All Forum Posts by: Joe Stubbe

Yes it’s a single member llc. No partners. Good info guys, thanks.  

We have a flip that we completed and like so much that we are considering moving into it for a personal residence and refinancing it to a primary. Are there any tax implications since it's currently in an LLC and will be transferred to our personal name at close? I realize this may require a tax pro but wanted to get an initial pulse from this community first. Thank you!

Came across a property that the seller has these terms attached to their original note.  I'm curious as to the benefits and frequency of these types of loans these days.  Thanks!

 I was referring to the exceptions the IRS sets out if you don't meet the 2/5 year rule, referred to as a "partial exclusion".  They are detailed here:  https://www.irs.gov/publicatio...

 There are many exceptions to the 2/5 year rule, check out the IRS guidelines but things like job change, having twins, and some other key items allow you to avoid capital gains if you haven't met the 2/5 rule.  

Fantastic. I’ll dive deeper tmrw and give them a ring.  Thank you for the great response. 

Hello,

I came across an opportunity in Texas to purchase a large residence with an additional large "guest house" - separated privately by two, 2-car garages.  The idea was to purchase, rent out one part and live in the other...however it's zoned for Single Family (R40).  Ideally, we would be looking for a long term rental in the other half, but realize this would be challenging given the zoning.  So we intend on playing by the rules, is there any chance of potentially getting this re-zoned or get an exclusion?  I realize it's probably city specific, but wanted to reach out to get opinions before I go walk the property.  Thanks for everyone's input!

I think this is a good idea if you can make them permanent structures with the latest and greatest amenities including technology.  A millennial dream come true.  It will also help address our affordable housing issue.  I would imagine getting a bank on-board would help with the viability of this project.

Anyone else doing a similar community in other parts of the country?  How about international?

I'm having a hard time finding a jumbo loan product for a short-term rental/second home with a 10% down payment. Anyone know if these are still being offered in light of covid?