All Forum Posts by: Olivia D.

I like to use the forms at RPOA. Also if you are a member the staff is really great and answering questions 

Can anyone recommend an attorney in southwest Michigan who has experience in asset protection strategies? (Kalamazoo area even better!)

Bryenne,

We had a similar decision to make when we moved out of our old primary which had gained a lot of equity since we bought in 2010 in Kalamazoo.  We decided to sell rather than keep as rental becaue of the fact that we lived there 2 of the last 5 years we don't have to pay capital gains.. So we plan to reinvest that profit into new rentals. Just another option that seemed simpler to gain the primary goal of obtaining more rentals.

thanks!

By refinancing do you mean take a home equity loan against it? We own it 100% equity. Isn't it hard to find lenders who will do home equity loans on rental properties? 

Or do you mean refinancing our  mortgage on our current primary residence to pull money out?

Cap gains would be 50-60k but we would have the whole 85ish to work with since we paid cash. I don't think we'd necessarily be buying better rentals, we could just leverage our money to buy more. Our thought is that we could cash flow a greater amount with much more depreciation in the mix with 3 rentals vs the one...

We bought our primary in 2010 with cash for an awesome price. We recently moved and are debating whether to turn our old primary in to a rental or sell it (avoiding capital gains since we lived there 2 or the last 5 years).

We have 1 single family rental we bought with cash in 2013 and are looking to grow our portfolio of rentals.  We bought both these homes before we learned the value of leveraging money in real estate. The idea is to sell our old primary and put the money towards 2 or 3 rentals. Or.. since we own it outright, does it make sense to just keep it as a rental and save up slowly for more? The issue with having 2 rentals that we bought for such low prices is the depreciation deduction doesn't offset the income. Any thoughts or suggestions are greatly appreciated!!