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rated:
vadeltachi said:   
blueiedgod said:   
solarUS said:   
JaxFL said:   
homeguard said:   I'm curious if anyone plans on turning their rental into a primary residence and living there for two years to avoid capital gains when you go to sell it?
Most def. Only for some. Will take a decade or so tho.

absolutely. already did this, saved a ton on taxes....like, almost 60k.

i try not to do any heavy renovation without planning to live in a place for 2 years, either before or after i rent it out....but i dont have kids or a wife to complain about moving all the time and havinga house constantly under construction



IF you are buying and selling investment properties all the time, it may be beneficial to you to do a "like-kind exchange" to avoid paying capital gains, instead of moving all the time, which is surely going to wreck havoc on your credit, and not to mention the cost of moving, and hassle of changing address for everything.

As to saving $60,000 on 15% capital gains tax. Where are your properties that gain $400,000 in 3-5 years?

A like-kind exchange does not avoid capital gains taxes, it just defers them. The only way to avoid them permanently using that method is to leave the property to someone or one's estate through a living trust or some other tax-favored conveyance method. Moving into a rental that's been converted to a personal residence using the 2 out of 5 rule allows one to take the capital gains tax-free up to the allowed amounts ($250k for singles; $500k for marrieds per event per property).



I understand that it defers it to the last property, however, instead of living your former rentals every time you buy and sell, you simply do it once, with the last property, not with each and every one of them.

rated:
vadeltachi said:   
blueiedgod said:   
solarUS said:   
JaxFL said:   
homeguard said:   I'm curious if anyone plans on turning their rental into a primary residence and living there for two years to avoid capital gains when you go to sell it?
Most def. Only for some. Will take a decade or so tho.

absolutely. already did this, saved a ton on taxes....like, almost 60k.

i try not to do any heavy renovation without planning to live in a place for 2 years, either before or after i rent it out....but i dont have kids or a wife to complain about moving all the time and havinga house constantly under construction



IF you are buying and selling investment properties all the time, it may be beneficial to you to do a "like-kind exchange" to avoid paying capital gains, instead of moving all the time, which is surely going to wreck havoc on your credit, and not to mention the cost of moving, and hassle of changing address for everything.

As to saving $60,000 on 15% capital gains tax. Where are your properties that gain $400,000 in 3-5 years?

A like-kind exchange does not avoid capital gains taxes, it just defers them. The only way to avoid them permanently using that method is to leave the property to someone or one's estate through a living trust or some other tax-favored conveyance method. Moving into a rental that's been converted to a personal residence using the 2 out of 5 rule allows one to take the capital gains tax-free up to the allowed amounts ($250k for singles; $500k for marrieds per event per property).

this. also, what does moving have to do with credit??? and who said I don't keep the same mailing address throughout? cost of moving is virtually nothingwhen you take into account the aforementioned lack of kids and wife....also, long bed truck + trailer. evenif a person hasSOME moving costs, they are way offset by the tax savings.

rated:
blueiedgod said:   
vadeltachi said:   
blueiedgod said:   
solarUS said:   
JaxFL said:   
homeguard said:   I'm curious if anyone plans on turning their rental into a primary residence and living there for two years to avoid capital gains when you go to sell it?
Most def. Only for some. Will take a decade or so tho.

absolutely. already did this, saved a ton on taxes....like, almost 60k.

i try not to do any heavy renovation without planning to live in a place for 2 years, either before or after i rent it out....but i dont have kids or a wife to complain about moving all the time and havinga house constantly under construction



IF you are buying and selling investment properties all the time, it may be beneficial to you to do a "like-kind exchange" to avoid paying capital gains, instead of moving all the time, which is surely going to wreck havoc on your credit, and not to mention the cost of moving, and hassle of changing address for everything.

As to saving $60,000 on 15% capital gains tax. Where are your properties that gain $400,000 in 3-5 years?

A like-kind exchange does not avoid capital gains taxes, it just defers them. The only way to avoid them permanently using that method is to leave the property to someone or one's estate through a living trust or some other tax-favored conveyance method. Moving into a rental that's been converted to a personal residence using the 2 out of 5 rule allows one to take the capital gains tax-free up to the allowed amounts ($250k for singles; $500k for marrieds per event per property).


I understand that it defers it to the last property, however, instead of living your former rentals every time you buy and sell, you simply do it once, with the last property, not with each and every one of them.

some of usachieve the maximum tax exemption (250k/500k) more quickly than others....in these cases, it's necessary.

but, definitely a good idea for a more modest investor with an aversion to moving.

rated:

rated:
dlong said:   
dpa789kd said:   
CanisMajor said:   So this is a first for me, but i know many landlords have to deal with this regularly - hope it is not a dumb question.

