All Forum Posts by: Ben Cochran

@Julian De la Guardia thanks for the feedback. That was very informative and insightful! You basically echoed my internal conversation.

I'm going to consult a local financial planner but thought I'd ask the brilliant minds at BP as well. My wife and I own 3 properties in Colorado and are considering pulling some equity to purchase an STR in the Tampa Bay Area. Currently speaking with a local realtor about the STR zoning issues, insurance issues, and current/future market in Florida. 2025 should be a good time to look for a property there.

1. Is an LTR with a paid off mortgage. Appraises for $325k. Has a $100k Heloc on it that’s being paid down. Rent is $2k/month.

2. Is an LTR with a $290k mortgage ($1900 payment). Appraised for $525k and is rented for $2800 month. It carries a $50k Heloc that’s being paid down.

3. Is our primary residence and is a long term live in flip. $490k mortgage. The $50k Heloc on house 2 was used to begin renovation here. We plan to live here for 2-3 years and sell. Should appraise for $660-700 when completed.

I’ve been told I still have a lot of equity in #1&2 just “sitting around” and it should be put to use rather than just sit there.

My concern is that I might be over leveraging myself if I try pull out a 20% down payment for a DSCR loan.

Any thoughts is you were in this situation?

TIA

I'm going to consult a local financial planner but thought I'd ask the brilliant minds at BP as well. My wife and I own 3 properties in Colorado and are considering pulling some equity to purchase an STR in the Tampa Bay Area. Currently speaking with a local realtor about the STR zoning issues, insurance issues, and current/future market in Florida. 2025 should be a good time to look for a property there.

1. Is an LTR with a paid off mortgage. Appraises for $325k. Has a $100k Heloc on it that’s being paid down. Rent is $2k/month.

2. Is an LTR with a $290k mortgage ($1900 payment). Appraised for $525k and is rented for $2800 month. It carries a $50k Heloc that’s being paid down.

3. Is our primary residence and is a long term live in flip. $490k mortgage. The $50k Heloc on house 2 was used to begin renovation here. We plan to live here for 2-3 years and sell. Should appraise for $660-700 when completed.

I’ve been told I still have a lot of equity in #1&2 just “sitting around” and it should be put to use rather than just sit there.

My concern is that I might be over leveraging myself if I try pull out a 20% down payment for a DSCR loan.

Any thoughts is you were in this situation?

TIA

Last year I had to sell half of a duplex. I met with my CPA, discussed the details and they estimated the taxes owed would be in the neighborhood of $10k. I just got my returns back and I ended up owning over $30k. My CPA of course now doesn’t remember his estimate of $10k. Other than setting up a payment plan with the IRS, is there anything else I can do to possibly reduce my $30k tax burden? 

@Kyle Porter no I haven’t. I’ve only heard that term in regard to STRs.

@Nathan Gesner thanks

@Nathan Gesner thanks!

I’ve got a tenant that has struggled paying rent in full for the last few months. I tried working with him and allow him to catch up but he’s now a full month behind, rent due again today the 1st and now he’s stopped responding via text. I think it’s time to pull the trigger on the eviction process but I want to make sure I do it right and legally. He’s on a month to month lease and we live in Colorado. Any advice or even referrals to legal counsel would be great. We’re in Weld County. TIA

@Nate Shields hi, what’s the date and time for your meet up?

@Nate Shields hi, what’s the date and time for your meet up?