All Forum Posts by: Derek Scott

 Thanks for your input! I will reach out to a few lenders and see what I can come up with.

My wife and I were both working remotely during Covid and bought our 1st home in a town with lower cost of living. We bought as our primary residence (Conventional; 5% down). Work called us back in, and we are now renting the property. We put in a ton of work to the house and increased the value drastically. I want to BRRRR the house but I am stuck at refinancing step because of our high LTV and great current interest rate. I want to scale my properties, but I can't seem to make the Refi make sense here...

Any thoughts, or ideas would be appreciated!

Thanks for the help Andy. Another thought I had was seller financing. 

- Agree on selling price of the home with Owner

- Pay the agreed mortgage/property taxes until Mom passes to owner, they only pay capital gains on mortgage we paid that year. 

- Get a traditional loan after mom passes (Total purchase price-what we have paid off= new agreed upon purchase price of the home)?

If anybody sees complications with this please let me know!

Hi, I have a motivated seller ready to sell his Mom's house in Texas. She hasn't been in the property for 5 years and has been in an assisted living facility. The property has been rented out for that period of time. Will she have to pay a capital gains tax on her property if she sells before passing away(Mom is 89)? Trying to help the seller avoid taking a tax hit, but I also want to purchase the property. This will my primary residence and he mentioned rent-to-own until Mom passes on. Thanks for your thoughts in advance!

Hi all, writing today to make sure I am maximizing expenses/depreciation on my taxes. My wife and I bought a home, rehabbed the home (New floors, bathroom gut/remodel, new paint, new kitchen cabinet doors, countertops, appliances, lighting, transformed extra living space to 4th bedroom), and are now renting the home out. I under stand the profit/loss part of the taxes, but trying to figure out what needs to be depreciated vs expensed, and which one helps me out in a year where I spent 20k on a rehab... I've heard/read about accelerated depreciation, but not sure exactly how that works or if I'm eligible. This is my first tax season with an owned property and I want to make sure I'm ticked and tied before I file. Thanks for the help!