All Forum Posts by: Michelle Romano

the state makes it so difficult to sell property.  They tax you when you buy, when you sell and on your profit.  How does it work in TX? 

Bill -Thank you for the correction,  I only completed one  1031 exchange about 7 yrs ago. Your right 45 days to identify and report - by midnight and not a second more.  I thought it was 90 days  to settle  but it was awhile ago.  It's was a challenge but well worth the chance.

Thank you!

thank you all for your replies and advice.  I do know about 1031 exchanges and if you are able to complete the transaction within the 90 days to select 3 properties and another 90 days to settle one ...,well, that's the way  to do it!  👍 Unfortunately I am not in a good financial position to get a loan - great credit but not much reported income.   I like the old PA law on capital gains when you had 2 yrs. buy or pay.  I think I will revisit my numbers and find a good accountant.   Appreciate all your input.

Robert

Yes the property has been depreciated.  The number is from my accountant and I thought that was a bit as well.  ii will definitely look  at the tax tables you mentioned and let you know

Thank you for the advice...,it's much appreciated!!

Michelle Romano

hel

Jason - yes I have another property currently rented. I do want to invest again but not at the present time.  Thought about 1031 exchange or reinvest money and do a fix & flip.  But again would have to use the line of credit for the project.  I learned to invest real estate on my own.  My weakest link is the financing side. I used my own money which eventually got me n trouble instead of using OPM....wish I had the resources or knew how to go about finding OPM.  As far as accumulating debt yes but very little.    I enjoy investing and would like to continue but need help in certain areas or partner with someone....need to define goals first.

Hello - I purchased a town home in 1996.  I lived there for 10 yrs and rented for the next ten. Tenants moved out in November.  In the last ten yrs. I was able to  take a Line a credit on the home and complete 2 flips and purchase another rental in the city (Phila) that is currently rented.   My personal and financial situation took a turn and I do not have any capital to maintain either rental .  The vacant property needs upgrading and not sure what to do. The numbers are as follows:

Purchased 1996:      $141,000

Rate:     6.75%. ( I know).    Mortgage: PIT only. 955.34

Line of credit balance due:   $ 57,000

Rate:   3%.     Monthly payment varies: sometime I pay interest or add $150.00 principal  ( interest only until 2018)

Insurance yr: 920.00. HOA: 22.00 mo.

Currently listed for rent:    $1800.00

Depreciated over the past ten yrs.

If I sell:  Estimated price  AS IS (without buying new appliances etc).   $270-275k

I would sell myself since I have a.RE license in a referral company and give buyers agent 2.5 -3%

The capital gains are a problem estimated per accountant :  28k !!

I would pays off my cc debt 13K

Since the house is 20 yrs old if the roof needs repair or AC unit goes then I have to take money from line to pay.  If I sell and pay off my debt I would end with approx 60k and have piece of mind .  I am single an do not have the additional income to maintain the properties.

Any advise is appreciated.

Thank you,

Michelle