All Forum Posts by: Jake Waslaski

@Bill Brandt well said thank you for your time on this reply. I’m looking into a 121 and finding the right tax professional to help with both these

@Dave Foster thank you for your reply I’ll dig a bit deeper and get it sorted out. Never heard of a 121 so I’ll look into it

@Jaysen Medhurst

Appreciate the reply I’ll rework the numbers and go from there. Thank you

Okay I have a little over 200k in equity on my first rental house. I plan to use the equity to jump into a larger complex. I have looked up and studied 1031 exchanges for a while now knowing I’ll be selling when the current tenant lease is up in October.

My business partner said he spoke to a tax professional and I have confirmed since I recently lived in the property 3/5 years there won’t be any capital gains.

My question is, is it worth it to do the trade up on a 1031 or just sell the property and leave it open for new properties. I have not done a 1031 but I know I would use a 1031 professional. However 1031 has its limits.

What other taxes would I pay selling the house? Income tax?

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@Dave Foster

Thank you Dave awesome information I’ll follow up once I move on it

@Alex Olson

Thanks for getting back to me. I’m looking for one in the Seattle area now.

Looking to speak with a seasoned "Investor LLC Lawyer" to ask if I should start to Incorporate.

One Rental property currently managing.

There is significant equity built and planning on buying one or two properties this year. I want to be protected.

Main reason for the LLC, other than the obvious protection is to start better tax planning. So will an LLC on the property be better for tax savings?

also I want to move the property into the LLC to better my personal Debt to Income Ratio but I am curious of the ramifications of the "Due on sale clause"

Does anyone know anyone in the Seattle area ( Kent preferred) I can speak with briefly.

Finally- contemplating a 1031 exchange on the property anyway in a year or so and thinking that incorporating is pointless if that’s the plan.

Thank you for your time,

Hello,

I have my first lease signed in my newly fixed up SFH and I have a question about the security deposit. I need to put it into a TRUST account but I'm curious if there in any recommendations of banks with higher interest or ease of use.

Also I’m curious in anyone has recommendations for a good attorney to ask a few questions in the Seattle area, Kent WA

Thank you,

I appreciate everyone's help, looking into one one more location. I have been in a... state of analysis paralysis it seems, but moving past it. I'm going to continue to look into Huntsville mainly because of my personal contact there. Ill re-post when I finally make a move.