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All Forum Posts by: Patrick Shep

Patrick Shep has started 39 posts and replied 93 times.

Managing Your Property

Post: Renting to College Students

Patrick Shep
Pro Member
Posted
  • Rental Property Investor
  • Washington, DC
  • Posts 97
  • Votes 37

@Mike Donovan I would recommend finding a local insurance broker to get the best rate to fit your needs.  Safeco can be pricey  in my experience 

0 Votes
Managing Your Property

Post: Renting to College Students

Patrick Shep
Pro Member
Posted
  • Rental Property Investor
  • Washington, DC
  • Posts 97
  • Votes 37

I haven't had any brokers ask about students as renters. 

0 Votes
General Real Estate Investing

Post: BiggerPockets app change my iPhone and the BiggerPocket app ?

Patrick Shep
Pro Member
Posted
  • Rental Property Investor
  • Washington, DC
  • Posts 97
  • Votes 37

@Scott Trench posting this from the APP! Looks good! When can we expect deal analysis to be rolled out?  That's critical for quick deal underwriting 

I'll let my phone notify me when you respond :) 

1 Vote
General Real Estate Investing

Post: BiggerPockets app change my iPhone and the BiggerPocket app ?

Patrick Shep
Pro Member
Posted
  • Rental Property Investor
  • Washington, DC
  • Posts 97
  • Votes 37
Quote from @Scott Trench:
Quote from @Patrick Shep:

@Scott Trench  Still no update?

 We have an app now in beta that will soft launch by end of year! @Tiamo Wright is getting g this over the finish line. 


 Great! Looking forward to it!

0 Votes
General Real Estate Investing

Post: BiggerPockets app change my iPhone and the BiggerPocket app ?

Patrick Shep
Pro Member
Posted
  • Rental Property Investor
  • Washington, DC
  • Posts 97
  • Votes 37

@Scott Trench  Still no update?

0 Votes
Classifieds

Post: I'm looking for a lender in upstate NY, prefer Hunter, Catskill

Patrick Shep
Pro Member
Posted
  • Rental Property Investor
  • Washington, DC
  • Posts 97
  • Votes 37

Check Adirondack Bank. Not sure if they lend there, but they have good terms

0 Votes
1031 Exchanges

Post: 1031 into Hard Money?

Patrick Shep
Pro Member
Posted
  • Rental Property Investor
  • Washington, DC
  • Posts 97
  • Votes 37

Is it possible to do a 1031 exchange and use the proceeds to buy a house using hard money, then refinance into a long term loan? I wasn't sure if the loan product matters.

0 Votes
Private Lending & Conventional Mortgage Advice

Post: HELOC- solo vs with spouse on loan

Patrick Shep
Pro Member
Posted
  • Rental Property Investor
  • Washington, DC
  • Posts 97
  • Votes 37

I'm getting ready to apply to HELOC on my primary. Spouse and I are on the title and loan. I believe I can qualify for the HELOC on my own, saving my wife with additional debt ( when used) on her credit.

Is there anything to think about if I apply to the HELOC solo? I'm sure she would need to sign something for the loan.

0 Votes
Tax, SDIRAs & Cost Segregation

Post: Land Value for Depreciation

Patrick Shep
Pro Member
Posted
  • Rental Property Investor
  • Washington, DC
  • Posts 97
  • Votes 37
Quote from @Greg Scott:
I just took a class where a CPA talked about this.  

If you have solid documentation for your position, you are probably OK. If you have no documentation, you will lose if you get audited.
I'll see what my CPA recommends. I certainly don't want to get audited. The reality is the land isn't worth much based off of fair market value. Double edged sword
0 Votes
Tax, SDIRAs & Cost Segregation

Post: Land Value for Depreciation

Patrick Shep
Pro Member
Posted
  • Rental Property Investor
  • Washington, DC
  • Posts 97
  • Votes 37
Quote from @Jason Malabute:

Just a heads-up, land itself isn’t depreciable, but the building on it is. To figure out the land value , the county assessor’s website should have a breakdown of the assessed value for both the land and the building. I would talk to the county about how they calculated the assessed value.


 I know just working for the value of land to subtract.

0 Votes