A tenant called me recently saying that when she flushes the toilet dirty water comes up through the bathtub. While living there 8 years myself I never had a problem with the plumbing. She has lived there 10 months - I am aware that it could be an issue that has nothing to do with negligence on her part but I wonder what the standard course of action would be for the home owner. I am likely going to cover the plumber service this time but I was also thinking if it happens again she will be responsible for fixing it. Is that SOP? TIA

PS: would first try to service it myself but this property is more than 5 hours away

Sounds like something might have got flushed down the toilet that has clogged the line. Your tub uses the same drain so it sounds like something is clogging it ahead of the tub and toilet and when the toilet waste can't get past quick enough it backs up into tub. If you never had a problem there's a chance they caused it to clog but it's hard to prove. I will usually pay for the first time and explain to them you can't flush large amounts of paper, feminine products, toys, pencils, etc... down it and expect it not to clog, and that future visits will be at their expense. They usually swear they didn'tflush any of that and when I pull the toilet I've found toys, pens, you name it. I imagine the kids do it on accident, so I'll do it the first time as a courtesy. Since you live 5 hours away, I would pay for it and ask the plumber what he finds out. Good luck!


The above (the plumber round lots of non-toliet paper when he used the snake to clear the line). Or if septic the who system is backed/clogged up or the tank is full (I also had this). Symptoms also include slow draining (bathroom sinks, tubs, kitchen sinks, etc.).



Same thing happened to me except when I'm cleaning up their bathroom I see the exact same wipes (kirkland makeup removers) that match the ones I was pulling out of the septic's clogged filter.
I kept a sample of both along with some pictures of it in their bathroom.
They caused the downstairs to flood with septic water.
I had the lines snaked $300
I had the septic pumped $400
Repaired the water damage and new carpet $1800

These guys also had 6 animals in the house and is much more lived in and smelly than I was expecting. They disclosed three dogs and paid $200 a piece for them but didn't tell me about their three cats. While i'm there for repairs I see a big fat turn on the carpet, right next to those diaper pad areas. Same carpet that was septic damaged.

They have just moved out and I'm wondering what I can and should charge them for my costs and additional pet deposits?

rated:
Garstud said:   
dlong said:   
dpa789kd said:   
CanisMajor said:   So this is a first for me, but i know many landlords have to deal with this regularly - hope it is not a dumb question.

A tenant called me recently saying that when she flushes the toilet dirty water comes up through the bathtub. While living there 8 years myself I never had a problem with the plumbing. She has lived there 10 months - I am aware that it could be an issue that has nothing to do with negligence on her part but I wonder what the standard course of action would be for the home owner. I am likely going to cover the plumber service this time but I was also thinking if it happens again she will be responsible for fixing it. Is that SOP? TIA

PS: would first try to service it myself but this property is more than 5 hours away

Sounds like something might have got flushed down the toilet that has clogged the line. Your tub uses the same drain so it sounds like something is clogging it ahead of the tub and toilet and when the toilet waste can't get past quick enough it backs up into tub. If you never had a problem there's a chance they caused it to clog but it's hard to prove. I will usually pay for the first time and explain to them you can't flush large amounts of paper, feminine products, toys, pencils, etc... down it and expect it not to clog, and that future visits will be at their expense. They usually swear they didn'tflush any of that and when I pull the toilet I've found toys, pens, you name it. I imagine the kids do it on accident, so I'll do it the first time as a courtesy. Since you live 5 hours away, I would pay for it and ask the plumber what he finds out. Good luck!


The above (the plumber round lots of non-toliet paper when he used the snake to clear the line). Or if septic the who system is backed/clogged up or the tank is full (I also had this). Symptoms also include slow draining (bathroom sinks, tubs, kitchen sinks, etc.).



Same thing happened to me except when I'm cleaning up their bathroom I see the exact same wipes (kirkland makeup removers) that match the ones I was pulling out of the septic's clogged filter.
I kept a sample of both along with some pictures of it in their bathroom.
They caused the downstairs to flood with septic water.
I had the lines snaked $300
I had the septic pumped $400
Repaired the water damage and new carpet $1800

These guys also had 6 animals in the house and is much more lived in and smelly than I was expecting. They disclosed three dogs and paid $200 a piece for them but didn't tell me about their three cats. While i'm there for repairs I see a big fat turn on the carpet, right next to those diaper pad areas. Same carpet that was septic damaged.

