All Forum Posts by: Account Closed

I haven’t been able to find an easy book on the subject as it’s very complex and local market driven.  I started here and took a course with IDA:  https://www.cnu.org/our-projects/small-scale-devel...

There’s this book I have but haven’t read yet: https://www.amazon.com/Professional-Real-Estate-De...

We actually started a small group here in Houston on how to do our first small development; meeting once a month and getting speakers to come.  It’s been great.

There’s resources but it’s specific to us architects being a developer.

@Ashish Acharya great to hear!  Thanks so much for the info!

Thanks @Ashish Acharya!  One question:  do you mean my rental is already taxed being property tax?  If federal tax, do I need to set aside a percentage for fed tax?  Say I’m cash flowing $300 a month, do I set aside $100 for fed tax?

Sorry, that was actually 3 questions...

Hi,

This may be a dumb question, but I was wondering if I can use my property rental income to fund my other business (i.e. construction company)?  Are there legal or tax problems associated with this?

Thanks in advance.

So what @Chris Mason said is true. My lender said the new Fannie rules allow the time the property was held by the LLC to count toward the 6 months seasoning for the 30 year loan. The rates are 2 basis points higher now though, but I don't have to wait 6 months! So I am back in the refinance process and need to have all my financials go through underwriting again.

@David Alzate to answer your question on waiting for the seasoning or not depends on your exit strategy numbers.  For me I need the Fannie 30 yr loan with low interest to make my numbers work and pay back my investors and cash flow on the property with all expenses accounted for.

@Tony Castronovo I didn't know what normal was being a newbie...

@Chris Mason you are a life saver!  I'll check with my lender.  Merry Christmas indeed!

So this may have been discussed many times already, but using an LLC to purchase and rehab to BRRRR doesn't work quite well. I bought my property using an LLC and now it's stabilized and ready to refinance. At first my loan officer said no problem, we'll just deed it over to my name before the refinance to get a conventional 30 year loan at closing. But then I found out that Fannie Mae requires 6 months seasoning of the property after it's changed to my name. And this rule is for all of Texas.

Has anyone else had this happen or familiar with this?  What are some options that may be possible to not have to wait 6 months?

@Justin Dixon I've been trying out Wave accounting for income and expenses as it ties directly to your bank accounts.  It's been good so far and it's free.

So I was just notified Turbotenant doesn't accept payments anymore from tenants.  Anyone can recommend another service that collects rent for free?