All Forum Posts by: Knoell Palmer

 Thanks for your response. What are a few more details that would help? 

Hey everyone. I kinda have an interesting situation and I'm hoping to get your help. Parents got divorced and in the divorce decree, I was to be gifted a multifamily. The multifamily has been in my Dad's name since the divorce 10 years ago and now we are in the process of selling it. When the sale goes through, I will get any and all profits from the sale. To my understanding, there is a way to "avoid" capital gains tax if I put that money into another property (planning on occupying this property). What exactly does that entail? Does the money have to go towards improvements. Can it go towards the down payment and/or mortgage? Does 100% of this capital gain have to go in the house for it to be valid? Thanks in advance for the clarification!

Hi Everyone! Had an easy one hopefully. After analyzing a house hack, I noticed that PMI was nowhere to be found on the BP rental analysis tool. Am I missing something here?

@Terry Miller Never thought of that. Thanks!

Hi all! I just wanted to know what you guys think is the most credible site/source for really getting a grasp of an area's crime. There's a specific area that I have been looking Into. I've looked at several different crime maps, sites like neighborhood scout and AreaVibes, and even drive around that area. They are all inconsistent with one another. What should I do?

Thanks for your input @Rick Albert. We are actually gonna sit down this evening and discuss exactly what it is we are looking for in a property and see how that affects the numbers. Fully renovated properties for the most part seem to be out of our range but finding one that is partially renovated seems like a possibility. 

@Trent Chance Having a few months of reserves for vacancy does sound like a great idea. Thanks!

@Trent Chance Thanks for the advice. After seeing your response, it got me to thinking that the places that we've been looking into may be out of our price range. But then on the other hand, it seems like the places that are within our price range require way more rehab cost than we intend to encounter on our first deal at least.

Hey Everybody! I'm stuck in a situation and I wanted to get you guys' advice.My girlfriend and  I would love to get started house hacking with a duplex. The issue is that when we run our numbers as if the other unit is vacant and we are responsible for the complete mortgage , we always find ourselves spending nearly as much as we earn when we include expenses that are irrelevant to real estate (car note, phone bill, insurance etc.). I do believe that we can find properties that will cash flow. My only issue is that I wouldn't want to be living paycheck to paycheck while doing something like fixing up a unit or in search of filling a vacancy. What do people typically do in this situation? It's also important for me to note that we have reduced our expenses about as much as they can be reduced. Any advice is greatly appreciated .

Thank you guys for your help! I was able to apply a little bit of what each of you guys recommended to get a more concrete analysis.