All Forum Posts by: James Eilerts

@Chris Seveney

Thank you for the information. I guess we will need to go a different route with it. 

@Alex Olson thanks, unfortunately that's not an option for this property. The property is under a VA loan and the seller wants to get that back for a personal residence.

Hello,

My partner and I are going to purchase a single-family from a friend. They are willing to seller finance part of the deal. Property is estimated at about 170k value. We are looking to get a mortgage for 100k and seller finance the rest. My question is how do we structure this so we can get a mortgage with no money down? My understanding was as long as we aren't looking to get a mortgage for more than 80% loan to value we should be able to get a mortgage for 100k with no money out of pocket. I called an acquaintance in the mortgage department at my current bank. He seemed to be under the assumption that we would still need to put 20% down of that 100k.

Thank You in Advance

Hello,

Here is my dilemma. In 2015 I became self employed (Not real estate....yet). I purchased a vehicle specifically for my business, financed it, then after a month or two I paid the loan off completely. So for 2015 it was fairly simple since I paid for the vehicle completely I claimed the cost of the vehicle plus the small interest/finance fees. So now to 2016 I purchased a new vehicle and did the traditional financing and make monthly payments. So how do I deduct this vehicle? Do I claim the whole purchase cost then the interest paid? Then only claim the interest costs the following years while I have the vehicle?

Thanks