They have just moved out and I'm wondering what I can and should charge them for my costs and additional pet deposits?

regardingthe unpaid animal deposits - you will likely need either photos (of litterboxes, etc)or a pattern of acknowledgement, where you've recorded the dates you saw cats on the property.

asfor the flush-related water damage, don't be surprised if a judge decides to chop that snake charge in half based on not 100% causation, and likely nothing mentioned in the lease about those wipes not being allowed. and you will have to depreciate the new carpet. you don't just get to repace old carpet withbrand new carpet (ie. unduly enriched) because of this.

I don't see why getting the septic pumped (a regular maintenance item)has anything to do with the wipes being flushed. don't be greedy.

rated:
Just curious if anyone has converted a OOH to a rental property and used segmented depreciation. Pub 946 says that the basis of property converted from personal use is the FMV of the property on the date the change was made or purchase price minus certain claimed deductions, whichever is lesser. I can't imagine anyone would have receipts showing purchase of the property, so I've just been listing everything and using a FMV guide to establish the basis. So for the fridge, I guessed a FMV of $350 and put it into a spreadsheet with everything else. I'm now wondering if I need some additional documentation, such as photos of the improvements/appliances. Does anyone have experience with this?

BTW, I would encourage people to strongly consider segmented depreciation for all major improvements that are replaced frequently. It takes a bit more time, but well worth it in my opinion.

rated:
solarUS said:   
Garstud said:   
dlong said:   
dpa789kd said:   
CanisMajor said:   So this is a first for me, but i know many landlords have to deal with this regularly - hope it is not a dumb question.

A tenant called me recently saying that when she flushes the toilet dirty water comes up through the bathtub. While living there 8 years myself I never had a problem with the plumbing. She has lived there 10 months - I am aware that it could be an issue that has nothing to do with negligence on her part but I wonder what the standard course of action would be for the home owner. I am likely going to cover the plumber service this time but I was also thinking if it happens again she will be responsible for fixing it. Is that SOP? TIA

PS: would first try to service it myself but this property is more than 5 hours away

Sounds like something might have got flushed down the toilet that has clogged the line. Your tub uses the same drain so it sounds like something is clogging it ahead of the tub and toilet and when the toilet waste can't get past quick enough it backs up into tub. If you never had a problem there's a chance they caused it to clog but it's hard to prove. I will usually pay for the first time and explain to them you can't flush large amounts of paper, feminine products, toys, pencils, etc... down it and expect it not to clog, and that future visits will be at their expense. They usually swear they didn'tflush any of that and when I pull the toilet I've found toys, pens, you name it. I imagine the kids do it on accident, so I'll do it the first time as a courtesy. Since you live 5 hours away, I would pay for it and ask the plumber what he finds out. Good luck!


The above (the plumber round lots of non-toliet paper when he used the snake to clear the line). Or if septic the who system is backed/clogged up or the tank is full (I also had this). Symptoms also include slow draining (bathroom sinks, tubs, kitchen sinks, etc.).



Same thing happened to me except when I'm cleaning up their bathroom I see the exact same wipes (kirkland makeup removers) that match the ones I was pulling out of the septic's clogged filter.
I kept a sample of both along with some pictures of it in their bathroom.
They caused the downstairs to flood with septic water.
I had the lines snaked $300
I had the septic pumped $400
Repaired the water damage and new carpet $1800

These guys also had 6 animals in the house and is much more lived in and smelly than I was expecting. They disclosed three dogs and paid $200 a piece for them but didn't tell me about their three cats. While i'm there for repairs I see a big fat turn on the carpet, right next to those diaper pad areas. Same carpet that was septic damaged.

They have just moved out and I'm wondering what I can and should charge them for my costs and additional pet deposits?

regardingthe unpaid animal deposits - you will likely need either photos (of litterboxes, etc)or a pattern of acknowledgement, where you've recorded the dates you saw cats on the property.

asfor the flush-related water damage, don't be surprised if a judge decides to chop that snake charge in half based on not 100% causation, and likely nothing mentioned in the lease about those wipes not being allowed. and you will have to depreciate the new carpet. you don't just get to repace old carpet withbrand new carpet (ie. unduly enriched) because of this.

I don't see why getting the septic pumped (a regular maintenance item)has anything to do with the wipes being flushed. don't be greedy.


IAAL and though you should seek private counsel, I think the snake charges would likely be the responsibility of the tenants. The lease might not specifically prohibit the wipes, but there is surely a catchall about proper maintenance and usage of the rental property. If a tenant burned the place to the ground, he wouldn't be able to weasel out of liability by claiming that flamethrowers were not specifically banned under the lease terms. If no one else was using the plumbing system, causation can be inferred based on the evidence and tenants are responsible for the guests using the toilet, if any.

