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People cash out. Pay capital gains. Walk away with a profit only to buy the same expensive home in a nicer
neighborhood nearby or within the state.
Who wins?
New York City Taxation Department. Higher home value levying higher home taxes....
When you cash out you better leave N.Y. otherwise stay the F__ck put and don't move until then.
a personal residence has a tax exclusion for a single of 250k and for a couple of up to 500k in profit as long as it is your primary and you lived in it for two years ..
anything over that may still not get taxed if you are in the 15% bracket and if it does you get to fill up the 15% bracket if you have some room before even a dollar gets taxed .
this post makes no sense . people who own homes move all the time for all sorts of reasons and a profit is a profit ..
Quote:
Originally Posted by Mr.Retired
This is the Sad thing.
People cash out. Pay capital gains. Walk away with a profit only to buy the same expensive home in a nicer
neighborhood nearby or within the state.
Who wins?
New York City Taxation Department. Higher home value levying higher home taxes....
When you cash out you better leave N.Y. otherwise stay the F__ck put and don't move until then.
Response: Post makes no sense.
Definition of "business" Those that play with real estate for a profit.
This continuous turnover of property lines the pockets of those " in the business and the taxation department "
while hurting those trying to become potential home owners by pricing them out.
That family that saved for years just to get a down payment just got edged out by those in the "business".
On a level of morality? These folks in the " business have none ".
stop with that nonsense . i have made a lot of money in real estate on a professional level over the years . yeah i paid taxes , so what! that is all part of making profits.
like your other antilandlord buddy kefir your views may apply to some but not everyone who invests in real estate is evil
Nope. Not nonsense Pal. The naked truth...............
My views apply to the N.Y. real estate moral compass of behavior which is out of control.
By the way, Kudos to you for enriching yourself on a professional level over the years.
There's nothing wrong in making a few bucks. After all, we do live in a capitalist society
and making money is the name of the game.
Stealing?
Well, that's another story.
Here are some examples and how I see them from my point of view.
If I purchase a piece of property at auction for $100,000 bucks sit on it and put it back on the market
2 months later , without any improvements whatsoever, not even lifting a finger for $800,000 that makes me a
thief.
If I invest $100,000 bucks, bring it up to date and sell it 2 months later for $700,000
that makes me a Contractor who also happens to........own or .......have an in with a real estate firm.
If I invest $200,000 bucks, bring it up to date and sell it 2 months later for $500,000
that makes me the professional flipper trying to get ahead in life.
Again: these are just examples which occur over and over and over again in N.Y.
No matter how you look at it, the guy in the game, in the know, always makes out.
The average Joe grinding out a daily living just to save for a down payment don't stand a chance .....
In closing:
If interstate highways were not regulated to 70 mph most people would probably increase their speeds
ever so slightly to 75 may be 78,,80.
But there is always that one person that got to push it to 90,100,110 resulting in a massive pileup
and catastrophic failure down at the end of the road and that is exactly where the NY real estate market is
heading.
Until Regulation is put into place the Real Estate Market in N.Y. is no different than the Wild Wild West
and the one with the fastest guns wins.
Unless you are an avid, AVID golfer, the Villages in Florida is NOT for you.
Do yourself a favor and take a two week vacation down there before you pull the trigger on a buy. Better yet, RENT for a few months or a year, while keeping your Brooklyn apartment.
There are some places a New Yorker cannot ever live. You found one, the Poconos...the Villages is WORSE.
Nope. Not nonsense Pal. The naked truth...............
My views apply to the N.Y. real estate moral compass of behavior which is out of control.
By the way, Kudos to you for enriching yourself on a professional level over the years.
There's nothing wrong in making a few bucks. After all, we do live in a capitalist society
and making money is the name of the game.
Stealing?
Well, that's another story.
Here are some examples and how I see them from my point of view.
If I purchase a piece of property at auction for $100,000 bucks sit on it and put it back on the market
2 months later , without any improvements whatsoever, not even lifting a finger for $800,000 that makes me a
thief.
If I invest $100,000 bucks, bring it up to date and sell it 2 months later for $700,000
that makes me a Contractor who also happens to........own or .......have an in with a real estate firm.
If I invest $200,000 bucks, bring it up to date and sell it 2 months later for $500,000
that makes me the professional flipper trying to get ahead in life.
Again: these are just examples which occur over and over and over again in N.Y.
No matter how you look at it, the guy in the game, in the know, always makes out.
The average Joe grinding out a daily living just to save for a down payment don't stand a chance .....
In closing:
If interstate highways were not regulated to 70 mph most people would probably increase their speeds
ever so slightly to 75 may be 78,,80.
But there is always that one person that got to push it to 90,100,110 resulting in a massive pileup
and catastrophic failure down at the end of the road and that is exactly where the NY real estate market is
heading.
Until Regulation is put into place the Real Estate Market in N.Y. is no different than the Wild Wild West
and the one with the fastest guns wins.
that thinking is ridiculous , but if that is what you think just keeping believing your own bull .
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