All Forum Posts by: Mike Rodriguez
Mike Rodriguez has started 9 posts and replied 16 times.
Post: calculating net proceed-question
- Posts 16
- Votes 4
Hi Wayne,
Let's say out of the $300,000 gain, $20k are closing costs and I put $150k in rehab, making the total $170. Does this mean my net gain is $300k-$170k? So my profit is $130k?
What about the down payment though? Let's say I put $100k down, isn't my true profit $30k?
Originally posted by @Wayne Brooks:
Closing costs, yes. Down payment, no...it doesn’t affect your gain.
Post: calculating net proceed-question
- Posts 16
- Votes 4
Hi All! I have a quick question. Lets say I bought my building for $300,000 and want to sell for $600,000. My gain is obviously $300,000. However, to calculate my net gain, do I minus my down payment and closing costs from the $300,000?
Post: Moving to New York, what to do?
- Posts 16
- Votes 4
@Alexander Szikla Isn't that what most snowbirds do? They have a residence in a tax free state?
My primary home is in texas and my salary comes from Texas, if I live in NYC do I need to pay the tax rate of new york?
Post: How to calculate net proceeds from sale
- Posts 16
- Votes 4
Hi! Do you use the mortgage payments you made in your calculation for net proceeds?
What formula do I use?
Which lockbox did you use? @Joshua Jarrett
All 5 units have tenants, should I just use lockboxes on each door?
@Wayne Brooks That's true but there are tenants and how do I know when they go in an out of the property?
Post: Moving to New York, what to do?
- Posts 16
- Votes 4
Hi All! I'm moving to new york, however, I still have a solid salary come in from my home state texas. I want my income to be tax free from texas but live in New york, how can I do that? I read something about an 183 day rule?
Hi all! I'm moving to another state however I have a home in my current residing state. I can sell the property as I'm an agent, however, I only need someone to do showings while I'm away? Has anyone done something like this before? Just trying to maximize my commission.
Post: What does everyone think of this strategy?
- Posts 16
- Votes 4
Post: What does everyone think of this strategy?
- Posts 16
- Votes 4
Originally posted by @Prestin Sokoloski:
@Mike Rodriguez Have you considered running the numbers and keeping as a rental if it works? If it would work out that way it might be a good idea to just refi like you were saying then use the cash for the next one!
Imo the best way to go about a 1031 would be trying to identify your next property before you even sell this one! That way you can move your profits to a better deal with out the timeline!
If I were to refi it and give that amount to my son, is there any tax for that?
I may need the whole amount and I'm not sure a refinance would give me that.