighborhood. If there's a lot of loitering, unkempt yards, broken down or old cars in the street view, I just look somewhere else.