All Forum Posts by: Scott Szurek

I was wondering if any veterans of the Single-Family residence flipping business have stats for the % of flips ending up losing money and maybe also days per flip.   Do you keep detailed stats about each flip? 

That seems completely asinine when appraisal values are used for the removal of pmi.  The selling price of home is not the sole indicator for a homes actual value.  There are so many different variable that change the final selling price.

How many home owners do you think the above instance affects? 

Why does the consumer (loan holder) still have to pay PMI when the property's LTCV is 20% or greater after the appraisal needed for the loan.

I bought a property for $210,000 and only put 10% down. It appraised for $250,000. I had to wait to remove PMI after a refinance a year down the road?

This happened in 2008 during the brink of collapse.

I bought my first property at the beginning of the housing crash. Together, with my partner, we bought the property at an auction in May of 2008. The initial appraisal came in significantly higher than the purchase price. Note one rule is terrible for the consumer, we still had to pay PMI since we did not have the initial 20% down. Although with appraisal we had more than 20% equity. Anyways, we lived there and fixed it up. Mostly cosmetic, wall paper removal, fixing walls, new flooring, interior paint walls and ceilings, fixture replacement, and a patio. We lived there for ~4 years and decided to travel aboard for about a year. Before we left we rented it out to a family with a one year lease. It is currently leased until July of this year and we plan to sell and fix up the house we bought with a cashout refi in 2014. Our new primary is a considerable fixer-upper. Pretty much a gut and redo entire house. It's in a great area and has lg sqft compared to the neighborhood. We have finished the 2nd floor, and plan on fixing up everything else after we sell our current investment property.

It is the latter, a single family home with an active lease until 7/31/2016.   I am able to  "list" the property 30 days before they leave.  There is a formal legal agreement that they will leave on or before this date.  

Should I just wait until they are officially out to list it? Or try to sell it as investment property? The current cap rate is ~5.85%.  

I am selling a property this summer that my tenant will still occupy during the listing period. Does anyone have any advice on how this topic? Thanks.

BiggerPockets,

Could you make Podcasts available on Spotify!?

@Dave Foster 

I had a couple questions regarding your answers on making 1031 x work for a investment property and  primary 

1. Stay in your current primary for a while (or sell take the tax free exemption and rent for a while).

How long to do you have to rent?

2. Sell an investment property and 1031 into a really nice house that you might like to live in one day but is an investment property for now that qualifies for 1031 treatment.

What qualifies a property for 1031 treatment?

3. Use the new property for investment for a while and then change your mind and convert it to a new primary residence.

Does the property have to turn into an investment property immediately?  For ex: could you live there for a bit and then turn it into a investment property for 2 years, then move back and make it your primary?

4. Sell your current primary and take the tax free exemption. 

That last statement sounds really nice!

Hey,

Just checking out this forum after reading a couple Bigger Pocket's books, the ancient "Real Estate Loop Holes" and more recent "Investing in Real Estate with no (or low) Money Down".  These guys have some great books and look forward to their others. 

They remind me a lot like the 2+2 books and forums.  Comparatively, the BG's website is far superior.

I have a random question.

What type of property codes are deemed acceptable to turn in Day Care Facility?  Is a multi-family possible?