All Forum Posts by: Eunice Gonzalez

Hello! With the covid19 pandemic, mortgage forbearance is allowed as well as withdrawing up to $100k from your retirement. My question is, do you think that is a financially sound idea? To leverage more so you can put a down payment on another property? Are there any downsides to this? I do understand you will get taxed more when withdrawing from retirement. Any advise, tips, thoughts are greatly appreciated!

Hi BP! Closing on my 2nd property and plan is to eventually rent it out. 

My question is should I insure it as a secondary property or rental property? My loan is a secondary home/vacation home not rental property. Will I get into trouble? 

hello BP! 

I am selling 2 of my rental properties in Indiana and now in escrow, it seems we will be closing on time. My question is: I was planning to do a 1031 exchange and found a condo in San diego and got our offer accepted. Everything was going as planned, however the HOA for the condo is only 41% owner occupied and 59% rentals. Our lender is giving us a hard time financing since they require 51% or more to be owner occupied. I guess this is known for rental property and HOAs. I now have to apply for an exception to Fannie Mae. Has anyone encountered this? Do you have any advice for a situation like this? How was your outcome?

It will cost us $200 Application to fannie mae, appraisal, inspection and HOA Certificate fee. And then we will have a response on the approval of the loan.

I am thinking of cancelling the 1031 exchange and just getting taxed on our capital gains.. Does anyone know  how that would turn out? How much I would get taxed? I have only held the property for only 6 months. 

ANY ADVICE, TIPS WOULD GREATLYY BE APPRECIATED :)

Hi bp! Just thought I'd ask if any of you have great, reliable insurance agents in Indianapolis you recommend??