All Forum Posts by: Liam M.

Currently have: 2.999% interest rate on 170K loan of 300K property, 30 yrs fixed (non owner occupied fourplex, purchased 2 years ago)

Thinking about this quote: 4.375% with 1% origination fee or 4.875%, 30 yrs fixed, cash out refinance, attempting to pull about 150-200K equity (estimating property value is now 425-450K) out to purchase newer SFH home or duplex to house hack.

The rents from fourplex total about $3100/mo.
My goal: To purchase a duplex to househack or SFH property to live in for a year with cash from cash out refi.

What are your thoughts on this? Do you think my situation could benefit from a cash out refinance? Does this quote seem to be in the good end for these types of loans? 

@Jon Miller Is a 2/2 a 2bed/2bath SFH?

@Tyler Kastelberg I missed it earlier but found the automatic renewal clause in big bold letters, thank you.

I will get leases and check out KRS as well. Thank you Tyler!

This is my first real estate purchase and I have so many questions. I recently bought a fourplex with all units rented and got the lease info after closing. I should have required to view the leases beforehand but nonetheless I am here. 

3 of the 4 units have expired leases, should I contact a PM to get them on leases? Can leases have a month to month agreement? I would be fine with M2M as long as I get a 30 day notice before they decide to move. I have set up a Cozy account for the time being to collect rent, but I feel that I am risking too much by not having a lease in place.

Does anyone have suggestions for online only lease agreements that make the process much easier? Like something where the tenant can E-sign and be done with it.Thank you

@Geordy Rostad 

It is, the reason why is because I'm trying to do a 1031 exchange and need to use at least 135k to avoid taxes.

I have tried using the BRRR calculators and I think I'm doing something wrong when it comes to putting a refinance loan amount and it is messing with the numbers.

Good evening,

Looking to make my first purchase and jump into multi family, please let me know what you think of these numbers.

View report

*This link comes directly from our calculators, based on information input by the member who posted.

@Michael Plaks 

I have reached out to Dave and I am now in contact with him. Thank you!!

Good evening,

Looking for help here. I accepted an offer on my house a week ago and was told that the closing would happen on or about June 28th. I inherited this house and lived in it from 2014-2015. I messaged my listing agent telling him I had an interest in doing a 1031 exchange and he told me that I have 90 days to find a target property and need to talk with a lawyer here in Virginia (the house is in Florida). 

My understanding is that my SFH in Florida can be 1031'd to a multi-unit property.

1) Any leads on good and trusted qualified intermediaries or CPAs in Virginia?

2) I accepted an offer at 194k, after paying off a 35k HELOC, a 5% commission to my agent, and closing costs, I should profit 135k. A like kind property purchase price should be 135k or more, right?

3) Do I have 90 days starting from the closing date to close on an additional property?

4) Does living in the house from 2014-2015 afford me any tax shield from capital gains if I decided to just straight up sell the property without a 1031?

@Michael Ealy

So with 100k to invest in the right area, would one be able to secure $2500 a month in cash flow?

Thank you.

Ben

@Dawn Brenengen Yes she wants me to. She has been calling me saying things like my father never wanted me to receive the house and how basically he hated me all these years and never told me, and that she doesn't have to pay rent since she has paid rent all her life. But, my dad was paying the bills, and never married her. So the house went to me. 

No, they do not have any income or savings besides my aunt's monthly disability check. This is why I am having a hard time with this.

@Caleb Heimsoth That is harsh but I am here looking for practical steps on how to make this happen without putting myself in the same situation with her in a house in AZ.