A judge might believe you even without proof of cat habitation, but photos or other evidence sure would help.

If the septic system was pumped to remove wipes, the tenants may be liable there as well, at least in part. I don't understand the workings of a septic system well enough to be sure about that though.

rated:
False said:   
solarUS said:   
Garstud said:   
dlong said:   
dpa789kd said:   
CanisMajor said:   So this is a first for me, but i know many landlords have to deal with this regularly - hope it is not a dumb question.

A tenant called me recently saying that when she flushes the toilet dirty water comes up through the bathtub. While living there 8 years myself I never had a problem with the plumbing. She has lived there 10 months - I am aware that it could be an issue that has nothing to do with negligence on her part but I wonder what the standard course of action would be for the home owner. I am likely going to cover the plumber service this time but I was also thinking if it happens again she will be responsible for fixing it. Is that SOP? TIA

PS: would first try to service it myself but this property is more than 5 hours away

��Sounds like something might have got flushed down the toilet that has clogged the line. Your tub uses the same drain so it sounds like something is clogging it ahead of the tub and toilet and when the toilet waste can't get past quick enough it backs up into tub. If you never had a problem there's a chance they caused it to clog but it's hard to prove. I will usually pay for the first time and explain to them you can't flush large amounts of paper, feminine products, toys, pencils, etc... down it and expect it not to clog, and that future visits will be at their expense. They usually swear they didn't�flush any of that and when I pull the toilet I've found toys, pens, you name it. I imagine the kids do it on accident, so I'll do it the first time as a courtesy. Since you live 5 hours away, I would pay for it and ask the plumber what he finds out. Good luck!

��
The above (the plumber round lots of non-toliet paper when he used the snake to clear the line). �Or if septic the who system is backed/clogged up or the tank is full (I also had this). �Symptoms also include slow draining (bathroom sinks, tubs, kitchen sinks, etc.).

��

Same thing happened to me except when I'm cleaning up their bathroom I see the exact same wipes (kirkland makeup removers) that match the ones I was pulling out of the septic's clogged filter.
I kept a sample of both along with some pictures of it in their bathroom.�
They caused the downstairs to flood with septic water.�
I had the lines snaked $300
I had the septic pumped $400
Repaired the water damage and new carpet $1800

These guys also had 6 animals in the house and is much more lived in and smelly than I was expecting.� They disclosed three dogs� and paid $200 a piece for them but didn't tell me about their three cats.� While i'm there for repairs I see a big fat turn on the carpet, right next to those diaper pad areas.� Same carpet that was septic damaged.

They have just moved out and I'm wondering what I can and should charge them for my costs and additional pet deposits?

regarding��the unpaid animal deposits - you will likely need either photos (of litterboxes, etc)�or a pattern of acknowledgement, where you've recorded the dates you saw cats on the property.

as�for the flush-related water damage, don't be surprised if a judge decides to chop that snake charge in half based on not 100% causation, and likely nothing mentioned in the lease about those wipes not being allowed. and you will have to depreciate the new carpet. you don't just get to repace old carpet with�brand new carpet (ie. unduly enriched) because of this.

I don't see why getting the septic pumped (a regular maintenance item)�has anything to do with the wipes being flushed. don't be greedy.

��
IAAL and though you should seek private counsel, I think the snake charges would likely be the responsibility of the tenants. The lease might not specifically prohibit the wipes, but there is surely a catchall about proper maintenance and usage of the rental property. If a tenant burned the place to the ground, he wouldn't be able to weasel out of liability by claiming that flamethrowers were not specifically banned under the lease terms. If no one else was using the plumbing system, causation can be inferred based on the evidence and tenants are responsible for the guests using the toilet, if any.

A judge might believe you even without proof of cat habitation, but photos or other evidence sure would help.

If the septic system was pumped to remove wipes, the tenants may be liable there as well, at least in part. I don't understand the workings of a septic system well enough to be sure about that though.

��
Septic:
I have a dedicated septic agreement page in my lease that specifies only toilet paper goes down the toilet and if anything is found in the septic that doesn't belong there they must pay to have it pumped. � �The wipes caused the septic filter to clog and is the only reason it was pumped.

Unauthorized pets:
I took pictures of all three cats, the two litter boxes and two cat tree forts (upstairs and downstairs)

Thank you for your feedback guys.

rated:
This site shows 11 different online services for collecting rent.
http://www.rentprep.com/blog/3-ways-landlords-can-collect-rent/

How to pick between them?

I'm too soft to collect late payments so an auto late charge would be nice.
I also need the service to keep track of utility charges, I pay the water bill directly and the tenants pay me.

