Sold a house! Would you?
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Sold a house! Would you? (by Homer [TX]) May 14, 2022 5:34 PM
       Sold a house! Would you? (by Robert J [CA]) May 14, 2022 6:41 PM
       Sold a house! Would you? (by ned [AL]) May 14, 2022 8:24 PM
       Sold a house! Would you? (by Ned [AL]) May 14, 2022 8:25 PM
       Sold a house! Would you? (by Mike [PA]) May 14, 2022 8:35 PM
       Sold a house! Would you? (by Homer [TX]) May 14, 2022 8:39 PM
       Sold a house! Would you? (by Lana [IN]) May 14, 2022 8:42 PM
       Sold a house! Would you? (by Jason [MI]) May 14, 2022 8:58 PM
       Sold a house! Would you? (by Dave [MO]) May 14, 2022 9:56 PM
       Sold a house! Would you? (by LisaFL [FL]) May 14, 2022 10:56 PM
       Sold a house! Would you? (by Roy [AL]) May 15, 2022 7:30 AM
       Sold a house! Would you? (by Dee Ann [WI]) May 15, 2022 8:57 AM
       Sold a house! Would you? (by MC [PA]) May 15, 2022 1:38 PM
       Sold a house! Would you? (by S i d [MO]) May 16, 2022 8:09 AM
       Sold a house! Would you? (by Ray-N-Pa [PA]) May 17, 2022 6:32 AM

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Sold a house! Would you? (by Homer [TX]) Posted on: May 14, 2022 5:34 PM
Message:

Well, I did what I never imagined I would do. Sold a rental. About 4 weeks ago I thought I would see what would happen , so I picked a flat fee agent and listed a C house in a C- hood for $237,500, had multiple offers in two days., picked one at $265k, and we closed yesterday. Paid 44k cash for this house 10 years ago. My CPA said I would have to pay $47 k cap gains tax, which I am okay with, still have 28 houses. So didnít want to 1031 into anything else. I tell you what, I could get used to selling a couple a year. Maybe the next couple I could 1031 into a condo on the beach in Destin. How about yíall, anyone else going to dump some while prices are crazy high? I might mention, glad I leveraged myself so high way back. I would still be saving for my first one. --66.169.xxx.xxx




Sold a house! Would you? (by Robert J [CA]) Posted on: May 14, 2022 6:41 PM
Message:

Congratulations. You've now benefited after 10 years of hard work operating your rental business. Don't forget all of the income you've collected from this rental over the last 10 years. That makes your profit even sweeter. --47.155.xx.xxx




Sold a house! Would you? (by ned [AL]) Posted on: May 14, 2022 8:24 PM
Message:

That's quite the appreciation.

--70.92.xx.xx




Sold a house! Would you? (by Ned [AL]) Posted on: May 14, 2022 8:25 PM
Message:

And, yes, I would.

I plan to collect 'em til 55...Then start selling 1 per year at age 55.

If I'm lucky enough to live to 95, I should have none left. --70.92.xx.xx




Sold a house! Would you? (by Mike [PA]) Posted on: May 14, 2022 8:35 PM
Message:

Absolutely.

Sold 2 last year one this year.

It just seems so right

--24.115.xx.xxx




Sold a house! Would you? (by Homer [TX]) Posted on: May 14, 2022 8:39 PM
Message:

Robert J, good point, since I paid cash for the house, it was all profit except tax and insurance, and did install a new AC unit on the cheap, never had any

Other maintenance issues come up there . I cleared in Rent, a little over 100k --66.169.xxx.xxx




Sold a house! Would you? (by Lana [IN]) Posted on: May 14, 2022 8:42 PM
Message:

I sold two last December and am putting two more on market next week. --216.23.xxx.xx




Sold a house! Would you? (by Jason [MI]) Posted on: May 14, 2022 8:58 PM
Message:

I am selling as well

6 so far but doing land contracts this year

8% interest

--107.116.xx.xx




Sold a house! Would you? (by Dave [MO]) Posted on: May 14, 2022 9:56 PM
Message:

Iíve been on the sell side of real estate lately.

Wish I could get the upside you have gotten on your investment. Congratulations!

