All Forum Posts by: Robert Yarborough

@Will Fraser the only other markets we'd be interested in are the Tri-state, SoCal and Atlanta ones.  

@Paul Moore Capital Gains taxes is one of the main reasons why DW prefers not to sell, we have started researching what a Delaware Statutory Trust (DST) is thank you for your suggestion.  

Thank you all for your responses.  We renovated and moved in to the inherited NYC house a couple of years ago so it is considered our primary residence even though it remains under a trust.  I did a rent comparison and it looks like we could get somewhere in the $2K+ range for the property if we rented it out, and moved to SoCal with the newly purchased "house hack."

DW and I inherited a house in New York City a few years ago under a Trust to which we are both the executors on. Since the house has no loans/lines we are considering using it as a stepping stone to start investing in real estate. We want to purchase a multi-family home in Southern California. DW, wants to "house hack" the new property as she believes we would be considered "first time buyers" thereby making us eligible for an FHA loan. Under her plan we would use savings to put the 5% required down payment. The rental income from the NYC inherited home, and the SoCal house hack would more than cover our new mortgage. Since Covid-19, I feel this is too risky because if the renters in either property can't pay, we'd be stuck with a huge mortgage to cover ourselves. My strategy is to sell the NYC house and use the proceeds to house hack the SoCal property, which even with renting out the additional unit we would be able to fully cover the mortgage ourselves should anything happen. Please help settle the score as well as educate us as to whose strategy is better for green investors.