All Forum Posts by: Alex Velez

@William Collins Awesome! Thanks. This is great visual to learn from. All the best. 

@William Collins Congrats! Can you please break it down for a newbie. I'm confused about the last sentence, "So I sold approximately $1250000 of property to net $480,000 in a 1031 exchange to then use to buy $1750000 of property." Thanks.

John and John :) 

Yes, that makes sense. I appreciate it. 

John thanks for the response. The issue is that I work 40+ hours a week; If I work OT my hourly wage covers the hourly charge of the handyman I am using. Also, my idea is to keep buying more three-family houses, which would be too much on my time. Honestly, I prefer to pay someone and work OT if I have to. However, I guess my question is how can I benefit from a TAX perspective. 

I own a three family house as my primary residence; I live in one of the units and rent the other two. Now, whenever I need a repair, I usually contact a handyman that I know; however, he is not a licensed contractor. Therefore, I pay him without getting a receipt because for 1.) he is not including it as income in his taxes and 2.) he charges me way less than hiring a licensed company. From a tax advantage perspective what do you think? What's the best move here? Thanks.

@Chris Mason Thank you for the information. Very detailed in your explanation. I appreciate it.

Hello BP,

When are interest rate discount points considered, during closing or "rate lock"? 

@David Dachtera and everyone else, I'm using the VA benefit (0% down payment). Also, I qualify for CHFA (chfa.org).

@Daria B. As far as the EMD...

By initial Deposit paid upon execution of this contract…$2,000 (To be refunded at closing). 

@Jeff B. Got it. Thanks.