All Forum Posts by: Lawrence Paul

Hello again everyone,

This question has been bothering me for quite some time now, so:

I have a one door condo flat on the second floor w/ HOA that currently cash flows about 400/month.

Purchased the property for $110,000 and the bank required $50,000 down (not dealing with this bank any longer).

I put roughly $7,000 worth of work into the property and the unit will need a new AC unit next year ($4-5,000)

5% over 25 years.

Current value is between $160-165,000 (comps in the same HOA).

Currently sitting on about $40,000 cash to cover any possible problems and looking for deals (dry in my area).

Have two identical units, plus another similar unit that I live in.

-- SO --

Should I do a cash out refinance on the property and lower my cashflow to roughly $100/month, but pull out roughly $60,000?

Should I do something else?

Am I missing a larger picture?

Sounds like I will just roll with the punches and just keep trying to play it smart and acquire one per year regardless of my available cash on hand.

Just wanted to reach out and make sure I was not missing some niche.

Thats currently where I am at now and just feel like I am leaving growth on the preverbal table.

...hummm...

So, I currently have two rentals that are both cash flowing and a primary residence that I will be moving from and renting in roughly a year (Total of three rentals in a year from now and a primary).

Mortgages are 350/510/510 - Not including expenses/escrow/ect.

I currently have about $30,000 in cash just sitting in my account and keep going back and fourth on what I should do with the funds.

My debt-to-income ratio is nearly capped at around 40% or so with the recent acquisition of my new primary.

Do I:

A) Hold the cash until my debt-to-income ratio comes down next tax year (I hope?) or,

B) Pay off the first rental ($55,000) or,

C) Something else that I might not be thinking of?

I have no car payments or other debt that I could pay down, just three mortgages and related expenses.

Thanks.

Hello,

Does anyone know where I can find the net gain/net loss freddy and fannie verbiage?

Currently dealing with a bank for a new mortgage (trying to roll over $11,000 losses from repairs, ect)

The property cash flows at $400/mo, but I rolled over all my losses, taxes says 0 gain, 0 loss, but I rolled over all the extra 'losses' until next year.

Mortgage is trying to tell me that I am losing $800/mo on the property and being a pain in the *** for approving my new loan.

I know the freddy and fannie verbiage says something like after one year only the net gain and net loss can be calculated. But what about rolled over losses?

Thanks.

Anyone?

Correct.

Just found the quote from the article:

"Yes, you can take the mortgage interest deduction on up to two properties at once. They must be a residential property, however. ... Landlords can deduct the interest they pay on the mortgage for a rental property, however, this must be claimed as part of the property's expenses on Schedule E."

Is the max actually two rental properties or am I reading this wrong?

Hello,

Quick question:

Is the max mortgage insure write off cap out at 2 properties?

Was curious because I am in the scaling process and looking at purchasing my 3rd rental property once something becomes available in my area of expertise.

I remember reading 2 is the max, but I can not seem to relocate that article(s).

Thanks for any help.

I would also use this information this year.

Planning on picking up my third property in a few months.

Thanks in advance.