All Forum Posts by: Michael Macaluso

Hey everybody.

I bought a property in my LLC recently. Original plan was to fix up, rent, get some tax savings, and refi.

Turns out the house is in a great part of town local to us and we see ourselves living there.

The house has already been closed in the name of the LLC.

What is recommended for this situation and what’s the reasoning? Should I rent the property to myself or sell the property to myself, etc.

I would like to be able to use depreciation with the tax year coming to an end. However, I want to make sure I’m not doing anything illegal.

I appreciate any and all responses!

Hello everyone!

Looking for a zoning expert’s idea for this.

I’m looking to purchase this lot of land. The land is currently unbuildable. The reason is that the lot is too small for a septic system. There’s also not much room to work with.

The lot is nestled between two homes. The homes end right on their property line so there’s not much room to expand.

I believe that the design of the property wouldn’t be a problem, however I would like some ideas on how to make this lot buildable in the eyes of the zoning department.

I’m a total amateur when it comes to zoning codes and rules so I’m open to any insight I can get!

Thank you!

Hey everyone,

I'm looking for some professional insight/ideas to acquire a property in my town. I currently am looking for an office building to move my business into. I came across a building for sale that has 8 units with an asking price of 550k. My lender told me they would lend 70% of the purchase price which means I would have to put down 165k. Although this is feasible, I'm looking for a creative way to acquire this property without using 165k of my cash/equity.

I've heard of using seller financing as a tool and would be interested in learning a solid way of doing this since I believe this is a great tool in property acquisition. The only problem.. I have no idea how to utilize this tool.

So my question is, how could I structure an agreement without spending 165k plus closing costs.

Some specs of the deal. Purchase price 550k, loan at 70% with 8% interest, 14k in property taxes(NJ lol), and 2k insurance. The property currently rents for 6800 month.

As always, I appreciate any insight. Thank you!

Hey everyone,

With the current real estate market, would you even consider buying a property to flip?  I’m thinking about turning a duplex into a single family in an A neighborhood. I’m just concerned about the bottom falling out or interest rates pricing potential buyers out during renovations. 

I appreciate any and all responses!

 Hey Andrew. This is a great response, I really appreciate it. This property is a house hack. I live in it now and rent out the rooms to cover the mortgage. My projected rent when I move out is 2300 a month, modestly.

The plan for the cash is to sit on it for the short term, up to 2 years max. Until I find another deal to invest in.  

Hey, thanks for the response Jake. 
The plan is to buy more rentals with the cash. 

Hey everyone!

I’m in the process of completing my first cash out refinance and I would just like some advice. 

I have two options at my disposal. 
I owe 120k and my property was appraised for 270k. 

My first option is a 70% cash out at a 3.9 rate. With taxes and insurance my payment is 1540. 
My second options is a 75% cash out with a 4.25 rate. With taxes and insurance my payment is 1650. 

I’m sure, for seasoned investors, this isn’t a huge difference. But since this is my first cash out, I’m trying to err on the side of caution. 

Would you take out more cash, have the property cash flow less, and pay a slightly higher rate? Or, take out less cash, have the property cash flow a little more, and pay a slightly lower rate?

Thank you for any reply!

Hey everyone.

Does anyone here think they have the skill to turn 100k of cash into 2k a month of passive income?

If so, how would you do it?

To all of the pros, is that a reasonable goal or a little far fetched?

Excited to hear from you all!

-Mike

Hey biggerpockets community.

I have a single family property in New Jersey. The rental income is $2000 a month. I’m looking to replace my fha loan with a loan that uses the rental income to qualify. I’m unable to qualify due to only having one year of business income to show so far.

My goal is to replace the fha loan and go house hack another property. If there are any lenders that you would recommend or know, please reach out!

Thank you!!

Mike

Hey everyone,

I’m looking to see if there are any lenders on here that would qualify a refinance with 1 year of business income? I started a contracting business in 2020 and wanted to refi my primary residence to buy another rental. Mostly every bank I’ve talked to requires at least 2.

I’m aware of other options such as private money and bank statement loans. But, I wanted to try to take advantage of the low interest rates while available.

Seems like I’m searching for a black swan, but figure it’s worth a try!

Thanks everyone.