All Forum Posts by: Steven Preston

Since you're filing jointly if you've lived in the house for 2 of the last 5 years you may be able to exclude up to $500k in gains. Additional info on the requirements is on the IRS website at the link below: https://www.irs.gov/taxtopics/tc701.html

@Account Closed Yes it is.

@Lisa Landivar Here are the requirements for getting a real estate salesperson license in Maryland.

http://mgaleg.maryland.gov/webmga/frmStatutesText.aspx?article=gbo§ion=17-303&ext=html&session=2016RS&tab=subject5

Not sure if you're considering a career as an agent or just want MLS access and to save or earn some money representing yourself in transactions, but below is a how to guide from BP.

https://www.biggerpockets.com/renewsblog/2015/12/04/how-to-become-a-real-estate-agent/

@Lisa Landivar Not sure if you’re considering buying a duplex or triplex in Southern Maryland or elsewhere, but if you’re looking for a small multifamily in Southern Maryland it seems there aren’t many in the area.  There are few small multifamilies around locally but single families are much more prevalent.

@Matthew T. There is a good discussion about long distance flipping and building a team in BP Podcast 063: Automating Your Investing, Long Distance Rehabs and Spec Building with J Scott.

@Stephen Bagnani The webinars are recorded.  The webinar archive is available under the Education tab, but requires a Pro account.

@Korie Apgar The taxes would not be taken out at the time of sale so you would need to set aside some money for tax time.

@David Jenkins

Cap Rate = Net Operating Income (NOI) / Price of the Property

NOI = Annual Income - Operating Expenses

NOI does not take into consideration debt service, capital expenditures, or depreciation,

Example:  Price $1M, Annual Income $200K, Operating Expenses $100K

Cap Rate = ($200,000 - $100,000) / $1,000,000 = 10%

@Michael Mozie Depending on the location of the property within Ohio and your income, you may be able to utilize the USDA Rural Development loan with 0% down. Check out the USDA website for a map of eligible areas and the income limits in your area. You could also use a conventional loan with as little as 5% down, but will have to pay for PMI if putting down less than 20%.

@Shawn Munoz That seems to be within the range of rates advertised on some of the other lending sites for flips (high single digits to low double digits).