We just did this very thing. We sold the big house since the kids grew up and moved out. We bought a nice single level that we wanted anyway. There was enough equity to purchase the new primary house and add 5 more properties to our portfolio. I like the idea that we didn't have to "downsize" our lifestyle, just our location!
If I sell my $750,000 primary residence, and replace it with a $375,000 residence will I have to pay capital gains taxes on the amount of reduction, $375,000?
We will rent luxury. We have many great income properties and live in one that will generate a lot of income. Where we live the price difference between standard homes and nicer homes is not much. People who can afford nicer homes tend to just buy instead of rent.
How about a 10 million dollars NNN 6 cap? 600,000 per year net income NOI. Inside of LLC/S corp. In Vegas no state income tax. Push some to your 501c3 . Let kids run iLLC and 501c3 and get paid. No Lambo but Tesla S Plaid or Roadster😀
...sooo, essentially BURL, but trade DOWN AND hope that you're doing this in a raising market like 2021 as opposed to a falling one like 2023.... finally, you also would need a 12 to 18 month cash cushion to ride while the covered calls get assigned bc there's no such thing as "passive income" ... risk is work transferred.
That's why many people call it "semi-passive" income. There is some work to be done, but not a lot. Risk, however, isn't part of the definition but it's good to be cautious.
Yeah, whenever someone talks about the 4% rule or FIRE, they always put in how long the think they will live as part of the calculation.....really....if your death date is part of a financial algorithm, maybe you need a different algorithm.
Thank you so much for your question! We highly recommend you join us at our next Free Tax & Asset Protection Workshop Livestream. Our attorneys and specialists will answer all your questions at no additional cost. Save Your Seat: aba.link/taptoby
Would you like to learn more about this topic? Join Infinity Investing as a Basic Member and Unlock Your Free Training Today! inf.link/6l0
wohooo, looking forward to it!
We just did this very thing. We sold the big house since the kids grew up and moved out. We bought a nice single level that we wanted anyway. There was enough equity to purchase the new primary house and add 5 more properties to our portfolio. I like the idea that we didn't have to "downsize" our lifestyle, just our location!
Same here. Selling my big house and moving into one of my rentals. Paying off my mortgage’s on my 8 rentals. Retire.
Thanks. Rethinking the methods and sticking to it is the key.
I needed this coaching 20 years ago!
Always so enjoy your thoughts and advice. You have a straight forward approach.
In a lot of places rent is between $500 and $1,000 per month. In rural areas it could be even less!
Your 🐈 cats are adorable! Great info, but I'm too old with too little money to do it. Still enjoy your videos. 😊
You are nailing this, Toby! I would give you 1000 thumbs up if I could. I love your content. You’re very gifted. Please keep this up. Love you, man!
Wow, thank you!
Toby, you are the best. Thank you!
Thank you. Great information!
Thanks for watching!
So glad I found you Sir. You are truly changing my path forward for the better.
Glad to help!
Your the guy!!!! Thank you!!!
Glad to help
Great information. Good Work!
Cats are really cute❤
Great video. Like you said, higher end homes usually don’t rent for enough to make it worth it. In california the cap rates are not attractive🙁
Thank Toby! Great video.
Cute cats!
always solid content, great stuff!
Your cats are amazing!
Glad you enjoyed the pics =)
If I sell my $750,000 primary residence, and replace it with a $375,000 residence will I have to pay capital gains taxes on the amount of reduction, $375,000?
another banger
We will rent luxury. We have many great income properties and live in one that will generate a lot of income. Where we live the price difference between standard homes and nicer homes is not much. People who can afford nicer homes tend to just buy instead of rent.
Thanks Toby!
How about a 10 million dollars NNN 6 cap? 600,000 per year net income NOI. Inside of LLC/S corp. In Vegas no state income tax. Push some to your 501c3 . Let kids run iLLC and 501c3 and get paid. No Lambo but Tesla S Plaid or Roadster😀
Haha now you’re talking! Especially with kiddie income.
The cats look just like you!
Thanks for the good information
...sooo, essentially BURL, but trade DOWN AND hope that you're doing this in a raising market like 2021 as opposed to a falling one like 2023.... finally, you also would need a 12 to 18 month cash cushion to ride while the covered calls get assigned bc there's no such thing as "passive income" ... risk is work transferred.
That's why many people call it "semi-passive" income. There is some work to be done, but not a lot. Risk, however, isn't part of the definition but it's good to be cautious.
Any help with a good tax man in Maryland that knows all the investment Real estate deductions.
Anderson services Maryland, let us know if you are interested in learning more!
Yeah, whenever someone talks about the 4% rule or FIRE, they always put in how long the think they will live as part of the calculation.....really....if your death date is part of a financial algorithm, maybe you need a different algorithm.
I'd like to set up a Living Trust for my mom ( and myself). What do you recommend.? Thank you.
Thank you so much for your question! We highly recommend you join us at our next Free Tax & Asset Protection Workshop Livestream. Our attorneys and specialists will answer all your questions at no additional cost. Save Your Seat: aba.link/taptoby
Yes we don’t need
Now I'm hot and lonely. 🤣🤣
Can u please get to the point.
Ugly cats. I'd sell them or put them out for rent as mouse hunters.