All Forum Posts by: Colin LaReaux

Thanks @Chris Seveney! That seems to be the general consensus. I'm wondering if there is a $ figure they use as a guideline for pursuing, or not. 

Vague and hypothetical, but does anyone have a general rule of thumb as to if/when the IRS will exercise its right of redemption on a foreclosed property?

Case in point: Property purchased at mortgage foreclosure auction. Former owner owes over 100K in taxes, property has a tax lien. IRS has 120 days to redeem, pay off winning bidder, and then sell to recoup. Question is... when will they? Obviously the amount of the lien plays a role (bigger the lien more likely they will, I would assume). 

That small print will get ya!

Hi all, I'm considering purchasing a property in Palm Coast to operate as a short term rental. Ive heard anything east of 95 is cost prohibitive to insure. Any insight? Any recommendations for agents? Thanks!

Thanks @Jonathan Taylor and @Kerry Baird! Just once I'd like to have my cake and eat it too... 

This particular property is small enough in the portfolio that I likely will just pursue a cash out refi with the LLC. May look into transferring title from the LLC to the individual to get the HELOC though.

@Mike Davis, I wasn't clear enough it seems. I don't need the $ for the rehab, so hard money isnt required. Just looking for the most efficient (time and cost wise) way to recycle the cash we put into the property. Ive done quite a few deals using cash out refis, but this time we have a member residing in it. 

@Mike Davis

Brief summary: 

My LLC (3 members) purchased a 2 unit rental property in cash and intended to BRRRR using a cash out refinance.

But one of the members will reside in 1 unit and rent the other. 

Can we obtain benefits of primary residence loan (HELOC, home equity) if it remains titled to the LLC?

The goal is to use the equity to acquire more properties, without having the standard 75-80% LTV requirement on a cash out refinance.

Any lenders have a product that can work?

Thanks!

-Colin

I have a few rental properties, and it seems every potential property I look at has 50 yr old carpet, or worse, laminate with carpet over it! Some have hardwood underneath, but it seems costly to redo hardwoods only to have tenants damage them.

Any advice on best options? LVP (lucury vinyl plank), laminate? If I spend around $3 a foot is that decent?

Thanks! 

@Jerry Padilla Thank you!. they are all SFR. The concern I have is closing costs. On the 2nd home for example I bought cheap (got lucky) and have done minor repairs. I was offered a 3.3% refi, but it would cost over 6K.

I guess it could be a more generic question: if you buy a property with a conventional mortgage ( ie 20% down), at what point does incurring new closing costs make sense?

Again thanks for the response