Any opinions on the choices?

Some of the top rent payment and collection sites include:

rated:
Anyone have any tips (aside from winning lotto/borrowing from family) on how to obtain a loan for an additional investment property?

I have a VA LOAN on my primary and I HARP 2'd my investment property (I'm about even LTV on the primary and underwater 30K on the investment.)

I have very long horizons although i'd like to eventually sell the investment because of the distance (~4 hour drive)

I'm looking to buy a short sale/govt foreclosure near my primary (I know the area well) spruce it up and rent it out for 20 years.

Primary is in MD, investment is in southern VA.

Taking a loan from my 401K is an option.

rated:
^ You can have more than one VA loan, provided your COE has enough to cover everything.

EDIT: and before someone mentions Ops looking for investment... no shit, figure out what needs to be done.

rated:
JaxFL said:   ^ You can have more than one VA loan, provided your COE has enough to cover everything.

EDIT: and before someone mentions Ops looking for investment... no shit, figure out what needs to be done.

Thanks, Jax. I took out the VA loan in 2010... did an IRRL in 2012 (right around when Greece wasn't going to pay its bills )

Before I start pricing out what to buy.. I want to know what my options are with financing so i can keep an eye out in a certain area and 'keep my powder dry'

I'm trying to find the documents from my purchase in 2010, is there an easier place to find my COE? I believe that would have my borrowing limit, correct?

Edit: Just saw that VA loan for an investment property is a no no unless i'm going to buy a quad and rent out the threeother apts. I don't think this is a viable option.


rated:
GOATSAVER said:   
JaxFL said:   ^ You can have more than one VA loan, provided your COE has enough to cover everything.

EDIT: and before someone mentions Ops looking for investment... no shit, figure out what needs to be done.

Thanks, Jax. I took out the VA loan in 2010... did an IRRL in 2012 (right around when Greece wasn't going to pay its bills )

Before I start pricing out what to buy.. I want to know what my options are with financing so i can keep an eye out in a certain area and 'keep my powder dry'

I'm trying to find the documents from my purchase in 2010, is there an easier place to find my COE? I believe that would have my borrowing limit, correct?

Edit: Just saw that VA loan for an investment property is a no no unless i'm going to buy a quad and rent out the threeother apts. I don't think this is a viable option.


For a mortgage on investment property ... just call your banks and ask them if they can do 10 loans per person.

rated:
rufflesinc said:   
GOATSAVER said:   
JaxFL said:   ^ You can have more than one VA loan, provided your COE has enough to cover everything.

EDIT: and before someone mentions Ops looking for investment... no shit, figure out what needs to be done.

Thanks, Jax. I took out the VA loan in 2010... did an IRRL in 2012 (right around when Greece wasn't going to pay its bills )

Before I start pricing out what to buy.. I want to know what my options are with financing so i can keep an eye out in a certain area and 'keep my powder dry'

I'm trying to find the documents from my purchase in 2010, is there an easier place to find my COE? I believe that would have my borrowing limit, correct?

Edit: Just saw that VA loan for an investment property is a no no unless i'm going to buy a quad and rent out the threeother apts. I don't think this is a viable option.

For a mortgage on investment property ... just call your banks and ask them if they can do 10 loans per person.


Hmm.. they said no... even after I offered to put my Enron stock up as collateral.

I understand that today's lending environment is less than permissive. Was moreso looking for someone in a similar (I havent disclosed very much) situation and how they were able to do it. I found out about HARP 2 doing this kind of research and that has made a nightmare property slightly profitable.

I'm also curious if a bank is more likely to talk toan investor if you bring 20% to the table.

If all else fails, i'll try to raise as much cash in the short term and wait for www.sofi.com to move in to Maryland lending.

rated:
GOATSAVER said:   
rufflesinc said:   
GOATSAVER said:   
JaxFL said:   ^ You can have more than one VA loan, provided your COE has enough to cover everything.

EDIT: and before someone mentions Ops looking for investment... no shit, figure out what needs to be done.

Thanks, Jax. I took out the VA loan in 2010... did an IRRL in 2012 (right around when Greece wasn't going to pay its bills )

Before I start pricing out what to buy.. I want to know what my options are with financing so i can keep an eye out in a certain area and 'keep my powder dry'

I'm trying to find the documents from my purchase in 2010, is there an easier place to find my COE? I believe that would have my borrowing limit, correct?

Edit: Just saw that VA loan for an investment property is a no no unless i'm going to buy a quad and rent out the threeother apts. I don't think this is a viable option.

