All Forum Posts by: Jimmie Dickey

Hope the turn out was great. 

I saw another one of your posts talking about the price of single family houses in Auburn / Opelika. I'm at the point where we are considering selling our primary home and purchasing a live-in fixer because values have appreciated so much, so quickly over the past couple years. I get nervous when values get like this...

Is the area legitimately growing at a pace that the desired housing supply can't keep up?

Hated to miss! Things are clearing up soon-wife is finishing grad school. Hope things are going well!

Wednesday @ 6 would be my best chance of making it, but I can't commit totally yet. My wife is completing a graduate internship right now and extra time is literally non-existent. You guys go ahead and I'll jump in when I can.  

Not sure of the the number exactly, but i really enjoyed the one with Clayton Morris. His wife Natali also has a good one.

Good question....I would probably be interested in attending in the future, but the next 4-5 months are just totally nuts for me. While all markets are different, my thought is that Columbus and Montgomery are relatively similar while Auburn/Opelika is a different animal altogether. I crunch numbers (buy and hold) on a lot of properties that come on the mls in Auburn and Opelika, and I don't come across many where the 2% rule works. My UNQUALIFIED OPINION is that 1% is a pretty good goal for this area. I know that the MLS isn't the best place to find the best deals, but there have been a few that had the timing been right, I would have been interested. From reading her posts, I'd bet @Helen Kirk has some insight on this....

Welcome @Landon Kemp-I'm also in Auburn and own a SFR in Opelika. We're in savings mode right now for our next investment.

I've been able to locate investors (though I haven't reached out to them) using tax records of properties I've been watching that are available for rent or currently under rehab. Also met a couple of investors at the courthouse auction in March. Good Luck to you!

"Breaking even" would be outstanding with me. Our initial reason for turning this one into a rental was that we were ready to build our next home, but the market totally sucked in that area 2-3 years ago. There was no way I was going to write a check just to move out of that house (like a few of my former neighbors did). The neighborhood is full of nice 'starter' homes and a lot of folks were so eager to move up that they made what I consider to be bad decisions. The market recovered stronger and quicker than I thought it would, so now instead of writing a check back then, we should be able to cash out 15K-ish in equity.  

Thanks for the info to both of you guys. 

We are in the boat that we may be selling our primary residence within the same time frame and would more than likely want to use the capital gains exclusion on that, as we have a more substantial, actual gain. 

i appreciate the insight. This is the part that isnt logical to me....i paid 155, had 5k in appreciation, took 6700 in depreciation, but have to pay taxes on a 62,000 gain??

Thats part of my problem-There is obviously a lot of bad information out there. I read one today from what I considered a reputable source that the value at the time it was put into service was only used if the property was sold at a loss. 

Also...Would my basis not be that 97,203.40 PLUS the value of the land?