All Forum Posts by: Andy Pillinger

Hello all,

I am going to sell my house/primary residence in a year. After all tax deductions 15% capital gains will work out in the region of $50,000 to $60,000. I have read that you are not able to use the 1031 on primary residence so is there anything else I can do.?

 PS I have already taken all large standard deductions off like realtor fees, rehab/improvement costs, 250K as a standard deduction as i'm single etc. Any advise or legal work arounds I would be very grateful. Many thanks.

Regards

Andy 

Hi Mark,

I use a company called The Chang group and they have been excellent for the last 5 years for me. Speak with a Lady called Mirna.

Regards

Andy

@Julian Buick

In Seattle, in the desirable higher end areas prices are climbing higher that in the summer of 2007(peak here). I live on the Eastside Belleuve/Kirkland Redmond area and a realtor told me that the inventory is down to 0.9 of a month(never been lower). Also she mentioned that there are some instances recently where the houses are appraising for less than the sell price causing issues with lending. However alot of new housing are being built and they are helping to raise appraisal once they sell. Rents here are high but so are taxes and prices. If you bought a 400k apt in Seattle or the burbs you would be losing money.

Affordability if not already will soon be an issue here. Mortgage rates will have risen by next springs too. 

If you were to head 25 miles north(Everett, Boeing factory)  or south(Renton Boeing factory also) then an ugly 1960's 200k 3 bed 1300sq ft house in need of tlc will still rent for $ 1450 -$1,750 depending on location. There is money to be made in these areas for the expert flipper i'm sure but that's not me unfortunately.    

@Julian Buick

PS Thanks Julian for the tip!

@Russ Goodman

Hi Russ, its not on a development and its about a 10,000 sq ft lot. There is an open lot either side followed by more duplexes. There are no HOA. I took a look at the lot in Feb and my realtor and management company will be visiting the site too and taking a look inside a similar property already complete a few blocks aways in the same neighborhood. Once the property is built, before i sign, i will fly down one more time and see it after a hopefully positive inspection report has been completed.

I did not know what zero lot line home meant but now i do so thanks for educating me on that.

Hello and thank you for your comments.

Lindsay, 

the property price is fixed and the builder has already made some identical ones they say they will show me anytime so i can compare once the property is built. i do intend to have the property inspected and fly down to view it myself before i sign. I have yet to finalize the contract. I have a contact in the ft myers area that can keep an eye on the build once in a while. I will look into HOA as i have only assumed there will be none and the property is not within a community. i know the sewer and water assessments have already been pre-paid.

Quote:-

"Some neighborhoods are not insurable through private companies and you have to buy through the State Run Citizens Insurance"

I have not heard of this but will certainly investigate. thank you for the heads up.

Jessica,
yes as you suspected the difference in price between a 10-15yr old property and new is around 25k which for me is quite bearable as i live out of state and intend to self manage for the first time. With 25% down the numbers looks good (to me!). Im not far off the 1% rule. Also insurance companies are beginning to really punish those with older houses according to a bigger pockets member who owns a sfr in the area.

I do not live there so cannot consider a rehab but would like to do one one day maybe as a JV

Once again thanks for your comments and advise..

Hello,

I'm about to purchase a pre construction duplex in Florida. Ours not been started yet and I was hoping to lock peoples brains on what question to ask before diving in

I already have asked how long has the builder been in the business. What building code which is 2010 SBC. Warranty. Water and sewer sites dues. List of the spec Could I see one already completed. What other questions should I be asking.  

Thanks in advance for any feed back. 

Regards 

Andy 

Hello

Are there any members of bigger pockets who go to the Seattle REIA that is held weekly at the red loin in Bellevue?

It would be nice to hear some opinions from current members of whether it's a good club to join

Thanks

Hello

Are there any members of bigger pockets who go to the Seattle REIA that is held weekly at the red loin in Bellevue?

It would be nice to hear some opinions from current members of whether it's a good club to join

Thanks

I have a couple of duplexes in Buffalo and the management company i use believe they are unable to discriminate between section 8 or not.