All Forum Posts by: Dave Currence

Originally posted by @Elizabeth Colegrove:

How much money is the question? Unless you exceed capital gains that would be your best avenue. If you do exceed capital gains, most CPA's argue 1 year of renting your house out but again intention is important. 

I recently did a 1031 for family. It was very successful as we were able to turn 1 asset into 3, triple our income and leverage. So again it all depends. 

The 1031 has lots of rules but it can be awesome but so is the capital gains. Really more information is needed. 

Profit

Depreciation Took

Goals

If you want to discuss off line feel free to pm me! good luck :)

 Thank you, Elizabeth.  I realize that there are more details you (or anyone) would need, and I really appreciate your detailed answer with what I gave you.  I guess the most important piece would be the gains....it would, very likely be well over 500K, that is actually sort of what sparked my interest in getting more information about 1031.  Ultimately it is something that will be decided with our CPA's, but I would like to try and learn as many options as possible for when the day comes to sell this.

Certainly it would be most advantageous for us to put the gains, tax deferred or not, into an investment property(ies) so that is probably the route we would go after selling.

It's been great being able to ask questions like this, and get answers from people who have actually been there.

Thanks!

The scenario is this....Purchased a condo in Manhattan in 2006, it served as our primary residence until October 2014.

Since October 2014, we have been renting it out. 

Basic question is...at what point, if any, would this property become "eligible" for a 1031 exchange.  There should be some substantial gains on the unit, both from appreciation and improvements so if there are ways to defer CGT if we should sell, that would be great.

I'd love to hear from any specialists here on BP.

Thanks!!!

Nice stuff, Adam K. ! Thanks for taking the time to share this, and your experiences so far. It's especially valuable to those of us in NYC. Personally, I think you're opinions on the appreciation potentials in each of those neighborhoods is pretty spot on, but we also know that in NYC any of them could jump off at anytime.

Hello Everyone!

Since I stumbled on Bigger Pockets, i have been doing a lot of reading around the forums, and the blog as well as listening to the podcasts.  In the interest of not just being a lurker....I wanted to introduce myself.  

I am pretty new to all this, but have been interested in REI for a while now, and would like to transition my business focus into this arena. I have been in the restaurant/food business for most of the last 20 years, having been in business for myself the last 7 of those. I live in Manhattan with my wife and our two young children (2yrs and 3.5 months old, respectively). I have focused my preliminary searches within a few hours drive of NYC, almost exclusively only in NY State. I have begun looking on both sides of the Hudson, and at this point, I am just trying to find a market to focus in on while I try to fine tune my plan.

For now, I am looking with the intent to rehab and flip, either SF or 2-3 family (after occupancy). However, all aspects to REI are interesting to me at this point, and I envision a portfolio with a mix of different properties.

Aside from the excellent knowledge base here at BP, I am also looking forward to networking and connecting with everyone.  Being able to connect with those more experienced, and more successful, than me is very appealing to me and I hope that as I gain some experience I will be able to contribute more here.

Looking forward to sharing some deals here on BP,

Dave