For a mortgage on investment property ... just call your banks and ask them if they can do 10 loans per person.


Hmm.. they said no... even after I offered to put my Enron stock up as collateral.

I understand that today's lending environment is less than permissive. Was moreso looking for someone in a similar (I havent disclosed very much) situation and how they were able to do it. I found out about HARP 2 doing this kind of research and that has made a nightmare property slightly profitable.

I'm also curious if a bank is more likely to talk toan investor if you bring 20% to the table.

If all else fails, i'll try to raise as much cash in the short term and wait for www.sofi.comto move in to Maryland lending.

Are you trolling now?

You should set aside a whole day and call every bank within 100 miles and ask them if they will finance up to 10 conventional, fannie mae conforming loans for investments. And yes you'll have to pay 20-25% down. If you go commericial loans, you'll have to put MORE down.

rated:
rufflesinc said:   
GOATSAVER said:   
rufflesinc said:   
GOATSAVER said:   
JaxFL said:   ^ You can have more than one VA loan, provided your COE has enough to cover everything.

EDIT: and before someone mentions Ops looking for investment... no shit, figure out what needs to be done.

Thanks, Jax. I took out the VA loan in 2010... did an IRRL in 2012 (right around when Greece wasn't going to pay its bills )

Before I start pricing out what to buy.. I want to know what my options are with financing so i can keep an eye out in a certain area and 'keep my powder dry'

I'm trying to find the documents from my purchase in 2010, is there an easier place to find my COE? I believe that would have my borrowing limit, correct?

Edit: Just saw that VA loan for an investment property is a no no unless i'm going to buy a quad and rent out the threeother apts. I don't think this is a viable option.

For a mortgage on investment property ... just call your banks and ask them if they can do 10 loans per person.


Hmm.. they said no... even after I offered to put my Enron stock up as collateral.

I understand that today's lending environment is less than permissive. Was moreso looking for someone in a similar (I havent disclosed very much) situation and how they were able to do it. I found out about HARP 2 doing this kind of research and that has made a nightmare property slightly profitable.

I'm also curious if a bank is more likely to talk toan investor if you bring 20% to the table.

If all else fails, i'll try to raise as much cash in the short term and wait for www.sofi.comto move in to Maryland lending.

Are you trolling now?

You should set aside a whole day and call every bank within 100 miles and ask them if they will finance up to 10 conventional, fannie mae conforming loans for investments. And yes you'll have to pay 20-25% down. If you go commericial loans, you'll have to put MORE down.

No, that was a joke...

I've explored the commercial side years ago... it's so laughably high i'm not even going to pursue.

I suppose what I don't understand is the 10 conventional loan concept. Got a site that explains it?

rated:
GOATSAVER said:   rufflesinc said:   
GOATSAVER said:   
rufflesinc said:   
GOATSAVER said:   
JaxFL said:   ^ You can have more than one VA loan, provided your COE has enough to cover everything.

EDIT: and before someone mentions Ops looking for investment... no shit, figure out what needs to be done.

Thanks, Jax. I took out the VA loan in 2010... did an IRRL in 2012 (right around when Greece wasn't going to pay its bills )

Before I start pricing out what to buy.. I want to know what my options are with financing so i can keep an eye out in a certain area and 'keep my powder dry'

I'm trying to find the documents from my purchase in 2010, is there an easier place to find my COE? I believe that would have my borrowing limit, correct?

Edit: Just saw that VA loan for an investment property is a no no unless i'm going to buy a quad and rent out the threeother apts. I don't think this is a viable option.

For a mortgage on investment property ... just call your banks and ask them if they can do 10 loans per person.


Hmm.. they said no... even after I offered to put my Enron stock up as collateral.

I understand that today's lending environment is less than permissive. Was moreso looking for someone in a similar (I havent disclosed very much) situation and how they were able to do it. I found out about HARP 2 doing this kind of research and that has made a nightmare property slightly profitable.

I'm also curious if a bank is more likely to talk toan investor if you bring 20% to the table.

If all else fails, i'll try to raise as much cash in the short term and wait for www.sofi.comto move in to Maryland lending.

Are you trolling now?

You should set aside a whole day and call every bank within 100 miles and ask them if they will finance up to 10 conventional, fannie mae conforming loans for investments. And yes you'll have to pay 20-25% down. If you go commericial loans, you'll have to put MORE down.

No, that was a joke...

I've explored the commercial side years ago... it's so laughably high i'm not even going to pursue.

I suppose what I don't understand is the 10 conventional loan concept. Got a site that explains it?

As you probably know, fannie mae backs the 30 yr fixed loans that most people in ths us use to buy their house. They also back loans on investment property.

