All Forum Posts by: Parker Bowden

Quote from @Dave Foster:

@Parker Bowden, $20K in profit for you is probably $4K of tax.  You'll pay around $1K for an exchange.  So net savings of $3K.  Probably not a must do situation.  But if you're buying real estate anyway - why not?!

 It'll be around $100k profit, so i was thinking $20K tax. 1 to save 20? I'll take it! I've booked a consult already :)

Quote from @Rick Baggenstoss:

Hi @Parker Bowden.  Welcome to BP!  What part of N. Metro?  I may be able to connect you with some folks.  

Hi @Rick Baggenstoss, thanks! TBH I'm not sure I qualify as Metro anymore haha I'm in Canton, but grew up in Lawrenceville, and spent several years in Roswell. 

@Sean O'Keefe I call it a hunting property, as we occasionally hunted on it, but it hasn't been hunted in years. My Dad purchased it at auction to hold for investment a few years before he passed, I've held it since he passed for several years for the same reason, so I believe that would qualify for 1031, no?

@Dave Foster Tax would probably be $20K that I'd rather keep and fund a cash flowing investment, but I'm just getting my feet wet with 1031, I'd heard of them before, but never considered it until this week. Would that be enough to justify pursuing the 1031? My potential buyer has been interested since before my Dad passed away, haven't discussed this with them yet but, I'm sure they'll be ok waiting until I'm under contract on my replacements.

@Sean O'Keefe

Good Morning BP,

Just finished my 1st module of Rookie Bootcamp, and thought I'd post here to introduce myself to the broader BP community. I, like a lot of people here, have been interested in REI for many years, but always found an excuse why timing wasn't right. Hindsight is of course 20/20 and I regret all of those excuses, but the second best time to plant a tree is now, so I'm pulling the trigger, market timing, shmarket timing.

I'm in the process of selling some inherited hunting property to a family friend to fund down payments on my first few rental property investments, perhaps looking to 1031 if possible for tax savings. Currently, leaning towards medium or long term rentals, with minimal updates required to begin cash flowing ASAP. Longer-term goals would be to have multiple short term rentals in various vacation spots around the country(beach & mountains), allowing family vacations to be more frequent and requiring less budget considerations, plus reap the tax advantages of RE. I have 12 years experience in corporate accounting but I left the office 2 years ago to become a stay at home dad and assist my wife growing her online business. We've just had our second child and would like to begin transitioning back to traditional family roles and re-diversify our income sources. Naturally, I would love to remain out of the office and not work the hours accounting demands to remain an attentive and fully-involved parent.

I'm based in North Metro Atlanta, and initially looking to invest in that market. I'm looking forward to meeting new people in the community and building relationships.