All Forum Posts by: Ryan Mayes

I owned a duplex that caught fire and was badly damaged. The house was insured for $193,000. Insurance said we could fix the home with the money or purchase a different property. It didn't make since to put that much money into fixing the burnt home because the resale value would be much lower. I sold the house for $10,000. Insurance paid off my loan and the remaining $144000 needs to be used to purchase a different property. The money can be used for closing costs but cannot be used towards the land value of the new property. I want to take the cash but that isn't an option. What is my best option to get the cash without losing a ton of money on closing costs if I buy a property and instantly re-list it for sale? Also would i only need to pay taxes on money that is profit?

If they would lower my property taxes(village,county,school and state) then maybe I could lower rents? When taxes are more than the mortgage on a property there is a problem.....and lets not even start on the infrastructure here in western ny

we had this issue. We said we want the money to buy another property in the future. They wanted to know purchase price, location, ect. before moving forward. So we said we changed our minds and wanted the extra money to go on vacation instead...no more questions about it and it went thru smoothly.

They would rather you waste it then "risk it" in real estate... not sure how that makes sense

Nice, thanks for the info! 

It makes sense why you can, I just know tax matter don't always make sense.

Thanks again,

Ryan M.

Hello, was thinking of becoming a pro member to gain access to all the caculators and got to thinking,  would a bigger pockets membership be a tax write off? We (wife and I) own a duplex and 2 single family home rentals as well. Would it be considered education as this site is for real estate and has more knowledge and experience, good and bad, than any school?

Just a thought as I said. 

Thanks,

Ryan M.