All Forum Posts by: Byron Bohlsen

Thanks for the replies!

Hi folks, 

Looking to get peoples thoughts on wine rack cabinets and  rental units.  Cabinet guy can sell for same price or less then normal cabinet so considering adding in units that have plenty of cabinet space.  Area is b/b-. 

that's impossible for anyone to say.  The subfloor could need replacing as well 

Get an older stang

I guess it depends where you are... In my area most of the properties are from 1900-1950s... Anything newer is either large multifamily, condo, or is not priced to make money. 

I didn't look at the pictures but I side with JD. You will have to check the local laws but I believe carpet is fully depreciated after 5 years. As for paint I believe it can be depreciated over 10 years so there might be some recoverable money there.  You can probably keep the cost for the hole repair. - But this is all assuming you have the proper documentation, which you don't seem to have.

You can roll the dice but if they fight back your gonna be pretty lucky if you don't lose it all and them some.

Depending on your mortgage  situation pay down the mortgage and then refi + heloc could also be a good option. 

I would say it depends on your investing strategy. If you plan on using it as a down payment on one property and hold it, waiting for income to give you another down payment then I would use it on the down payment instead of a heloc. If you plan on incorporating a BRRRR strategy to recycle your money and accelerate your acquisitions then I would argue towards paying down your mortgage and getting that heloc. @Joe Villeneuve Can speak to this better then I can. Will probably need more then 30k to use the BRRRR strategy properly though. 

One thing that hasn't been mentioned is that paying down the mortgage will accelerate your amortization schedule so every payment after that large pay down will result in more principle pay down instead of throwing away at interest.

Hey Folks,

My father and I submitted a purchase agreement for a property with both our names on it, the idea is to use his heloc to finance 100% of the price, and then refinance into a mortgage solely under my name after the rehab.

If we quitclaim his name off the title after the refinance does that trigger any tax implications? 

Thanks.

Shrug, I just bought a house in June and my credit score went up...