do you 1031 exchange your properties or do you just take the gains and pay the taxes? doing a 1031 can be a good way to defer taxes on the properties you are buying and selling.
i'll do the 1031 (starker?) when it applies. as a rancher; i get great tax benefits because land is business related. if i sell land to reinvest in more land it works out ok.
i can agree with that. i guess i have a knack for picking what realestate will be the next to skyrocket. i'm about to make 6 times what i paid for property bought last april (2006). i bought this property based on the current trend in/near L.A. and looked where people were moving to.
I know someone who was in the year below me at school who is now worth £6ooo,ooo from buying and renting properties. Like you say, he had a knack for picking the right areas to buy property in. I wish I'd gotten onto the property market here in the U.K 10 years earlier. A house worth £40K ten years ago would now go for about £200k - £250k.
I'm just beginning to climb the property ladder now. I'm still just stepping off the first rung though, and looking to buy another property next year.
I know someone who was in the year below me at school who is now worth £6ooo,ooo from buying and renting properties. Like you say, he had a knack for picking the right areas to buy property in. I wish I'd gotten onto the property market here in the U.K 10 years earlier. A house worth £40K ten years ago would now go for about £200k - £250k.
I'm just beginning to climb the property ladder now. I'm still just stepping off the first rung though, and looking to buy another property next year.
i don't like rentals because the bloody renters don't respect what isn't theirs. i started with rentals and the profits were low. mostly because of repairs and especially the cleaning and repairs when they move out. it's best to bank your profits from renting for these repairs. i've found that you only make the profits when you sell. a bloke can really mess up a place when he doesn't do the regular maintainence you'd expect a renter to do. like vacuum and the like.
i don't like rentals because the bloody renters don't respect what isn't theirs. i started with rentals and the profits were low. mostly because of repairs and especially the cleaning and repairs when they move out. it's best to bank your profits from renting for these repairs. i've found that you only make the profits when you sell. a bloke can really mess up a place when he doesn't do the regular maintainence you'd expect a renter to do. like vacuum and the like.
i don't like giving advise in case i'm wrong; but i found that cities will get worse and people will move outside of them. being a country bloke; i naturally swayed towards rural land. i thought my first parcel was remote and everyone advised against it; but 5 years afterwards it was a subdivision so you never know. you also take the risk of someone putting a dump or something next to the property but i think rural land in england is a great investment. the population is always going to grow.
Comments
i'll do the 1031 (starker?) when it applies. as a rancher; i get great tax benefits because land is business related. if i sell land to reinvest in more land it works out ok.
I know someone who was in the year below me at school who is now worth £6ooo,ooo from buying and renting properties. Like you say, he had a knack for picking the right areas to buy property in. I wish I'd gotten onto the property market here in the U.K 10 years earlier. A house worth £40K ten years ago would now go for about £200k - £250k.
I'm just beginning to climb the property ladder now. I'm still just stepping off the first rung though, and looking to buy another property next year.
i don't like rentals because the bloody renters don't respect what isn't theirs. i started with rentals and the profits were low. mostly because of repairs and especially the cleaning and repairs when they move out. it's best to bank your profits from renting for these repairs. i've found that you only make the profits when you sell. a bloke can really mess up a place when he doesn't do the regular maintainence you'd expect a renter to do. like vacuum and the like.
i don't like giving advise in case i'm wrong; but i found that cities will get worse and people will move outside of them. being a country bloke; i naturally swayed towards rural land. i thought my first parcel was remote and everyone advised against it; but 5 years afterwards it was a subdivision so you never know. you also take the risk of someone putting a dump or something next to the property but i think rural land in england is a great investment. the population is always going to grow.