--162.249.xx.xxx




Sold a house! Would you? (by LisaFL [FL]) Posted on: May 14, 2022 10:56 PM
Message:

Exactly what Iíve been doing. Iíve sold 18 in the last four years and have as many left. The more recent ones sold made the most because of the hot market in my area.

One was bought in 2011 for 54k, sold for 220k. The other was bought for 87k in 2012 and sold for 355k.

Every house I sold in 2018 and 2019 has since increased in value by another 100k or more since I sold them. A duplex I paid 103k for in 2013 I sold for 220k in Feb 2020 (start of Covid). The new owner held it for 18 months and sold it in Oct 2021 for 375k. Unreal.

So your timing is great! And yes, the taxes are killing me but it is what it is. --75.89.xxx.xxx




Sold a house! Would you? (by Roy [AL]) Posted on: May 15, 2022 7:30 AM
Message:

I am selling 2 of my $5K dog houses on the west side of town. Instead of having rental houses all over town, I want to consolidate my rental houses in the East and North sections of my city where all of the 'new commercial development' is headed. That same new development (4 lane highway) will consume (eminent domain) one of my cash cow rental houses which I have had since 2007. --71.207.xxx.x




Sold a house! Would you? (by Dee Ann [WI]) Posted on: May 15, 2022 8:57 AM
Message:

Congrats to all of you who have bit the bullet! I too want to do the same.

Last time I sold a house (rehab, flip, 2015) after consulting a few realtors, I decided to sell it myself. The house was in pristine shape, tons of curb appeal, desired area. Realtors wanted to list it for $10,000 below what it was worth. Plus pay commission, nope! Already knew the comps before buying the project, viewed nearby rehabs for sale no where near the quality. It was nearing Christmas with time to get it sold before then.

Listed it on Craigslist, ad stating "Buy yourself a house for Christmas and we'll make your first mortgage payment". Lots of interest, prescreened, invited a select few for an open house. I was selling "as is". Three offers with contingencies...everyone had their own house to sell. Passed. Then "the call" came in. I felt it in my bones. Fast forward, they bought it at full price; I delivered the first mortgage payment to them in their new house on Christmas Day. $ saved, $20,560. Why take on the rehab? Why sell it myself? I needed a challenge and it was on my bucket list since my mid 20's.

Fast forward, thinking of trying to sell the next one myself as well. As Brad and others have mentioned, the safety factor will be in play this time. A whole different world today. --75.11.xx.xx




Sold a house! Would you? (by MC [PA]) Posted on: May 15, 2022 1:38 PM
Message:

Supposed to close on the 3rd one next week- wish they would tell me exactly when though. Had enough. Getting too old and tired of it. Government/BS is getting to be an issue. Kids don't want them. On to the next challenge. Even with taxes, etc- I will be able to relax. Piece of mind is worth it. --73.230.xxx.xx




Sold a house! Would you? (by S i d [MO]) Posted on: May 16, 2022 8:09 AM
Message:

Congrats on the big win!

The only thing that's keeping me from selling a few is what else would I do with the money?

Already got a nice house to live in.

Kids are already in good schools.

Got myself a Porsche last year.

Going on a great vacation this year.

Donating to our church and several area charities that are close to our hearts.

We don't really NEED anything, and our wants are fairly well met and then some.

Cash flow this past year from rents exceeded my day job income. If I keep this up, should be at 125-150% of my job income in 4 years. Could retire then and live off cash flow. Plenty for insurance, etc.

The question as always... "As opposed to doing what else?" I haven't found the answer yet.

--184.4.xx.xx




Sold a house! Would you? (by Ray-N-Pa [PA]) Posted on: May 17, 2022 6:32 AM
Message:

If you think it is time to get rid of place then absolutely - time to down size.

The real question is what to do with the money.

I attempted to do multiple 1031's in 2021 but was successful only about half the time. Is saving on taxes a good reason to buy a different place? It can be - if the place makes sense and isn't overpriced. The market place makes that difficult.

There were some other paths you could have taken included discounted sale to a non-profit and DST purchases. It really depends what your objective was with the sale.

Nice job in weathering out the good and the bad times.

What are your plans with the windfall? --24.101.xxx.xxx



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