All Forum Posts by: Andrew J Palmer

Having a hard time getting a home equity loan, Heloc, or cash out refi for my current residence.

Have a primary residence with a In law suite that we STR covers the mortgage and then some. I have a LTR duplex, and a part time job. My partner has a full time job and another LTR duplex.

Our DTI is pretty high due to no banks counting our STR income. Any suggestions would help. Thank you.

This is the first year I have had Rental properties to report on my taxes and I'm not sure if my CPA did my taxes correctly.

Last year I bought a duplex in January. I lived in one unit while I preformed about 3k of repairs and maintenance to it. 

I bought a Single family home with an ADU in October. I rented out my unit in the Duplex and moved into the SFH. I spent 5k in repairs and supplies for a Short term rental in the ADU.

I got my return back and there is no mention of these expense anywhere. Is this correct? Could I not write off any of these expenses? 

Any help would be much appreciated Thank you.

@Lauren Speidel

The Estate she is a part of has been paying the taxes.

@Carl Fischer

No one has lived in it for the last 5 years. As far as I know no one has claimed it as their residence. It has been sitting empty.

I am trying to get some information for my Mother about 1031 exchange. I will try and explain the situation as best I can.

My Grandmother passed away 5 years ago and left my mother and her three sisters a single family property in Michigan. It appraised at 1.5 Million when they inherited the property. Recently they got a cash offer for 3.6 Million on the property and it is looking like they will accept and close soon.

The question is my mother wants to buy a $500k+ dollar Condo In Montana where she lives, and possibly another 1-4 unit rental in Montana or Washington with the amount she has left over.  With all this, can she use a 1031 exchange? Is single family to condo applicable? and does she have to use all the profits from the sale of the home to buy another property, or can she have money left over?  Thank you.

I am looking for a lender to cash out refi with In Spokane WA.

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