All Forum Posts by: Michael Healy

So the IRA I'm using gs about $66k in it. So not enough to buy within the IRA.

My wife has a 401k maybe that’s a better place to take down payment from?

I have recently signed a purchase agreement for a single family rental property. I own three others currently Al with decent equity. Should rent for $2000 a month. 

Right now it appears my best option for the 25% down on this $178,000 deal is to early withdraw my rollover IRA. It's a very significant penalty. 10% plus income tax.

Still before I close I’d like to find a better option. Anybody have any ideas?

Many thanks everybody! Very helpful. I have since made a police report and spoke briefly to an attorney that said I should try an emergency eviction given the threat and harassment. I’m going to go to the courthouse and try that tomorrow. I’ll follow up. (Famous last words that kill every interesting forum post)

Still... Involving the housing authority worries me. I agree with the person that said once she know she’s losing her voucher she’s likely to really get bad. Thoughts?

I have a tenant that has frankly lost it. Like the title says she has threatened to kill me on two occasions. One is a voicemail that I still have. She texts me at all hours of the night and calls at all hours of the night. She has been informed that her month to month lease will end this month. Her capacity is such that I can’t even tell what is real and what is in her mind. 

Of course this was an inherited tenant, but I’ve had no issues until now. (Section 8 of course) She has three kids. Two boys and a girl. I think when the girl moved out things fell apart. Some friends of mine are police officers and they said they think she got into bath salts.

Anyway I’m wondering if this allows me to move an eviction any faster. She has said she’s not leaving...

Also, my eviction attorney says its best to give her a good standing report for section 8 or else I’ll never get rid of her. What if I don’t follow that advice?

Thanks for any help or advice. 

 

We have some bad weather coming and we have only one generator between five single family homes we own. It’s also going to get very cold here next week. While the tenants may be responsible for lodging if need be, I am still concerned about freezing pipes etc. Two years ago I lost power on three all at once. Had to beg borrow and steal to get them covered. 

What do you all do to protect your investments in such a case? Should I expect anything from the tenants? 

Some of you have so many properties, I can’t imagine you have a generator for each one.

Right. Thats kinda the point my CPA made. Why would it matter where its reported? 

So I'm trying to get a cash out refi and the underwriter wants a IRS Form 8949 for every flip I did last year. Without it they won't count that income as... well... income.

My tax guy says they don't know what they are talking about. Unfortunately that doesn't seem to satisfy the underwriter. 

Any help would be a big help. 

I guess I didn't mention it but I have only owned the home for 4 months. I need the money back to do the next flip. So waiting 2 months doesn't seem worth it. I do this full time.

Huge thanks for the replies!!! 

Thanks for the reply Jeff!

The 30 year fixed is based on the purchase price of $125,000.

The ARM ("portfolio product") is based on 75% LTV.

Hi everyone, 

I've been flipping for a couple years now and I'm working on making this recently rehabbed home into a rental. (BRRRR method of course) The bank is offering a 30 year fixed at the price I purchased the home ($125k) or they will offer more cash if I go with a 10 year fixed rate that becomes an ARM after ten years. That loan they will keep in house aka portfolio loan. The 10 year comes with a ONE percent lower interest rate (3.85% vs 4.85%) and lower closing costs.

Are there any pitfalls I need to be aware of?