All Forum Posts by: Eric Mayer

The cash out refi has absolutely nothing to do with the taxes on the gain. If you have owned the property for a year, you could defer the taxes by doing a 1031 exchange into another property. You can also defer the taxes by investing in a Qualified Opportunity Zone.

Tapped twice.

I thought most strippers made more than that? With no evictions, no arrests, and steady income I would probably accept her. It’s a legal job so who are we to judge? Just make very clear the abusive ex is not welcome on your property.

That last part where you gave them sort of an ultimatum about police makes me nervous. These aren’t normal people and they can interpret that as “snitching.” I know, sounds crazy, but you said you were going to be there in a vacant unit so be careful! I was happy to have property management deal with this when I had the same problem with a unit. They ended up calling the police a few different times.

Try to get your hands on the meeting minutes. That will tell you a lot.

@Brenden Mitchum I totally believe you and prefer an agent that lets me talk to the seller. I just got an 8 unit that we all negotiated on a conference call and they had no issues with the seller and I continuing to communicate after that. Too funny that you are going to keep dealing with the buyer! Please keep us updated on the next Realtor meltdown.

They are correct unfortunately. I had to wait 2 years when I was working a commission job before I qualified for a Fannie loan. I would recommend a hard money lender or pursue owner financed deals. I recently got 12 doors with owner financing and only put 15% down.

@Dave Foster nailed it on the 1031 exchange. Another way to defer taxes if you haven’t owned the property long enough to do a 1031 exchange, spend the gains in a qualified opportunity zone. You can actually choose to spend all or part in the QOZ and only pay taxes on the portion you want to keep. 

The agent doesn’t want anything said that might throw off the deal. I would push back some though as that’s just my personality when someone is rude to me. That should have been handled a little differently by the agent IMO.

There are many benefits for investors. Say an investor made a killing in the stock market. They can actually invest that gain into a QOZ and defer all the taxes.