All Forum Posts by: Jake Hartman

@nicholas Thanks for the reply! I received 1098 mortgage interest statements from the bank on these construction loans. I moved them to perm loans at the end of the year with the same bank. Assuming I need to plug these 1098 amounts into the corresponding property. I was under the impression interest on a construction loan could Not be written off?

Brought 5 new rentals on in 2017.  New construction that we built.  When adding these in tax program it asks for "In service date" and "Purchase Date".  Since these were new construction they were put into service many months before I actually moved the loan from an interest only construction loan to a permanent mortgage.  

If I put an "In service" date of 4/2017 and a "Purchase date" of 11/2017 will that cause any issues or raise any flags?

Yes I filed an extension and yes I waited to the last minute.....🤪

Thanks guys. I think with only 50 letters going out I can take the time to really customize the letters so they reflect the targeting.

My wife and I are interested in buying a vacation rental and have identified the exact area and complex we would like to buy in.  Unfortunately the units for sale don't meet our needs or aren't in an idea location in the complex to maximize rental income.

Being familiar with wholesaling and researching real estate I have compiled a list of approximately 50 properties with owners names and addresses that are in the buildings we would be interested in buying in.

I plan on mailing everyone on the list something to the tune of "We are interested in buying in your building etc etc... please contact us if you are interested in selling or keep our number in case you ever do decide to sell".

My question to the group is this... how would you word your letter?  These will be typed up and signed but the envelopes will be handwritten.  I am fishing and want to make sure I am not offensive nor bothersome, though I know regardless I will rub someone wrong...oh well.  

Any suggestions for how you might word this to encourage at least response from some would be greatly appreciated!

Thanks,

Jake

Thanks for the feedback guys. A loan against the 401k may be an option, I will need to look at what the repayment program looks like.

Hello BP community! I’m sure this question has been asked ad nauseam but I want to see if there is any new info aside from what I know. Wife has a 401k from a previous employer. We are considering purchasing a vacation rental in Maui that has excellent #’s and would cash flow as well as letting us use for a few weeks a year free of cost. From what I understand if we roll her 401k into something self directed we CANNOT use the property ourselves. Are there any creative ways to access these funds that would allow us to use the property aside from cashing out and paying penalty and income taxes on it? I also have the option of selling 2-3 rental properties and using the equity to roll into down payment. Just trying to exhaust all options before we lay down a plan. All opinions greatly appreciated!! Thanks, 
Jake

I have a hard time believing these would appraise for that price?

Any KC investors have ANYTHING open for a tenant that is on the Kansas side and a reasonable distance to the KU MED CENTER?  Have a friend who's son is attending this coming FALL and needs something ASAP (Within 3-4 days).  Has 1 medium sized dog, wants something safe and fairly nice.

Any leads appreciated!

Thanks,

Jake

Typo,,,, thanks 

@Patrick Franta thanks for the reply!

I agree with you, agreeing up front who will plan on living in the property we purchase together now would be key.  From what I can tell it looks like it would be tricky to truly cash flow on a vacation rental in Maui, am I mistaken?  Let's say we find a nice 2/2 that is in a location that will turn well for 600k.  After we drop 30% down and finance 520k we have maintenance fees and a % to the mgmt company we are lucky to break even I am assuming.  This is fine, you just have to reply on appreciation.  The only factor there is the fact that we could be buying at the top of the market right now, thoughts on all this?