All Forum Posts by: Gene D.

@Neal Collins

Very good point, I thought about it as well. From the brief chat I had with my tax preparer, my understanding is that the profit wouldn’t be completely tax free, as I’ve already started depreciating the property on my 2014 tax returns, same will apply to 2015. My understanding is that a prorated portion of the net profit will still be taxed.

Assuming property was purchased Sept 2010 and is sold Sept 2015. I resided there from purchase date until tenant moved in on March 1, 2014 and will move out on Aug 31, 2015. Total 60 months of ownership, and 18 months as investment. Approximately 30% of the profit therefore is taxable.

Am I understating this correctly or are you saying that it’s just as simple as “if you live there for 2 of 5 years it’s totally tax free”?

Thanks

@Jeremiah Hilliard

Thanks for the comment. That's in line with my thoughts as well. Assuming I can pull out about $300k from NY, I can get anywhere from 2 to 10 quality properties down in FL, with a rent roll of about $10k. What net income should one aim for in your opinion within that equation? I'm also not confident about the FL potential appreciation in the market, as I think NY is likely to outperform both short and long-term. Plus, there is no added headache involved with dealing with added tenants.

I'm also contemplating hiring a local turnkey operator to try and pull off a couple of foreclosure flips. How is your local market in terms of these opportunities? Any insights or suggestions welcome and appreciated.

Hello everyone, thanks for taking the time to read this.

I have a condo that currently can sell for ~ $700k, originally purchased for ~$500k, 30 yr fixed at 4.625, currently rented for $2,800.  All other monthly expenses ~$500 (tenant pays,water, heat, etc, property is tax abated for the next 10 years, with annual taxes  currently projected at ~8k).

While nobody has a crystal ball, I suspect it may keep going up by about 5% per year, a pretty popular area in Brooklyn, NY.

I lived there myself for the first 3 years and have rented it for the past 18 months, the current tenant moving out, rental demand is very strong, getting someone else should be no problem or can provide vacant if decided to sell.  Costs me zero to have a realtor screen and bring in a tenant, as the renter takes care of the fees in my part of NY.  The building also has a mgt co available for small repairs, very reasonable fees.

I moved to Florida and am currently looking at investment opportunities in Palm Beach, Dade and Broward counties, there seem to be options out there for a higher return on both flip and buy and hold.

I'd love to hear any thoughts on the correct move or to connect with someone that has local FL area knowledge.