All Forum Posts by: Mindy Jensen

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Read your state's landlord tenant laws to see if they dictate any special rules for security deposit, ie interest payments, etc.

Then, look at your own self. Would it complicate your life to have everything in one account? Would it EASE your life if everything was separate?

Do what works best for your own style, while also complying with state laws.

If it housed a Taxi Business, did they do automotive repairs in the building? You could run into soil contamination if they did. 

If you are close to a beach, is there salt in the air that can speed up corrosion? 

You can find local meetups at www.biggerpockets.com/events

Moderator Note: Please note that meetups can only be posted in www.biggerpockets.com/events

What do either of these things have to do with being an agent? I'm not trying to be combative, I'm trying to spark thoughts.

Knowing my market, knowing how a transaction works, advising my clients based on THEIR needs, and helping them navigate this horrible market right now is what makes me a great agent.

What makes YOU a great agent? Why should someone choose to work with you over another agent in your market?

THIS is what you should be focusing on promoting. 

Those people are 100% a scam. 

Hey hey hey BiggerPocketeers!!!

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• Real estate investing strategies
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• Funding deals
• Analyzing deals & estimating costs
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• Property management

Sound like the lifeline you need to make your first deal? 

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1031 Exchanges are only applicable on properties you bought with the intention of renting out. This was a primary residence for 8 years, a rental for only one or less.

The good news is that it does qualify for the Section 121 Exemption, which is a better plan if you qualify. 

1031 essentially passes the buck on the tax bill, Section 121 ELIMINATES the tax bill.

It sounds like you qualify - you lived in it as your primary residence for 2 of the last 5 years (actually 4 of the last 5). As a married couple, you can exempt up to $500,000 in capital gains so long as you have not sold another primary residence in the last 2 years. (Doesn't sound like you have.)

If the difference between what you paid and what it is now worth is less than $500k, then you really don't have much to do. If the difference is more, you need to find the receipts for all the improvements you did on the property to reduce the amount of actual gain as much as possible. 

Since it has been a rental for the last year, you have claimed the income on your taxes and Uncle Sam has assumed you took depreciation against the property. You will need to Recapture that Depreciation - even if you did not take it. In this case, a CPA or Tax Professional can help you with the details that can get you the best benefits of this whole situation.