All Forum Posts by: Kevin Ludwig

Subject To! Just have her take over your loan. Then you do seller financing for anything above your loan amount. No need to use banks and closing fees are very small. You and your mom can split the Realtor fee who will do the paperwork for you. Checkout Pace Morby for more information:

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1 Vote

Tacoma, Washington

I had to shop for awhile but I found a local lender in Colorado called TBK Bank that does HELOCs on investment properties.

If you are looking to get a HELOC on your primary residence, most any bank will do that.

Most all lenders allow use of HELOC money for down payments.

Happy passive income seeking!

1 Vote

Anchorage, Alaska

This tenant worked out great. She was from the other side of the United States. She paid on time and never had any problems for several years. I am grateful for your help!

0 Votes

Quote from @Chris Hill:

Quote from @Kevin Ludwig:

Easy.... Use HELOC to buy 5 or more single family investment homes. Use the cash flow from these investments to paydown your apartment loans quicker. Let these homes appreciate in value (most homes double their value in 10 - 15 years). Sell these homes to payoff your apartment loans. Live on the beach and enjoy pure cashflow without debt. Enjoy your coconuts.

Interesting idea. I would probably have to buy out of state to pull it off, and unfortunately, I don’t have much experience there

I live in a difficult market for cash flow. I learned to look in neighboring smaller towns for better cash flowing properties.

0 Votes

Quote from @Account Closed:

Originally posted by @Juan Abreu:

Hi all,

I'm new to BP and recently purchased an owner-occupied home. It is my understanding that I have to live in the house for one year before I can rent out the whole house. My question then is:

After the year is up, can I go and buy another owner-occupied home for a low down-payment? If so, how many times can I do that before I absolutely have to use a rental property loan? Has anyone done this and how did it workout? And are there any downsides to this?

I have found some older posts about this but kind of general, would be great if anything with first-hand experience could share.

Thank you for the help!

Juan

My understanding is that if you don't live there for at least 2 of the previous 5 years when you sell, you are giving Uncle Sam a heckova lot in taxes. Very generous of you!

Never sell! Just consider your sell button is broken. Permanently.

0 Votes

Quote from @Caroline Gerardo:

Conventional loan with FICO 620 you can buy owner occupied with 5% down. You can only have one in a city/location- you would need a very clear explanation of a job change to another location to do another owner occupied loan. There is not a time limit for how long it has to be owner occupied but the intent must be to live in it.

The general guideline is that you need to live in the home for 1 year before renting it.

0 Votes

Thank you!!! I thought this might be the case but I had to confirm. Sounds like I need to start shopping for another investment property as I have a buyer and a price lined up for my old rental home.

0 Votes

Knoxville, Tennessee

4 Votes

Hello All! Haven't found this answer. If I am selling an investment property (1 year primary, 6 month months rental investment), and take the $76,000 gain to pay down another rental investment property's mortgage in Colorado, does this avoid capital gains tax? Any help is greatly appreciated!

0 Votes

Knoxville, Tennessee

All Forum Posts by: Kevin Ludwig

Kevin Ludwig has started 2 posts and replied 13 times.

Post: Strategies for selling home to family member

Post: Strategies for selling home to family member

Post: HELOCs on non-owner occupied/ investment property

Post: Potential tenant from out of state interests

Post: $40k/month goal. Which strategy will get me there faster?

Post: How many owner-occupied homes can you buy?

Post: conventional loan 5% down how many can you get ?

Post: Avoid Capital Gains by Paying off another Mortgage?

Post: $40k/month goal. Which strategy will get me there faster?

Post: Avoid Capital Gains by Paying off another Mortgage?