All Forum Posts by: Ivan Lopez

Thanks again @Brian Eastman!

@Brian Eastman thanks much for your reply! It’s my understanding that non-recourse loans are only available in certain states. Do you know if one can still use that type of loan to purchase property in another state that’s not part of the list?

I read through the replies but couldn’t find the below, so I’ll be grateful if someone knowledgeable can answer it: 

Still serving and want to transfer TSP to SDIRA; however, let's say I only have $50,K in my TSP and I find property that the value is $100,K how do I go about the difference? Thanks in advance!!!

@Michael Ealy , 

@Kevin Manz, I'm not a loan expert, but that sounds killer awesome to me. I just got a loan for 5.375. Best I could get. And only to have to pay 15%. I would rock and roll. How many units is it?

Kevin, doesn't the ARM scares you? It does to me! Then again, it has been tough to find a good deal thus far, so I might not even have a choice if I want to close and become the owner of these units... BTW, is 14 doors.

@Paul Sassin I'm in the same boat!  In the process of acquiring a property that requires over $700,K in lending and needles to say it's been very hard to find bankers willing to work with me. Right now the best offer I've received is for a 60 months ARM with 25 years amortization at 5.05% w/15% down payment (+100,K) and I've an excellent credit! So I’m going to continue shopping around for loans. A good friend of mine recently got a fixed rate (4.50%) $240,K for 30 years, so I believe I still can find a better deal out there. Your thoughts BP folks...

@Michael Ealy for me is financing or mortgage lenders. For example I'm in the process of acquiring a property that requires over $700,K in lending and needles to say it's been very hard to find bankers willing to work with me. Right now the best offer I've received is for a 60 months ARM with 25 years amortization at 5.05% w/15% down payment (+100,K) and I've an excellent credit! So my question is, should I continue to shop around for loans? A good friend of mine recently got a fixed rate (4.50%) $240,K for 30 years and he believes I can find a better deal. Your thoughts BP folks...

@Wayne Brooks and

@Dave Foster much appreciated your insight!

Good day BP from Clarksville, TN!

Apologies for the lengthy intro. We’re about to close on the sale of a house we bought as our primary home 10 years ago. Since I’m active duty military we rented it for almost 7 years upon receiving permanent change of station orders (qualified extended duty). That said, over these 10 years we accumulated $72,K in equity. As we know, capital gains are nasty. So, during my research I came across 1031 exchange here at BP! The only issue we’re having is nothing decent is aligning with the amount of $ or time to meet the “like-in-kind” requirement before we’re supposed to complete it. Upon more research, I found IRS publication 523. According to this pub, as long as we live the house for over 2 years and been the owners for 5 years before the closing date, we should be qualify for the exclusion of gains during the sale. I would have to show that I was ordered to moved by the government (qualified extended duty). The part I don’t quite have to clear is the fact that we bought another house here in TN and have been leaving in it as our “primary home.” So, would this disqualify us for the house exclusion gain? 

Any info offered would be greatly appreciated, thanks in advance BP!

Regards, Ivan