For first 4 , 20% down. Next 6, 25%. It takes a bit of effort to find a bank that will do the last 6. So thats why I said to call all the banks.

rated:
rufflesinc said:   
GOATSAVER said:   
rufflesinc said:   
GOATSAVER said:   
rufflesinc said:   
GOATSAVER said:   
JaxFL said:   ^ You can have more than one VA loan, provided your COE has enough to cover everything.

EDIT: and before someone mentions Ops looking for investment... no shit, figure out what needs to be done.

Thanks, Jax. I took out the VA loan in 2010... did an IRRL in 2012 (right around when Greece wasn't going to pay its bills )

Before I start pricing out what to buy.. I want to know what my options are with financing so i can keep an eye out in a certain area and 'keep my powder dry'

I'm trying to find the documents from my purchase in 2010, is there an easier place to find my COE? I believe that would have my borrowing limit, correct?

Edit: Just saw that VA loan for an investment property is a no no unless i'm going to buy a quad and rent out the threeother apts. I don't think this is a viable option.

For a mortgage on investment property ... just call your banks and ask them if they can do 10 loans per person.


Hmm.. they said no... even after I offered to put my Enron stock up as collateral.

I understand that today's lending environment is less than permissive. Was moreso looking for someone in a similar (I havent disclosed very much) situation and how they were able to do it. I found out about HARP 2 doing this kind of research and that has made a nightmare property slightly profitable.

I'm also curious if a bank is more likely to talk toan investor if you bring 20% to the table.

If all else fails, i'll try to raise as much cash in the short term and wait for www.sofi.comto move in to Maryland lending.

Are you trolling now?

You should set aside a whole day and call every bank within 100 miles and ask them if they will finance up to 10 conventional, fannie mae conforming loans for investments. And yes you'll have to pay 20-25% down. If you go commericial loans, you'll have to put MORE down.

No, that was a joke...

I've explored the commercial side years ago... it's so laughably high i'm not even going to pursue.

I suppose what I don't understand is the 10 conventional loan concept. Got a site that explains it?

As you probably know, fannie mae backs the 30 yr fixed loans that most people in ths us use to buy their house. They also back loans on investment property.

For first 4 , 20% down. Next 6, 25%. It takes a bit of effort to find a bank that will do the last 6. So thats why I said to call all the banks.

Ok, that makes sense. At present I only have 2 loans (1 primary and 1 investment) my largest hurdle is DTI constraints, but calling around I may find a lender that doesnt weigh that as much as long as I have the 20%...

Thanks for your help.

rated:
GOATSAVER said:   
rufflesinc said:   
GOATSAVER said:   
rufflesinc said:   
GOATSAVER said:   
rufflesinc said:   
GOATSAVER said:   
JaxFL said:   ^ You can have more than one VA loan, provided your COE has enough to cover everything.

EDIT: and before someone mentions Ops looking for investment... no shit, figure out what needs to be done.

Thanks, Jax. I took out the VA loan in 2010... did an IRRL in 2012 (right around when Greece wasn't going to pay its bills )

Before I start pricing out what to buy.. I want to know what my options are with financing so i can keep an eye out in a certain area and 'keep my powder dry'

I'm trying to find the documents from my purchase in 2010, is there an easier place to find my COE? I believe that would have my borrowing limit, correct?

Edit: Just saw that VA loan for an investment property is a no no unless i'm going to buy a quad and rent out the threeother apts. I don't think this is a viable option.

For a mortgage on investment property ... just call your banks and ask them if they can do 10 loans per person.


Hmm.. they said no... even after I offered to put my Enron stock up as collateral.

I understand that today's lending environment is less than permissive. Was moreso looking for someone in a similar (I havent disclosed very much) situation and how they were able to do it. I found out about HARP 2 doing this kind of research and that has made a nightmare property slightly profitable.

I'm also curious if a bank is more likely to talk toan investor if you bring 20% to the table.

If all else fails, i'll try to raise as much cash in the short term and wait for www.sofi.comto move in to Maryland lending.

Are you trolling now?

You should set aside a whole day and call every bank within 100 miles and ask them if they will finance up to 10 conventional, fannie mae conforming loans for investments. And yes you'll have to pay 20-25% down. If you go commericial loans, you'll have to put MORE down.

No, that was a joke...

I've explored the commercial side years ago... it's so laughably high i'm not even going to pursue.

I suppose what I don't understand is the 10 conventional loan concept. Got a site that explains it?

As you probably know, fannie mae backs the 30 yr fixed loans that most people in ths us use to buy their house. They also back loans on investment property.

