All Forum Posts by: Eric Davenport

We bought an STR using a 1031 but spent the first 6 months rehabbing before renting. We'd like to move in and understand to defer taxes must wait w years. Does this timeliness start from when it was rented and after rehabbing, or when the house was bought?

Thank you!

My wife and I are looking to buy riverside property for glamping purposes with tiny homes and air streams. The seller tells us there is minor flooding (2-3 feet above the river bank) a couple times a year, but a local tells us that about once every 10 years there’s much worse flooding of 10+ feet. There is a gentle slope upward to the road but major flooding may cover up to the road. We’re not as worried about the structures as we are the safety of our guests, how to handle flooding situations as a host, and liability purposes. For those with properties in a flood plain, how do you mitigate some of these things?

@Caroline Gerardo thanks for the reply. The private money is family, would we also need a statement from them stating who they are and they are lending the money, or the bank statement is enough? Also, how does it change if using a family member's HELOC?

Hello, I plan on using private money to fund a BRRRR in the form of cash not HELOC or another type of loan. What is the best way to provide proof of funds that this person is lending us the money in order to place a bid on an auction?

Thank you!

My wife and I are new to Louisville and own a house in Deer Park, a block away from Bardstown Rd, right off of Eastern Parkway. We  are currently renovating with plans to Airbnb. We are in the middle of deciding if it is worth paying $2000+ for contractors to finish the job quickly and have it ready for potential fall and winter rental, or should we do the work ourselves much slower, save the money, and have it ready for the spring. 

What are your thoughts? Can 4-5 months of Airbnb in the fall/winter potentially make up for the contractor costs, or does the Airbnb market slow down enough that we should do the work ourselves?

Thank you!

My wife and I each own separate properties that we acquired through FHA loans. Would it be possible for us to combine these into one larger line of credit? Or would it only be possible for us to each have one line backed by the properties in our names?

Thanks!

My wife and I own a duplex with a top unit that would be perfect for Airbnb. Has anyone owned a duplex with a long term renter and Airbnb? If not, what are your thoughts on this?

Thanks!

@Russell Brazil thank you for the reply. If a loan has not been sold to Fannie and Freddie and is held by the local bank is an assumable loan possible then?

Hello everyone! 

I am a new investor house hacking my first duplex. I am a decent handyman and can usually figure things out. My tenant's AC went out and I would like to save on repairs as much as possible. Would It be worth it to troubleshoot myself (look at thermostat, check breaker, look for overflow on the unit). Or should I hire someone and save credibility rather than money? 

Thanks!

Hey Everyone! 

I know that mortgage assumptions do not really exist anymore other than certain circumstances like FHA/VA/USDA loans.

But if the owner has a conventional loan at a local bank, in a small town, and a good relationship with the bank, can exceptions be made as long as there are no stated probitions of assumptions in the mortgage? Is this something a small local bank can work with, or are assumptions for sure not an option?

Thank you all!