All Forum Posts by: Mike Flora

You can refinance and the loan will be in your name but the property itself can be in the LLC name. Most lenders should be able to do this for you. Look at it as 2 separate things when your refinancing into a conventional loan. Financing in your personal name, property itself in your LLC.

From what I️ have read and what I’m seeing is they will be built all together as one in these SURBAN called areas. That’s what they are doing in my booming suburban area. Commercial/housing all in one huge lot area. Convenience for all who live there to have everything at there fingertips. The mix of urban/suburban. Like I️ said before read the book Big Shifts Ahead by John Burns, lead economist for Fannie Mae. Goes over a lot of housing stuff in this book with data to show in graphs/charts.

Thanks guys, I️ appreciate it. Dave Foster I️ was stating if I️ sold my property for 100K and 1031 into a property worth 160K but my purchase price on the property worth 160K was only 90K and I️ wanted to use the 10K left over on the property for repairs what would happen. As it sounds from all you guys I️ can use the 10K left over to use for repairs on my new property I️ exchanged into.

Man! I️ don’t know if this is a huge opportunity or huge nightmare! We have an area in riverside that has historic homes that are worth a lot of rehabbed right and there are restrictions on how you rehab them as well since they are historic. Not sure how things are out there but I️ would only assume that if you restored it right in a historical fashion and marketed the property to a wealthy buyer who appreciates historic homes then possibly could have a massive deal. A lot more to this obviously that we all don’t know about but if you could restore the original setting of the home in your rehab at a decent price then maybe give it a shot. I️ will follow this post to see what you do here. Good luck if you give it a shot

Can this work for a 1031 exchange and how would this be taxed. This is an example below but easily could be done in the future of my business. I️ sell my free and clear property for 100K, which is what it appraised for. I️ purchase a property worth 160K for 90K and it needs 10K repairs and I️ wanted to use that 10K left over to invest in the property I’m purchasing. What happens in this scenario if I️ wanted to do a 1031 exchange. Technically I’m buying a like kind property worth more than the property I’m selling just my purchase price is lower than what the property is worth.

Let him discuss with his family and don’t stress about these things. It’s much better to almost encourage this and be honest and give the seller a feeling of trust with you. When a seller is motivated to sell he will and it’s only fair to get what he feels is the best deal. If he feels like his buyer is shady in any way you will for sure not get the deal. I️ have gotten deals done because I️ was honest, not pushy and the sellers liked me. I️ have flat out told sellers they can get more money with an agent listing there property and I️ still got the deal when I️ told them my benefits of fast and hassle free service. Let him discuss and see what he says back to you on this, your best offer is your best offer in all aspects of time/money and hassle free service. If it’s meant to be then you will get the deal.

Phillip Davis a lot of these areas are gonna be building SURBAN areas. A mix of shops and houses. It’s like taking suburban and urban areas together. Happening out here where I️ live. Read the book Big Shifts Ahead by John Burns. Really good book, I️ read it in a day and they go over a lot of these things. Lots of data in charts and graphs.

Do you have a VA loan? Remember you get all the money from your sale tax free of your primary residence, as long as you have lived there for 2 years. If you have a VA loan you could buy your next house with no money down, or minimal money down if over the regional limit, and then have all that money to reinvest. If you rent though your income from that property would cover alot of your mortgage/tax/Insurance payment on your new house, but, I️ believe it’s after 5 years but double check, you will pay taxes on the sale of your property your renting after you move out. A lot of other factors we don’t know about here like your income/savings etc etc but couple ideas you can think about here. Good luck to you

Stay away from that stuff, just like Jay Hinrichs stayed.....they just want to make money off your dream! Not saying you shouldn’t go to certain seminars to learn but you gotta be able to weed out the bad and good ones! I️ just spent $400 on a great seminar that these guys didnt even market for. John Schuab and Pete Fortunado and learned a ton of creative stuff. Then you will see a 3K weekend event on how to get rich quick in real estate and it’s just basic knowledge that everyone already knows or can get from a $5 book. Be careful with these guys when you first start out in real estate investing.

Is the loan you taking sun too a VA loan??? If so you can assume this loan and just take over without any risk of the loan being called due. As long as you qualify with the lender. I️ know an investor who had a loan called on him by the lender and he suggested to leave the sellers insurance in place and don’t cancel it. Then you buy your own insurance on the side. Keep paying the sellers insurance and keep that in place so there is no cancellation and then the insurance you purchased covers you.