All Forum Posts by: Anthony Ives

Hi everyone, please let me know if there is a better place to post this. I am a realtor in Northern Colorado and I have a client looking to sell one of his properties and doesn't want me to post on the MLS. I have not seen the property in person but have photos and a lot more info if you contact me. Property is in Greeley, 3/1 bed/bath, ~1300sqft, and has a current month to month tenant in place. Will need cosmetic upgrades to bring the property up to full market potential!

 Yep state income tax is very much the case here in CO!

 Oh this made me laugh hahaha. I wish I was close to those connections hunter has lol

 I believe it was inherited many years prior, but not 100%

Hey all, I am asking for advice for a friend. (I swear it's not me and am honestly asking for a friend lol) This guy sold some land a few years back for close to $3 million, and just this week got a letter from the IRS asking where their ~$750,000 cut of the sale is. My friend did not 1031 this deal, did not pay taxes on it, and spent the money on a down payment for a home and other life expenses over the years. The way I see it, my friend has two options: refinance or sell the home to attempt to pay back a portion of this $750,000 tax bill. Does anybody see another route that I may be missing to help resolve this, or am I pretty spot on with my two courses of action? Thanks!

I am just looking for some clarification on a few things. I live in Colorado and have several LLCs formed in Wyoming for other businesses I have; it's very simple, safe, and cost effective to use LLCs and registered agents formed in WY. Currently I am looking to invest in Alabama, but the traditional lender I was speaking with about DSCR loans said I must use an LLC formed in Alabama as LLCs can only operate in the state they are formed. This doesn't seem right. Can somebody clarify if this is normal in real estate?

Also, I have been looking at creative ways to fund income properties with as little of my money as possible. I found a private lender to fund the 20% down payment, but the traditional lender said I am not allowed to use hard money lending. I was told to go to a private lender instead, and let the money season for 60 days. Can I get some clarification on this topic as well? I was getting ready to pull the trigger on some properties until this news from the traditional lender. Thank you everyone.

It’s not how the title suggests. I do have a job lol. I’m not sure how other states work, but in California where I live I get 12 weeks off of work for having a kid. I just had my first kid and have been off for about 3 months at this point, and will be going back in a week. I’ve never done a cash out refinance so I’m unfamiliar with the process. Will this leave have any effect on me doing this? All I could find online was that my lenders can’t deny my wife since she is the mother, but I’m not sure if that same principle applies to fathers as well.

@William S. For me house hacking in not really an option at THIS moment. My wife and I bought a fixer upper home 4 years ago for $230k. Flipped it 100% ourselves and is now valued in the low to mid 400s. We have a second building on our property which is our gym but we may soon convert to a secondary residence, thus increasing home value again along with passive income. I feel like that’s a decent amount of equity for a cash out refinance to play with, plus we have our cash reserves but I’d like to keep that as emergency money if possible. We just had our first kid a month ago, so we do plan on leaving the state before he is of school age, but always are searching either northern Nevada, Idaho, Wyoming, or back to Colorado where my wife is from. At that point in time we would both be willing to house hack if needed.

Would people really try to upcharge a property just because I’m from California? That’s insane lol

@William S. As far as out of state rentals goes, I live in Southern California which I feel is highly competitive and for the most part overpriced. I’ve done my share of driving lately searching for properties and have made a list of potential property owners to contact now, but the thought of searching for properties out of state still lingers in my head. Is this an avenue worth seeking for a first time investment purchase? And if so, what are some things to keep in mind?

@Travis T. Thank you so much for this info. I’m going to spend some time looking through all of these sources you mentioned and getting familiar with it. This post has much better info in it than I had originally expected! Thank you all..