All Forum Posts by: Nathan Anderson

@Kate Weinberg. Yes it was very hard to find this house but it showed terrible as it hadn't been touched in 30 years. Ugliest house on a great street with incredible views! Was listed at 850k But I've never been afraid to write offers and see what happens! Lost of blood sweat and tears over the last 18months to get the house remodeled. We are at the top of the hill in Highland Estates/Trailside over looking the preserve and Olympic Park. It has been a very tough decision to leave but the numbers make sense both renting or selling. Fun before and after pics. Thanks for all the input! 

Awesome in advice and thoughts from all. I really appreciate everyone taking the time to chime in!  

Last piece of info.  We have already purchased another house that we will be renovated (starting tmrw!) and moving into in about 45 days. This was just under 1M. Much smaller than our current house but on 42acres and our plan is to live in that house and hopefully (funds willing) start new construction on the big house on the other side of the property next spring. Move into that main house and use the remodeled one as another rental. 

Thanks for all the great input! Regarding 1031. It is our primary residence so can’t utilize the 1031. Regarding the big tax bill. We are under the 2 year mark by about 6 months so can not yet exclude the 500k. And we purchased the the property for 750k. So the cap gain is large which is why the high tax bill. Gain would be 1.5-1.8m.   It’s my understanding that I can rent for 1 year and then qualify for a 1031 at that point as it would be considered an investment property.   I’m going to be calling some banks tomorrow to see what kind of equity I can pull out.   Was just trying to gage if there was a certain percentage that the bigger pockets family used to decide when it’s right to take the money and walk vs rent out. Again I appreciate all the input and advice. Thanks! 

Hi there!  This is my first post but long time listener to the podcast. My wife and I are having a hard time deciding on whether to sell our home and take a massive tax hit. Or keep it and cashflow it. It is a single family home in Park City, Utah that we purchased in 2020. We already remodeled and then did a refi to pull out our downpayment and the cost to remodel. We owe just under 1M on it and it would currently sell for 2.3-2.5M.  In order to qualify for another property we just closed on we needed to either sell or have a lease in place and I thought it would be simpler and easier to get a lease. We have a lease secured for the next 14months at 8K per month over our mortgage. I would say that worst case we should be able to get no less than 5k per month positive cashflow if the market cooled a bit when it's time to renew this lease. The idea of having a lump sum of cash is awfully comforting going into this next remodel not to mention the current economic outlook. On the other hand cutting a 500k check to the IRS also makes me want to vomit. :) I was just wondering if there is a formula/ approach to how much of a gain is worth walking away from solid cashflow etc?  Appreciate any insights and opinions. Thanks Nathan