All Forum Posts by: Joe Shepherd

@Lorenzo Prieto Thank you!

Hello All,

I purchased my first investment property in 2019 in my name. I have the proper insurance coverage but still don't feel extremely comfortable that it is in my name. After a few years of being a landlord I am now ready to pursue my second property. I am still in the preliminary stages of this but wondering if I should try to purchase a 2nd property in my name or if I should look at other options like an LLC? Any advise would be extremely appreciated! I am just starting out in real estate and trying to gain as much knowledge as I can.

Thank you in advance!

Hell All!

I am on the search for my second rental property. Is it time to form an LLC? What are some of the pros and cons to doing this. Anything helps.

Thank you!

@Joe Shepherd I also have put in a lot of work to the house and have made a lot of upgrades. Is there anyway to classify this as a flip?

Hello,

I bought my house in April of 21 for 185k. It is now worth 250k in just a few short months. The house down the street from mine is the exact layout and just as nice as mine sold for 250k yesterday. Is there a way I could avoid capital gains tax if I decided to sell my house? I see that I might only owe 12% in taxes as I was a college student last year and didn’t make enough money to be in a higher tax bracket. Can some please advise? I feel like I need to take advantage of this market but am extremely nervous about the decision. What are the pros and cons of potentially selling my house? Any advice/responses would be appreciated!

Thank you!

@Cassi Justiz the $50,000 would be profit after fees. I could buy the investment property and not move in and rent it out right away. After refinancing, it still would cash flow a couple hundred dollars.

My goal is to have two investment properties and the $50,000 in the bank.

Hello all, I just bought my second house. I currently have one rental and now this house. This wasn’t an investment property and the plan was to live in the house for awhile. With today’s market I could make $50,000 on the house after just a few short months. Very tempting. I don’t want to pay taxes on the money earned so my thought was to do a 1031 exchange and buy an investment property for around $85,000. I would live in the property for a little while because I would have no where else to go. Say I take all my earnings do an exchange and then refinance the investment property to take all of the money back out. Is this a feasible idea? This would leave me with 2 investment property’s and the $50,000 I made off of the sale. It makes sense in my head but I don’t understand the full scope. Any advice or thoughts would be much appreciated!!

I currently have one rental property in Toledo, OH but looking to expand my portfolio soon. How important is it that I get an LLC? I am renting to students and currently don't have a ton of funds. I appreciate any advise. Thanks!

I am currently a 20 year old college kid. About three months ago I bought a house across the street from the University that I attend. It is a four bedroom house and I rent out three of them and live in the master. I payed a pretty good amount of money (for a college kid) upfront for this house but now I virtually live there for free and even make a little money each month on rent. I have been interested in real estate my whole life and now I am just wondering what would be my next steps in the real estate market. I am interested in flipping/renting properties and don't want to work a corporate 9-5 job. Any advice would be great. Thanks!

I am currently a 20 year old college kid. About three months ago I bought a house across the street from the University that I attend. It is a four bedroom house and I rent out three of them and live in the master. I payed a pretty good amount of money (for a college kid) upfront for this house but now I virtually live there for free and even make a little money each month on rent. I have been interested in real estate my whole life and now I am just wondering what would be my next steps in the real estate market. I am interested in flipping/renting properties and don't want to work a corporate 9-5 job. Any advice would be great. Thanks!