All Forum Posts by: Deep Shrestha

@Kenny Oliver

Talk to you broker in charge. They should be able to provide you with a better understanding of your state specific rules and also your company policies.

@Crencenthia Brown Lender should be able to cover the closing cost or the seller can help. I have helped many VA clients and used the VA loan twice myself. I have never paid closing cost and neither have most of my buyer.

@Michael Stutelberg Why is the seller selling?

Other than money what else is important to the sellers?

@Mirzet Mehovic congrats on your success in RE. For Heloc, you may be better off using your primary residence. Rates and terms are better and also you can get better LTV.

I am not a lender so recommend speaking with a lender or bank. Good Luck

Thanks Sterling

@Travis C. Can you please elaborate on this topic?

@Sterling Chapman Where are you properties located?

@Travis Henry

Hi Travis,

There are some great responses before me.Considering your parents occupied the house for last 5 yrs. My 2 cents would be, pull out heloc to purchse a house in Vegas. Rent current Hawaii Kai house for sometime and before 2 yrs out of 5 is over sell it to do a 1031 exchange. This should get them $500K tax exemption and they can 1031 the remaining balance into some investment properties.

Again, I am not a CPA or tax attorney and each case is different so consult your CPA.

Hi Lucas

You have great investors before be giving awesome ideas. My two cents would be, you have a clear goal and you know exactly what you do not want to do. If I was you, I will go to every Meetups in your town and look for a partner. To me partner is someone who complements my deficiency or loves to do what I don't. That way you can do what your parner dont like and partner or partners can do what you don't like to do. This will help in continued progress towards the ultimate goal.

Hi Charlie 

Many who responded before me are correct when they say 1031 exchange does not apply on Fix and Flip properties. @Dave Foster is on point with it more of an intent rather than duration of hold. However you do need the intend to hold on such property and sell due to an exception. Please remember exception does not apply on every property you will sell. Also, remember I am not a CPA and I highly advise seeking advice from one.

Good luck out there, GO KILL IT.