All Forum Posts by: John Anderson

For those who are general contractors, or who have had work done on their properties, is it generally worth it to add a unit to a property?I am curious to see whether the cost of building one would be justified by the rents I would receive.

@Matt Higgins Would you happen to know any good contractors in the Rochester area? Looking to do a little bit of work on a small multi family.

Looking for a good contractor in the Rochester, Minnesota area. If anyone has any references, they would be greatly appreciated. Thank you!

Hi – I am currently shopping around for a cash out refinance on my personal residence in the San Francisco Bay area. The home is valued at approximately $2 million, and I have excellent credit.

Currently I am being quoted at around 3% for a 30-year fixed, with around $4000 in closing costs. Is this a decent rate, or should I continue to shop? I currently have no debt otherwise.

Thanks!

I’m looking to do a cash out refi of my fully paid off personal residence in the SF Bay Area. What types of rates are folks getting at the moment? Can anyone recommend any good lenders?

We currently have a small two person LLC that holds a fully paid off investment property. We would like to distribute the fully-paid off property to its owners as a return of capital.

I understand that the distribution might affect my tax basis in the property. How do I determine the FMV of the property at the time of distribution?

@Ashish Acharya thank you for responding! I’ve heard that the distribution will lower your cost basis in the property? Is this true, and if so is there any way to avoid this?

Hello - we have a small two person LLC which holds a single, small, paid-off property. We would like to move the property from the LLC to our personal names. Is there a way to do this without any adverse tax consequences?

Thank you!

Hi all,

I have a friend in a unique situation, and was wondering if anyone could provide clarity here.

My friend bought a home in 2019 using a FHA loan. However, about 8-9 months later he unfortunately lost his job due to Covid and went into FHA mortgage forbearance. He fortunately found a new gig in another city and moved out of the home about 13 months after initially buying it, and put it up for rent. He informed the bank and the insurance company, and both were ok with it.

My friend lived in the home and did not rent it out for 12 months following its purchase, per FHA guidelines. However, because of the mortgage forbearance he did make 12 monthly mortgage payments on it prior to moving/renting it out. Is this allowed, or did my friend violate the terms of his FHA agreement?

Any guidance would be greatly appreciated.