All Forum Posts by: Joshua Smith

Thanks guys - it was two lenders. You've convinced me I need to get some more opinions. Might be reaching out soon!

I own ~9MM of real estate with a partner; but I'm trying to buy my own house, and it's challenging! Any ideas?

-My tax returns look crazy because all my income is offset by massive depreciation. Last year, my taxable income was like 7K.

-I pull in ~9K/month of cash flow, but it's all tax free from the depreciation

-I can harvest ~$1MM of cash at the end of this year after I refi some mobile home parks, but my DTI will be high then

Traditional lenders scoff at my taxable income, as if it's really the income that I make. 

Are there loans that can look beyond the fact that I don't have a W2? Could do a DSCR and pretend it's a rental I'm looking for, but nothing pencils in Denver on that front. I guess I could do like a 50% down DSCR loan and it might pencil DTI-wise.

Any ideas out there?

I've been using Propstream for residential data that I then get skip traced. However, I can see that the strip mall data in Propstream is incomplete, to say the least.

What have folks been using to obtain addresses and owner data for commercial real estate, specifically strip malls?

Thanks!

@Tom Gimer Thanks - that helps. Seems like it's kosher now. 

Hi all - I have a bunch of crypto and understand that, due to money laundering laws in the US, one cannot use dollars with a crypto provenance for downpayments and reserves. 

I was, however, curious to see if any title folks could tell me if it's kosher to purchase property in cash with dollars with a crypto provenance. 

@asmith4981

Hi all - I'm a mobile home park owner and operator based in Denver. Out of our 4 deals, we've syndicated one deal so far with friends; But we're looking to bring other investors in so that we can hop on great deals that we find off market. 

Our plan is:

-Increase social media posts about what we're doing (operations and acquisitions) on Instagram, Facebook and Youtube

-Go to real estate meetups (not sure about which ones) and just expose people to what we're doing/get them following our social media 

Anything else anyone would recommend?

@Jeff White I think I did convince the seller to accept it. I'm just hesitant because I just looked at the permit website and it looks like there's a building complaint for the unpermitted addition from 2019. I have to do some research to see if the city would compel me to retroactively permit that addition (and consequently, possible spend a lot of money if it needs to be rebuilt, etc.). I'd like for it to fly under the radar and to be able to rent it out on airbnb with a Short Term Rental Permit; but not sure if I can reliably do that. Do you have any recommendations on that?

@Paul Welden Thank you - I really appreciate it.

I am talking to the seller of a property in Denver. The house is in a great location and has a unpermitted addition in the back that can be rented out long term or airbnb (has a bathroom). 

My question is will the FHA appraiser/inspector look into the fact that it's permitted/unpermitted?

Also, the chimney is leaning, looks like it's about to collapse and the garage is sort of crumbling brick. Not sure how much that will cost in the 203K; But I guess I'll find out if I put it under contract. Any feedback on that is also appreciated.

Thanks, Matt. Understood. I'm working alone without an agent. I'm hoping you can tell me if I should approach Denver Development Services or another department. I greatly appreciate your help. 

Matt - I have a legal-conforming duplex under contract in Denver. It also has a non-conforming ADU in the back of the lot. Rent from the ADU would make the deal feasible. It was converted in 2005, I believe. Do you think the city would provide a letter indicating that it could be rented as a triplex?