All Forum Posts by: Anthony Caramanica

I currently have a mortgage of 110k on property worth 200k. I originally bought the house for 150k and would like to do a cash out refinance to get the 40k I put down for reinvestment. The problem is with my credit of 680 the bank is saying they can not meet the safe harbor thresholds on any loan. The only quote I got was for a rate of 6.1% 32k out on a 30 year. I current have a 15 year mortgage at 4.65 my payments would go up to 1550 from 1450 I rent the place for 1750. Any suggestions? Thanks

@Eamonn McElroy I was told that since my agi is above 150k I lose the deduction so confused.

I opened up a LLC for my two rental properties. All payments are made to the LLC in a separate account however the mortgage is still in my name. Can I still file taxes for the LLC and use the pass through exemption even though the mortgage and 1099 is filed under my name and social ?

@Tom Potter NY

My wife and I currently own our home valued at a little over one million. We found another home we really like as our primary residence. We don’t want to sell our current home , we prefer to rent it. The new home is under construction and does not qualify for a conventional mortgage , we would not have enough cash with a cash out refi as the new property is over 1.2 million. What are our options if any ? Thanks.