All Forum Posts by: Kevin Mejia

@Kevin Mejia

Thank you guys so much !!! I’m learning so much! But I think I’m most likely going to take the 1031 advice and take some tax free

I was 19 when I joined bigger pockets and gained so much knowledge. To keep it short. I worked etc. (W2 job) eventually found a good deal. I bought it for 220k. It can sell now for about 400k. I lived in one the units for 2 years and rented out the others. My understanding was the gain was tax free if I lived in the house for 2 years out of the 5 for FHA. Now I have been told only 1/3 of it would be tax free. The rest of the gain would be taxed. So confused help. BTW I do not mind paying the taxes but it is a BIG CHUNK! Thanks BIGGER POCKETS !

@Eli Lederman yeah . Tomorrow I should be able to speak with her. One realtor told me he has done it himself before . He is also an investor .

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Finally closed on my 1st FHA 3 unit deal. Cash flowing about 400 a month and get to live rent free! I initially got my pre approval when I was 22 turning to 23. Finally at 23 I got to close last Friday. Big shout out to Bigger Pockets because this is where I mostly learned everything ! Now that I have a home. Maybe I can get some help. The property was bought with 2 units occupied with no leases. What is the proper way to do eviction? It is my primary residency.

How did you finance this deal?

FHA 3.5% down

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

No realtor. Directly with owner. Did have someone reach out to owner first who gave me deal.

Now the contractor told me it wouldn’t be a lot . According to him as long as you don’t add extra square footage to the house it shouldn’t go up a lot . What I’m trying to do is make the attic or basement livable and make the 2 units pay the mortgage itself and cash flow from the property .

What would happen to your property taxes if you do a 203k loan. I’m assuming it would go up a lot if you tried finishing a basement for example?

After 2 years of being on BP I finally got me pre approval letter for an FHA right around my 23rd birthday 🙂. Now I’m just looking for properties to invest in. I’m having trouble with the property taxes . I’m assuming if I get any improvements done on the house for example finishing a basement would my taxes increase by a lot ? I feel like I found a deal but I’m worried if I work on the property with the 203k my taxes will jump a significant amount next year. Any help would be appreciated

Can I specifically ask the lenders what would be the closing costs on paper.? I know Wells Fargo gave me a pre qualification not a pre approval letter with all the closing costs

Thanks I’ll definitely do that !

Thanks Wendell but no this would be my first mortgage for a duplex. Either a FHA or the 3% down mortgage the bank is offering me.