All Forum Posts by: Michael L.

@Michael L. If a lender is able to be in first position- they then can possibly provide a rehab / remodel loan

will the new property be an investment property or are you  moving into one of the units  ?   I will assume  it will be a  100% rental  property ....what is your purchase price and what will seller loan amt be ?  and  what amt is needed for the  rehab?

Ideas  :

1) give seller a little less upfront  and  maybe sweeten the rate you provide them on the  note ..use the  funds  saved from the down to do  the  rehab 

2) leverage  other  properties including your  primary home 

3) HELOC on subject property ( if you can locate a willing heloc lender )

4) personal loans 

5) leverage  401K accounts 

I don't know if you're looking for literal definitions, but a war is an armed conflict. A world war is an armed conflict involving many nations in different regions of the world. 

Three courses says it must be a triangular piece of property. You could take those courses and get a rough sketch on a piece of paper using a protractor...obviously not very accurate, but just an idea of what that triangle looks like. Fortunately I have CAD and put those in and the sketch is below:

The courses don't close which is fairly common, but they're not closing by about 10' which is fairly significant. Total area if I just force the closure is about 7,300 SF.

The next part of this is the 'art' of surveying which is how do you adjust given calls to arrive at a legal boundary. Obviously you can't actually have a property's shape that is three sides that don't connect, so one or all of those lines needs adjusting in either the bearing or distance or both so that the lines connect. That is something only a local surveyor can help with based on the physical location of existing monumentation, occupation by durable improvements and legal descriptions of adjacent parcels. 

@Diane Tycangco We have worked with properties that have a purchase price as low as $150,000. 

Your property definitely has the potential to benefit from a cost segregation study. Determining whether to do a cost segregation study or not has a lot variables. Are you in an area where land is very valuable leaving you with less to depreciate? Some other factors to consider - How long are you planning to hold this property? If less than two years, cost seg probably isn't a good route. Are you planning to do any renovations? If so, I always recommend getting the study done prior to rehabbing. What is your ROI and the amount paid for a cost seg study? Do you have a current need for that cash flow generated from the tax savings? Could you go reinvest it in another property to build even more income? Would you have net income or net loss without the cost seg study? Are your real estate investments active or passive? Are your losses locked up against your passive income? There are a lot of factors to consider when get a cost seg study to determine if the benefits outweigh the costs. If you are able to get REPS status, that would help tremendously. Engineered cost segregation studies usually start around $3,000 for SFHs and go up from there depending on the property. Have you obtained any detailed cost/benefit analysis quote? Most cost segregation study companies provide the quote for free. Is it a reputable company and will the documentation provided from the study hold up in an audit? If you need any help or have any questions, feel free to reach out!