All Forum Posts by: Joseph M.

Tried to read every post but may have missed this. What I am most confused about is, at the end of the forbearance period, can the missed payments be added to the end of the mortgage? If that was the case, it certainly would make business sense to hold onto the cash in some cases. 

My concern is that they will require a lump sum payment at the end of the term, a short term payment plan or a loan modification. If either of those three things are true and you can't just extend the term of the loan, I don't see any upside to going this route unless you are desperate. 

I think there is also risk that some banks will accidentally ding credit files and you know how long that can take to correct with the bureaus, but ultimately I imagine the credit files will show no payments for the loans in questions and creditors will see the gap.

Has anyone gotten clarity on whether you can just extend the loan term for the amount of months of the forbearance without going through a complex process? Maybe a loan medication is exactly what I am describing, but when I hear the term, I assume it would require extensive documentation and headache and possible credit implications.

Can anyone recommend a good accountant in Colorado. I have properties in Colorado and NJ and I still work with my NJ accountant. He is inexpensive and non-responsive, and I am willing to pay more and pay hourly when I need advice and have offered him that, but he doesn't bite. I have been hesitant to change without a referral from someone due to the pain of changing accountants especially if I make the wrong choice. I realize personal tax returns are a commodity service in some ways, but appreciate any recommendations. I can't wait 3-7 weeks to get responses from my accountant after multiple follow ups.

I am selling an investment property that I purchased as my primary home and lived in for 1 year, but had to move for a job related reason.

I purchased it in August 2016. Lived in it from August 2016 to around August 2017 and it has been an investment property since then. It will be sold in April 2020.

It is my understanding that I may be able to save on capital gains due to the reason of the move, but would still have to pay back depreciation recapture.

Can anyone confirm success with this strategy for a similar situation?

@Matt M. I am wondering what an unlicensed handymans exposure is as it relates to the County in which they performed unpermitted work as a non-licensed contractor.

So I have a friend that had some work done by an unlicensed handyman. They did not get permits. The handyman screwed them, didn't finish the job, and destroyed some of their property. What is the handyman's exposure?

Please spare my friend the riot act, as they realized they took a risk and lost, and they don't plan to take this risk in the future for important jobs. 

@Andre Taylor I did not go that route. Kept things are is and doing some refinances now. 

@Chris Mason Thanks! Do you have any recommended lenders? I only tried Rocket Mortgage so far.

Data:

Purchase Date: 6/4/2018

Purchase Price: $494,500

Appraisal: $542,000 / ARV: Approx. $630,000 - 660,000

Loan Balance: $470,000

Rate: 4.75% on a 30 Year Fixed

Goal: I am looking to remove MI and take out some cash to pay off the short-term debts used to repair the property.

It is my understanding that I have to wait 6 months to be able to do a cash out refi based on the ARV. Do you know of any banks that will do that before the 6 month mark?

Also, I have read some conflicting data around cash out refinances. I read that after 4 mortgages, you can no longer do them. This will be my 6th active mortgage; 5 are for investment properties and this most recent one of for a primary residence. Note that all of the mortgages started out as mortgages on my primary residence. 

Thanks!

Can you do a 1031 exchange from a rental property into funds like the ones on fundrise.com?

Thanks @Michael Hayworth