For first 4 , 20% down. Next 6, 25%. It takes a bit of effort to find a bank that will do the last 6. So thats why I said to call all the banks.

Ok, that makes sense. At present I only have 2 loans (1 primary and 1 investment) my largest hurdle is DTI constraints, but calling around I may find a lender that doesnt weigh that as much as long as I have the 20%...

Thanks for your help.

if DTI is a concern, then buying a place that already has a tenant can be a way over that hurdle.

i never thought DTI would be an issue considering how much my rentals make, but when you factor in the 75% rent assumption, depreciation, etc it doesnt look as favorable.

rated:
solarUS said:   
GOATSAVER said:   
rufflesinc said:   
GOATSAVER said:   
rufflesinc said:   
GOATSAVER said:   
rufflesinc said:   
GOATSAVER said:   
JaxFL said:   ^ You can have more than one VA loan, provided your COE has enough to cover everything.

EDIT: and before someone mentions Ops looking for investment... no shit, figure out what needs to be done.

Thanks, Jax. I took out the VA loan in 2010... did an IRRL in 2012 (right around when Greece wasn't going to pay its bills )

Before I start pricing out what to buy.. I want to know what my options are with financing so i can keep an eye out in a certain area and 'keep my powder dry'

I'm trying to find the documents from my purchase in 2010, is there an easier place to find my COE? I believe that would have my borrowing limit, correct?

Edit: Just saw that VA loan for an investment property is a no no unless i'm going to buy a quad and rent out the threeother apts. I don't think this is a viable option.

For a mortgage on investment property ... just call your banks and ask them if they can do 10 loans per person.


Hmm.. they said no... even after I offered to put my Enron stock up as collateral.

I understand that today's lending environment is less than permissive. Was moreso looking for someone in a similar (I havent disclosed very much) situation and how they were able to do it. I found out about HARP 2 doing this kind of research and that has made a nightmare property slightly profitable.

I'm also curious if a bank is more likely to talk toan investor if you bring 20% to the table.

If all else fails, i'll try to raise as much cash in the short term and wait for www.sofi.comto move in to Maryland lending.

Are you trolling now?

You should set aside a whole day and call every bank within 100 miles and ask them if they will finance up to 10 conventional, fannie mae conforming loans for investments. And yes you'll have to pay 20-25% down. If you go commericial loans, you'll have to put MORE down.

No, that was a joke...

I've explored the commercial side years ago... it's so laughably high i'm not even going to pursue.

I suppose what I don't understand is the 10 conventional loan concept. Got a site that explains it?

As you probably know, fannie mae backs the 30 yr fixed loans that most people in ths us use to buy their house. They also back loans on investment property.

For first 4 , 20% down. Next 6, 25%. It takes a bit of effort to find a bank that will do the last 6. So thats why I said to call all the banks.

Ok, that makes sense. At present I only have 2 loans (1 primary and 1 investment) my largest hurdle is DTI constraints, but calling around I may find a lender that doesnt weigh that as much as long as I have the 20%...

Thanks for your help.

if DTI is a concern, then buying a place that already has a tenant can be a way over that hurdle.

i never thought DTI would be an issue considering how much my rentals make, but when you factor in the 75% rent assumption, depreciation, etc it doesnt look as favorable.

My bank is able to take the expected rent in a vacant house towards your income.

If you have good credit, you can go to 43% dti.

rated:
How does everyone goes about securing more loan after hitting the 10 mortgage limit? I am thinking to bundle up those 10 to a commercial loan and then start again with the conventional loan, but it sure is expensive. On the other hand, commercial is a lot more flexible without Fannie/Freddie limitation imposed on them.

rated:
rufruf44 said:   How does everyone goes about securing more loan after hitting the 10 mortgage limit? I am thinking to bundle up those 10 to a commercial loan and then start again with the conventional loan, but it sure is expensive. On the other hand, commercial is a lot more flexible without Fannie/Freddie limitation imposed on them.
have a spouse that works, then you get 2x10=20 total. i realize that's a rather duh answer, but keep in mind you'd only need one primary residence.

Other than financing more than 4 units, what advantages does commericial have? i just know of the downsides: shorter amortization (20 instead of 30 years), variable rates (usually reset every 5 yrs), higher down payment , higher interest rates.

rated:
rufflesinc said:   Other than financing more than 4 units, what advantages does commericial have? i just know of the downsides: shorter amortization (20 instead of 30 years), variable rates (usually reset every 5 yrs), higher down payment , higher interest rates.
with a commercial loan, almost everything is negotiable. without FED backing,there are no hard, universalUW requirements for DTI, property condition, income, ad nauseum....

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