Author Topic: Sold!  (Read 643 times)

malacca

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Sold!
« on: August 03, 2020, 06:08:29 PM »
Sorry, I have been so dang busy since the China Virus arrived on our shores.

Well, I intended to sell some of my rental properties starting in January 2020 as I felt the market was in a bubble - and some of the properties did not fit my business model. I bought a higher end 4 plex in January also. So needed to lighten up on RE. Too many eggs in the RE basket.

I planned to leisurely sell off 8 properties. Well, the virus hit so I scrambled and sold off 6 in less than 2 months. It was an intense 2 months. I also moved my residence during the time - including a light remodel of the new place. 

I have two more that I am selling now. These will be sold but not close until Jan 1st. I have had way too much capital gains this year so I am approaching the 20% rate. And next year I "plan" on not having much income - so CG should be low.

I also started selling the properties myself. The realtors just took too much money and I am as good or better than they are. I always say to myself that I am going to take the RE exam and get a license but never do : )

I had good luck selling to other investors. We speak the same language. I did have to filter through the "No Money down to Millionaire Real Estate Investor Course Online" crowd. Well, I had to give them points for persistency and effort. These guys had hoped to lock up my property and then sell it off to someone for a profit. Well, I am not a distressed owner. In fact, far from it. But they didn't get it. I thought of charging $10 for each person to see the property : )  One of the properties got on a list that is sold to these "investors." Property was sold months ago but I still get calls.

I do predict properties prices in some areas will actually go up in the near term as The Treasury is printing money like mad. A friend got a 15 year fixed at 2% with no points and low closing costs. Money is cheap!

But long term I can't see things holding up so well.








Dicey

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Re: Sold!
« Reply #1 on: August 04, 2020, 08:00:58 AM »
It's called Covid19 or Coronavirus. Please consider editing your post.

malacca

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Re: Sold!
« Reply #2 on: August 08, 2020, 11:49:30 AM »
I disagree.

It came from China. EVERY Chinese person I know calls it the China virus (in Chinese).

The CCP calls it the Wuhan Virus as they want to pin it on the Wuhan people (to abdicate responsibility).

Most of the non-English speaking parts of Asia call it the China virus in their language.

We do have laws on labelling the origin of products : )

Trump called it the Chinese Virus - which is wrong. Chinese people do not = China. But Trump is an idiot at best.

Actually, the more informed crowd in the us call it the CCP virus as they are the ones responsible for letting it spread worldwide.

Of course the CCP wants us to call it something else.



It's called Covid19 or Coronavirus. Please consider editing your post.

Dicey

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Re: Sold!
« Reply #3 on: August 08, 2020, 12:08:27 PM »
I disagree.

It came from China. EVERY Chinese person I know calls it the China virus (in Chinese).

The CCP calls it the Wuhan Virus as they want to pin it on the Wuhan people (to abdicate responsibility).

Most of the non-English speaking parts of Asia call it the China virus in their language.

We do have laws on labelling the origin of products : )

Trump called it the Chinese Virus - which is wrong. Chinese people do not = China. But Trump is an idiot at best.

Actually, the more informed crowd in the us call it the CCP virus as they are the ones responsible for letting it spread worldwide.

Of course the CCP wants us to call it something else.



It's called Covid19 or Coronavirus. Please consider editing your post.
Okay, sure. I suggested you consider it and clearly you did. Thanks!

waltworks

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Re: Sold!
« Reply #4 on: August 08, 2020, 08:45:31 PM »
Wow, that went south quickly.

You sold *6* properties and are still in the 20% (I assume you meant 22%, since there's no 20%) tax bracket?!? Even a married couple tops out at $170k for that bracket, and presumably you have other income from various sources. How little did you make on these places? Why did you sell them?

You sold 2 more and the buyers are willing to wait 5 months to close?!?

Nothing about this entire thread makes sense.

-W

SwordGuy

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Re: Sold!
« Reply #5 on: August 09, 2020, 07:59:31 AM »
Wow, that went south quickly.

You sold *6* properties and are still in the 20% (I assume you meant 22%, since there's no 20%) tax bracket?!? Even a married couple tops out at $170k for that bracket, and presumably you have other income from various sources. How little did you make on these places? Why did you sell them?

You sold 2 more and the buyers are willing to wait 5 months to close?!?

Nothing about this entire thread makes sense.

-W

The OP's location is Malaysia.   Perhaps they aren't a US citizen or the properties are in Malaysia and thus don't cost very much?

And racist dog whistles make sense to other people who like racist dog whistles, so I'll grudgingly argue it "makes sense".

waltworks

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Re: Sold!
« Reply #6 on: August 09, 2020, 11:21:39 AM »
OP lives in St. Louis, per other threads.

-W