All Forum Posts by: Cris Mullen

Staying the two years isn't an option at this point. My property is on a busy street in a desirable neighborhood. 

1. The selling process is already underway.

2. My thinking is that the market is peaking right now. The property is kind of unique and I feel like taking advantage of the market makes the most sense for me trying to get out of this thing.

3. Wife and I are working well together and will share in all of the profits and liabilities.

Thanks for the feedback on this. After deducting the closing costs, it might not be too bad. Plus, I think my rate may be closer to 10 percent instead of 20.

Doesn't look like I qualify for the 1031. Thanks!

Selling my primary home after a year and a half of ownership. Bought for 300K, selling for 340K. Quick research tells me I'm going to be paying 20% on the 40K profit. Is there any way to avoid this? I am planning on buying another primary home for 200K. I'm getting divorced if the tax code cares about that.

Thanks!

Well this thread hasn't aged well ...

Thanks for all of the advice, colleagues. I started the process with my property management company on Monday. Just wanted to see if I was being too cold in the midst of a national emergency. Out they go ...

These folks have been behind for some time now. They owe me a significant amount of money. Is it wrong to evict in the current coronavirus climate?

@Nicholas W. I know you said you hired out the plumbing. But did you do the rest of the bathroom, tiling and flooring all by yourself?

Hey @Aaron T., 

What are your thoughts on Pasco/Hernando area? Trying to find a duplex in a decent neighborhood up there.

Jake, 

You should strongly consider house hacking. It allows you to significantly lower the amount of your down payment. Significantly. Buy a duplex and live in one side. Buy a single family home and rent out the rooms. Even if you only do this for a year, the money you will save yourself up front will be substantial.