All Forum Posts by: Karen O.

A lot can happen in a year.  

You write that you have no intention of selling the condo.  Not knowing if you mean now or if you mean ever, I'm assuming you mean now or in the near future.   This suggests you plan to keep the condo after you move in with fiance and even after you get married.   

So, refinancing to the longest term and the lowest interest rate you can get, to reduce your required monthly payment seems right to me.  While you continue to live there, you can always make larger payments thus prepaying the mortgage to increase your equity and reduce your overall interest payment.  Then if you rent it out, net income left over after accounting for emergency fund and other expense allowance, could also be used to prepay the mortgage and add to your equity.  

I don't understand the thought that if you did the work now you'd have to do it again in the future.  Foundation repairs aren't the sort of thing that go bad every 7-10 years.  

Aside from that, if you know the foundation is going to need work, you should include it in your calculations.

RE the property tax - are you sure about the taxes or tax value?  

The county in which the property is located may use an 'assessed value' for property tax purposes that is different from Fair Market Value. When you look at comps, you're looking at comparable value of similar homes if you were in the market to sell or buy. The town's process for calculating property taxes may be to use an assessed value that is a fraction of the FMV. A little digging of nearby homes on your town or county's website, might determine if the assessed value is lower than FMV for all the houses in that area.

It might depend on the age of existing capex system.  IE if the sfr has a newer roof water heater and furnace (less than five years), I'd use 8-10%.  If any one of those systems is in need of replacement in less than 3 yrs, then I'd prepare for the worst and use a higher %. You might also consider starting on this adventure with an emergency fund in place that you build up monthly since things can go bad quickly.  

Nice job. Congratulations.

The CG exclusion s allowed on a property you lived in as a primary residence for two of the past five years.  So, if you move out, and rent for 2 years or less and sell, your exclusion will stand.  Rent for more than 2 yrs and then sell, the CG will be taxable.  

So you'll have to decide what's best by running the #s with your accountant.

Investing in RE will ultimately involve running a business.  And while you may farm out some of the work, youll want to know what ppl are doing for you is correct. 

Before quitting, consider speaking with a guidance counselor. Explain your interests, and see if a curriculum that would advance your RE knowledge can be created. You might find classes in business law, accounting, investing, architecture, sociology, psychology, construction or construction mgmt worth including. You might find that you need to be at a different school.

Nicely done.  Congrats.

That's what the 2nd broker told me as well.  

What Jason Green said.  sometimes the websites have outdated info. The calculation Jason mentioned will give you the fiscal year annual tax.  If you want monthly, divide by 12.  

Had same experience with auction. Com.  You're off the hook once they release CC and relist property.