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All Forum Posts by: Jake Rhodes

Jake Rhodes has started 17 posts and replied 49 times.

Post: 1031 Question and When to cash out

Jake Rhodes
Pro Member
Posted
  • Rental Property Investor
  • Crown Point, IN
  • Posts 53
  • Votes 17

All hypothetical - If I buy a flip and sell it for $150K, then use 1031 and buy another for $150K and flip for $200K, then on the third buy for $200K and flip for $250K.  At that point, Can I 1031 into a long term rental hold and miss having the tax penalty?  Or will it all catch up at that point and I will owe?  

Which amount will I be taxed on?  The $250K?  

If you have to use 1031 for the same value or greater, what happens when the price continues to escalate?  Do people try and get a larger multi-family at this point?

ANY other strategies?

Thanks in advance 

~Jake~

Post: Moving to Indiana soon

Jake Rhodes
Pro Member
Posted
  • Rental Property Investor
  • Crown Point, IN
  • Posts 53
  • Votes 17

Agree with @Marcin Nurek on this.  St. John is too far off of I-65 and will add another 15-20 minutes to your commute.  Crown Point is a great area especially if you can find something close to I-65.  Great schools for your kids too!  Other than that, not much between Crown Point and Lafayette if you are looking for some action (restaurants, activities, etc)

Post: NW Indiana Investors

Jake Rhodes
Pro Member
Posted
  • Rental Property Investor
  • Crown Point, IN
  • Posts 53
  • Votes 17

Yes sir!

Post: HUD Homes - Pros vs Cons

Jake Rhodes
Pro Member
Posted
  • Rental Property Investor
  • Crown Point, IN
  • Posts 53
  • Votes 17

Im looking at a HUD home but have never got this route. For those of you who have done a HUD can you list Pros and Cons?


Also, a brief overview of the process and what to expect...   

Much appreciated!

Post: Fix & Flip Completed, keep it rolling!

Jake Rhodes
Pro Member
Posted
  • Rental Property Investor
  • Crown Point, IN
  • Posts 53
  • Votes 17

Congrats!  Do you have a breakdown of the rehab you can share?

Post: Bank will refi on Cost of home + repairs ONLY not Appraisal

Jake Rhodes
Pro Member
Posted
  • Rental Property Investor
  • Crown Point, IN
  • Posts 53
  • Votes 17

Thanks @Nicholas Covington @Steve K. @Kris L. @Ray Johnson @Glenn Wolfgang for the response!  This was the first bank I talked to and I wasn't a fan of the response, as it won't be conducive to the strategy.  I will continue my search.

Post: Bank will refi on Cost of home + repairs ONLY not Appraisal

Jake Rhodes
Pro Member
Posted
  • Rental Property Investor
  • Crown Point, IN
  • Posts 53
  • Votes 17

I went to the bank yesterday and they said if doing the BRRRR strategy they would only give me 75% LTV (if held under 3 years) on the purchase price and the rehab costs. NOT the appraised value.

Example. Buy for $50K put $20K into rehab. Total of $70K. They would do a cash out refi and give 70% on the $70K = $49K . NOT on the appraised value. Has anyone else seen this?  If under 3 years.

If I hold the property for 3+ years before doing the refi, then they will cash out on the appraisal.

They said its to protect their interests.  

Thoughts???

Post: BRRRR vs TurnKey - Which makes more sense?

Jake Rhodes
Pro Member
Posted
  • Rental Property Investor
  • Crown Point, IN
  • Posts 53
  • Votes 17

I went to the bank yesterday and they said if doing the BRRRR strategy they would only give me 75% LTV (if held under 3 years) on the purchase price and the rehab costs. NOT the appraised value.

Example.  Buy for $50K put $20K into rehab.  Total of $70K.  They would do a cash out refi and give 70% on the $70K = $49K .  NOT on the appraised value.  Has anyone else seen this?  

If I hold the property for 3+ years before doing the refi, then they will cash out on the appraisal.  

Thoughts???

Post: BRRRR vs TurnKey - Which makes more sense?

Jake Rhodes
Pro Member
Posted
  • Rental Property Investor
  • Crown Point, IN
  • Posts 53
  • Votes 17

Thanks to everyone for the replies and feedback, I really appreciate you taking the time to help a newbie.  I definitely want to BRRRR my next property and am in the process of building out my power team.  I need to keep searching for a property and find a good contractor in the meantime so I am ready when I find it.  

Post: BRRRR vs TurnKey - Which makes more sense?

Jake Rhodes
Pro Member
Posted
  • Rental Property Investor
  • Crown Point, IN
  • Posts 53
  • Votes 17

@Ali Boone . Thank you so much for this and nice job on the post!  

I'm in Indiana.  Would you be available to chat offline?