All Forum Posts by: Chris F.

Does anyone have knowledge if a 1031 exchange is possible with two partners? If person A owns and property and person B owns a separate property can they both elect to do a 1031 exchange and pool the funds together to buy an apartment complex as partners?

Thanks for the replies everyone! Looks like I’ll need to capitalize all the expenses for the rental. I do have another rental currently in service so maybe I can get some of the mileage back for 2017 taxes.

I have a rental I purchased in September 2017.  It needed substantial rehab and it will be ready for rent later this month.  My understanding is that all expenses and improvements must be added to the basis.   I understand the big items and improvements would need to be but things like the water and sewer bill and electric bill?  Would I just need to add up all expenses no matter what they are for and add them to the basis?  I also understand the taxes can be written off on Schedule A, but if I won't itemize for 2017 tax year can I also add those to the cost basis as well so that I can get the deduction later on through depreciation?  Any insight would be much appreciated!  Thanks!

Also Quicken said they would go 75% LTV. Is anyone aware of a lender who will go 80%?

Looking to refinance a rental in Columbus OH that I've owned for a while. So far I've only spoken with Quicken Loans as I am aware they will work with investors. Comps for similar duplexes to mine have gone for about $225K. I would like to get as much equity out of the property and reinvest it in more properties. Does anyone have any suggestions on lenders? You can PM me also. Thanks!

Does anyone in the Columbus area have any recommendations for parties to work with on a potential investment property refinance?  I have a duplex located in Old North Columbus that I have a current 30 year mortgage on.  Bought it in '08 as an owner occupant.  Right now I have 22 years left at a 5.25%.  I am looking to jump start my investing again and thinking about a refinance with cash out on the existing loan to a new lower 30 year rate.  Right now I owe about $120K on the existing loan and in looking at recent duplex sales in the area I'm thinking the property could appraise for maybe $225K.  If I could do a 30 year refinance with cash out I'm thinking I could take about $50K of equity out of the property to acquire more properties and with the lower interest rates could probably keep my monthly P&I close to the same to continue the cash flow.  

So maybe I have two questions:

1) Does anyone have any lenders they work with and could PM me with their information?

2) Does this plan even sound reasonable or would I be dumb to pull the equity out to buy more?

Thanks in advance!

Does anyone in the forum have any experience or own property in the Springfield, OH area? Specifically looking to see if anyone has any recommendations for property management and/or vacancy expectations. Most realtors I speak with say it's a good rental market but the skeptic in me feels that is what they should say. I'd appreciate any insight anyone has.

That's great to hear John. If you ever feel like taking on any other coaching students I'd love to volunteer! I currently have one rental in the Columbus area that I bought in '07, but I'm hoping to jump back in really get involved. I'm trying to soak up everything I can now to make sure when I jump back in I can be successful.

Hi everybody. I have been lurking around the site for a couple months and decided to introduce myself. I bought a duplex last year and live in one half while renting out the other. Too bad I did not know about this website prior or I probably never would have made the purchase (did not have knowledge of the 50% rule for rental property). Anyway I have been able to get the P&I under control through extra payments and refi, so I think it will work out when I decide to move out. I am definitely looking in my area for properties and would love to join any REI clubs in the area. If anyone knows of any please let me know. Also, I am a CPA for my day job so if anyone has any questions, I would be more than happy to try to lend my advice. Anyways, great to meet everyone and thanks for posting all this knowledge.