All Forum Posts by: Ramon Olmos

Hello all, I am thinking of putting my current rental on the market, the mortgage is on my name but I added my parents and sister on the deed. My thought process being, God forbid something happens to me they can avoid probate since were considered joint tenants. My questions is, since they are on the deed will they have to pay capital gains tax if I where to sell? Or would it only be myself because the mortgage is in my name. Are there other tax implications I should worry about with them? A living trust is in the immediate future, just hard to find the time with a baby and 70 hour work weeks. I am located in SoCal. Many thanks.

Hello all, Looking for some info. I bought a rental duplex a couple years back. I cashed out refi'd and used the proceeds as a down payment for my current residence. I'm currently wanting to put my rental on the market but have a couple of question I could have answered in this forum. If I sell, I will be netting less than my initial down payment. Should I by pass a 1031 and do a regular sale? And are there any tax implications I should be aware of? Has anyone been through this, and is there something I should be aware of? I already cashed out a considerable amount for my primary home residence, so as a newbie I wouldn't consider this duplex a bad investment (unless I missed something). I'm located is SoCal if that helps.

Thanks guys, this actually makes me feel better. It puts me in a mindset that more successful deals will be in my future!

Hello all.  A couple years ago I sold my SIngle family rental and bought a duplex with the proceeds.  Being a newbie and working with an inexperienced realtor, my transaction failed to go through the 1031 exchange process.  I've talked to a couple tax professionals since then and been told that that boat has already sailed.  Lord knows I won't be making that same mistake again. 

I wish I would of known about this forum back then, It would of helped me a lot. Thank you all

Thanks Umar!

Hey everyone!  My name is Ramon 29 years old with a big interest in real estate.  I currently own a multi family home I rent out and a townhome I currently reside in.  I wish I knew about this site when I first started out in real estate, It would of saved my self countless headaches and a lot of money haha.  But hey! We can only learn from our mistakes and teach others from them.  

It was only after reading "The ultimate guide to real estate investing" that I learned about this website.  And I hope the learning just doesn't stop there but continue after learning about this site. Thank you!