All Forum Posts by: Ryan Truong

Cara now would it matter if this was my primary residence? I am currently living there and rehabbing the place, kind of like a two year live and flip.

Greg thanks for the advice. I will definitely consult with a lawyer to be sure. We close on the deal next month for sure though. It's going to happen I just don't know what will happen when I go to deposit the check and the bank asked where is this money coming from. I wonder if it will be an easy answer like "Hey you have to pay taxes on the sale of your home" or "It's fine you can just put it in the bank." 

So me and a business partner bought a house for $70k outright. ARV house is worth $130k. I put in the $70k up front in hopes of that he was going to pay his half but over time I saw that wasn't going to happen so I told him to buy me out @ $80k. Now my question is when I get the check for $80k can I just take it to the bank and deposit it. Or will I have to pay taxes on my sell? This home was my primary home too btw. And I live in Florida. Any advice will help thanks BP!

August 31st. Where's the meeting place? I'd love to meet up with you guy!

Hi guys I'm currently looking at a triplex. It's in Florida beachside in a nice safe and appreciating and rapidly growing town. Purchase price is $300,000 and yearly taxes are $4,200. The layout is 2x3/2 and a 2/1. Currently the 3/2 and 2/1 rents for $2,500 gross. Still leaving the last 3/2 unrented. I have a W2 job that pays decent but my question is what do I do? House hack? FHA loan it? 3 or 5% down? Or do the 20-25% down? Could easily force appreciation and bring the value of the property up. Thanks for any advice!!