All Forum Posts by: Ben Narro

@Joe Villeneuve so much more information is needed before anyone can give you solid advice. Will the property cash flow with a 70% LTV loan? If it does will it cash flow more than what you are trying to buy? Also what's your goals? 10 paid off homes or 100 homes with loans? I am huge fan of never selling unless there is some huge outside factor that forces me too. That's me though and everyone is different. My goal is to build generational wealth and paid off homes helps me do that while letting sleep good at night. I would look into refinancing the property into your personal name and I would avoid transferring the property into my LLC. I mean if it was mean and I needed more money I might move in just to do it as a primary residence then move out after. Just read the fine print, some company's make you stay in the home for 6 months to a year.

Get a Home Depot and Lowe's credit card! 10% off and zero payments/0% interest for 6 months - 1 year. After the rehab pay off cards by refinancing. Tons of credit cards are giving out money for cheap and getting the place refi'ed on while it's under construction is a nightmare. I would also consider "moving in" prior to refi so you can refi as a PR not a IP, this will reduce interest and could allow you more cash back since LTV can be increased. I just did the same thing after learning the hard way by trying to refi before it was complete. They wanted everything done by licensed contractors which ate into my cost and it was all work I could do myself.

I am having trouble funding a tiny home on a resort in Fl. The tiny home is around $70k and the small lot is around $70k. Every bank I have talked to is terrified about loaning on a tiny home and even more terrified about loaning on a lot inside a resort. I have 3 other rentals in Fl with lots of equity but not enough to pay full price for this tiny home. I am limited to 70% LTV because they are investment properties. My primary residence only has about $45k I can pull from it which still wouldn’t buy the property. I need to buy the lot cash or find some sort of loan that does not require insurance. Most loans will require insurance but the HOA on this property already has insurance so if the loan company forced me to get insurance it would be a waste. The tiny home profits 1,700 - $2,500 a month. Yes, that’s profit after taxes, HOA ($241 monthly), 20% management fee, and repairs. I wOULD BE uSInG ThE HOME AS AN INVEsTMENT PROPErTY. Property 1 value $230k loan $127k Property 2 value $215k loan $160k Property 3 value $240k Loan $142 ANY IDEaS ON HOW TO MoVE Forward??

@Patti Robertson I quoted this when I called them and she told me that they can’t list everything lol. She said we possibly can’t list every relationship and that cousins are not allowed. Anytime I have delt with legal docs everything has to be stated or it does not hold up. She is the head of of HUD for the area I want to purchase in, how do you think I could go about getting this issue looked into?

So I have read that you can not rent to a family member on section 8. The section 8 website defines a family member as (father, mother, brother, sister, grandparents). I inquired about renting to someone who does not meet any of those and was told it was still considered family. Say I wanted to rent to a cousin; would I not be legal since it does not say I can’t ? I feel that when law is involved the verbiage has to be listed to the “T” and if not then it does not apply. Can anyone point me in the correct direction. I am in Tx.

Your 50, why sell??? Just buy 20 units and learn for 2 years. Then refi and buy more. Buy buy buy till you die and leave it to who ever you want. Also look into Realestate 401ks, it might save you in the tax hit.

@Thomas Frank Will it ever mater if they call my loan since I have over 30% LTV? I can just refi with any other company and probably roll all my closing costs into the loan or am I missing something? My plan was to sell the homes to the LLC at market value since I have lived in two of the homes for 2 out of the last 5 years. Example Jan 2013 - Jan 2015 house 1, house 2 Feb 2015 - Feb 2017. Can I sell them capital gains free to my LLC and use the cash I myself make to put as a down payment under my LLC? Then do the same with additional houses after that. Is this frowned on or is this something most people do in order to save the most on taxes?

I own 4 homes with mortgages, 2 are through the VA and 2 are conventional loans. I have over 30% LTV in all 4 homes. My question is should I transfer the homes over to my LLC? I know the down side would be losing out on capital gains saving, since my LLC will not be able to claim it. If I want to sell the home later, can I not just transfer the home back into my name and do a 1031 exchange? Or can I not just live in it for 2 years to take advantage of capital gains after I transfer it back in my name? Also if I put my primary residence under my LLC, I get that I lose out on homestead but all my home repairs are not tax write offs, correct?

When is the next one?