All Forum Posts by: Tiffany Palaskas
Tiffany Palaskas has started 1 posts and replied 16 times.
Post: Sell or keep income producing duplex
- Posts 16
- Votes 9
Quote from @Basit Siddiqi:
If you want to build your portfolio and its a property that is already making money, why would you want to sell it?
We would prefer to have properties in our neighborhood so we can manage them ourselves.
Post: Sell or keep income producing duplex
- Posts 16
- Votes 9
Quote from @Scott Johnson:
Secondary question. Have you been depreciating it?
Yes. I believe we did. But we are new to everything real estate really. We bought the duplex so that we didn't have to pay such a big mortgage. Which has been a blessing.
So honestly, we have a lot to learn about RE and everything Tax related for it.
Post: Sell or keep income producing duplex
- Posts 16
- Votes 9
Quote from @Havital Miltz:
@Tiffany Palaskas you don't have a property mag?
it's very difficult to manage from a distance, if you decide to keep it, i highly recommend to higher one.
I live in SC, when i lived in CT i managed my units, once I left I got a PM.
No, not at the moment. If we keep it, we will get one.
Post: Sell or keep income producing duplex
- Posts 16
- Votes 9
Quote from @Havital Miltz:
If you convert a main home to a rental, you do not get the full $500k exclusion. You get a portion, not all.
I didn't realize this was your main home. Did you live in one side and rent out the other, and now rent out both sides? If that's the case you most definitely don't get the $500k exclusion, even if you would not have rented out the portion you used to live in....
Yes. We lived in 1 sise and rented the other. Then just recently, in November, started renting out both sides.
Post: Sell or keep income producing duplex
- Posts 16
- Votes 9
Quote from @Scott Johnson:
@Tiffany Palaskas Do you still live in it now? If not, do you own the primary home you're living in now?
No, we don't. We moved out end of November. We bought our house in TN with only 5% down. So have another mortgage here.
I just got a message from the new tenant that moved in in November, that her and boyfriend are now breaking up and she wants out of the lease. And not sure what the boyfriend plans on doing. They are both on the lease. So now I have a whole different issue to deal with. It wouldn't be that big of an issue if we still lived there, but we dont. I had previously posted the property for rent, showed it and screened the tenants.
Post: Sell or keep income producing duplex
- Posts 16
- Votes 9
Quote from @Scott Johnson:
Interesting. None at all even though it's now a rental?
None up to $500k profit. And we don't have that much profit.
Post: Sell or keep income producing duplex
- Posts 16
- Votes 9
Quote from @Havital Miltz:
I don't know, I would keep it, and when you go to MTR you will make more.
if you buy something now, your mortgage rate will be higher, get a property manager , saves you the headache, worth the money and enjoy your cash flow.
I was checking online for medium term rental proces in that area. And they are about what I get for long term in rent currently. So I don't think I'd make more. But I don't know much about medium term. So?
Post: Sell or keep income producing duplex
- Posts 16
- Votes 9
Quote from @Scott Johnson:
If you decide to sell, just iron out your tax strategy.
We lived in the property for almost 4 years. So won't have to pay capital gains.
Post: Sell or keep income producing duplex
- Posts 16
- Votes 9
Quote from @Clare Pitcher:
Hi Tiffany! I think if the house is paid off and you have a decent interest rate then you should keep it! It all depends on how fast the property is appreciating as well.
Do you think you will be in TN long term? If so then it could be worth moving the investment but if you aren't sure then I would keep whats working.
It is not paid off yet. We owe $540k on it. We bought it for $640k in 2021. It's now worth $800k give or take.
yes. I believe we will be here long term. I know we will for sure not be moving back to WA.
Post: Sell or keep income producing duplex
- Posts 16
- Votes 9
Quote from @Andre Brock:
IMO it’s hard for me to sell a great cash flowing asset. You’re in a win win situation no matter what however I guess you would also want to take in account any major cap x repairs that might be coming up soon in the future you might want to avoid paying.
It is hard. If it were in a state that the laws were for the owner and not tenant, we'd definitely want to keep it.
It's going to need a new roof here in a few years, and new flooring in both units.