All Forum Posts by: Daniel Luedtke

How would that work? Who would be servicer, my mortgage company? 

Isn't there a way to do a wrap loan though?

I am looking at selling a STR property, and offering seller financing. I would like to know how I remove my escrow account from my loan? Obviously the buyer will be paying the taxes and insurance. This is my first seller finance deal, and not sure of the process when I have an escrow account already set up with my mortgage company? Is it possible to remove my escrow account? FYI - the loan I have was done as a DSCR loan, if that makes a difference? TIA!

If I offer a complimentary stay in my short term rental to friends, property managed by management company, do they still have to pay taxes and fees, besides cleaning fee? 

@Dave Foster, thank you!  I could not get a straight answer from my bookkeeper or CPA.  And the 1031 Intermediary I used did not seem to want to give me an answer either.  I appreciate your help.  I actually purchased it in Seminole, just a stone's throw from yourself!  

I sold a rental property back in June 2020, did a 1031 exchange (closed on the new property at the end of July 2020), and now I am looking to do a cash out refi to pull that money back out.  Is there a waiting period to avoid any capital gains tax hit after the purchase through the 1031exchange?  Thanks in advance!

Thank you Alli.  I did find it in a different location under tools.  Had me scared for a bit!  LOL.  Thanks so much!

So, when did the AirDNA tool go away?  I just used it last week, and now I don't have it anymore?  Did I miss that it was going away?

@Rene Owczarski, this property is out of state. I bought this house from a wholesaler, and have the rehab done already, and could have the renter in there this week.  

@Tina Tsysh, this area probably won't be a huge appreciation play. As far as refinancing, I only have $5k - $8k into this house, so it's not a huge deal I guess. At this point, I am more worried about the short term capital gains tax hit.

Thanks for the responses!

Looking for advice on whether to keep this property as a rental, or flip?  

PP = $77,100

DP = $5k

Rehab = $36,175

All in at $113,275

ARV = $140k

Flip 'Net' income should be around $20k.

PURE cash flow as rental = $204/mo

I'm building my portfolio so I can replace my income sooner than later. I currently have: a Triplex, 2 STR properties, and a SFR that are all cash flowing well. I have another triplex I just closed on that will be a while to rehab, and another 2 properties I will be closing on by end of March. One will be a flip, and the other a property with 2 houses on that should CF well. If I flip this one, I could get back most or all of the cash I have in the last 5 properties I have purchased (and the 2 that are soon to be closed). Doing the flip, would allow me to keep purchasing more properties quicker. However, at $200+/mo in 'Pure' CF, I know it is a good property for a rental too.

Thoughts greatly appreciated!  TIA