All Forum Posts by: Jeff Melby

@Trevor Fleck - we are looking in the Tampa/Clearwater/St. Pete areas right now. Just getting started really. 

@Brad S. - Thanks for talking through the different angles. Without getting into too much detail, your guesses are pretty accurate. Our goal is to build a portfolio of long term buy & hold rentals, while working in our current careers as long as we can. While cashing out is tempting, I think we feel better about holding onto the property. 

@Dave Foster - My wife wants to keep it and I originally wanted to sell. I’m warming up to the idea of keeping it now. The feedback I’ve received here has helped quite a bit. 

We moved out of the house in Aug 2020 after living there for 4 years and began renting it. I’d say it has appreciated at least $300k (possibly $400k) since we bought it. The “live in it 2 out of the last 5 years” deadline would be in Aug 2023. If we sell it before the deadline, we’d pay realtor fees which would be around $60k. 

If we go beyond Aug 2023 and sell it (assuming things remain similar to where they are today), we’d owe taxes on $300k-$400k of gains on top of the realtor fee. 

I think holding it for the long term and plan on a 1031 exchange down the road would be best. Let the property appreciate, pay down the mortgage, delay the realtor fee, delay the tax bill. 

Thoughts?

Thanks for the replies everyone. We’re going to hang onto the CO house and keep renting it. We’ll probably pull some equity out to start investing here in FL. Here we go!!!

Thanks Bryan. This is helpful and supports what we have been thinking. The property does cash flow and I think we can manage the property from a distance for a while longer. 

New member and new investor here!

We moved from CO to FL last year and are currently renting our CO home. It’s currently in it’s 2nd 1 year lease. It’s in a great market for renting and real estate

We have a significant amount of equity in the CO home and it’s far away so we hire people to fix issues as they come up.

My question is, should we sell the house and use the proceeds to start up a rental portfolio in FL or keep the CO house and use some of the equity to invest in FL properties? I know we would avoid realtor fees if we do t sell, but I’m not sure what the smart move is here. 

Thanks!