All Forum Posts by: Toni Annis

@Dave Foster does the fact that I've only.had the property 3-4 months mean that I can't do the 1031 exchange? Someone said I need to hold the property for 2 yrs for it to qualify.

Thank you Dave. I'm kind of wondering if paying the capital gains tax might be worth it in this situation. Simply because it would give us the opportunity to move onto something we could force equity into and leverage easier. Definitely something to think about. That does help me understand better how the exchanges work. So much to learn!

Thank you Jaysen. That kinda sucks if you're right but I think in this instance the tax may just be worth it. It would still give us the opportunity to get into something we could force more equity in and leverage easier. Might be a small price to pay to move onto something better.

My first fix & hold just turned into a fix & flip. I need help with how to figure the numbers to make sure I don't get stuck with capital gains. Here's the deal... 3 months ago my husband & I purchased a mobile home lot for $25k. The lot came with a mobile home not considered to have any value do to its age (40 yrs). We put about $2400 into rehabbing and was planning to rent it. First renter in fell in love and wants to buy it. They're purchasing it for $45k. Our loan on it is just under $17k. We want to roll the $ into another property for buy & hold. I found a house for $37k but we think they'll take $30k cash. With about $20k into it the house would be worth upwards of $80k. Would this qualify for a 1031 though? How do you figure depreciation on a property? How do they determine property values; through purchase amounts or appraisals? Any insight would be greatly appreciated!

My first fix & hold just turned into a fix & flip. I need help with how to figure the numbers to make sure I don't get stuck with capital gains. Here's the deal... 3 months ago my husband & I purchased a mobile home lot for $25k. The lot came with a mobile home not considered to have any value do to its age (40 yrs). We put about $2400 into rehabbing and was planning to rent it. First renter in fell in love and wants to buy it. They're purchasing it for $45k. Our loan on it is just under $17k. We want to roll the $ into another property for buy & hold. I found a house for $37k but we think they'll take $30k cash. With about $20k into it the house would be worth upwards of $80k. Would this qualify for a 1031 though? How do you figure depreciation on a property? How do they determine property values; through purchase amounts or appraisals? Any insight would be greatly appreciated!