All Forum Posts by: Mitchell Maginnis

 I want to pull out all the equity and put it towards the commercial parcel.

The new land is a 5 acre parcel. I am having no issues fining someone to refinance my current cabin. However, I am looking for a construction loan on the commerical/resort.

Hi! currently own a cabin worth about 400k. My mortgage is 200k.

I want to buy a new property for sale that is commercial/resort zoned. I'd like to put multiple cabins/condos on that piece of property. I plan to use a refinance on my current cabin to fund the downpayment on the next property. Does anybody have any recs or advice on how i can get financing for this?

Thanks!!

I am looking for funding on a new build STR. It would be the 2nd unit on a property I already own. The home I have on the property currently is on a 30 year refinance mortgage. Any options?

I am looking for funding on a new build STR. It would be the 2nd unit on a property I already own. The home I have on the property currently is on a 30 year refinance mortgage. Any options?

 To clarify, I am looking at adding additional units on the parcel I have already built on @Mack Lengel @Zach Edelman @Persa Z.

Hi!

I recently completed a new build STR. I like the fact that I was able to design it with unique additions that none of my competition is offering, and I want to continue to rinse/repeat this process. I have a parcel that is zoned specifically for multiple units.

With that said, I paid for the entire first cabin out of pocket with cash only, and it has taken me over a year to save up that money. I will use a refinance to build my second unit, but am looking for creative financing ideas that I can implement so that I can continue to build more units faster. Any advice is appreciated. 

Hi! I am pondering the idea of starting a short term rental management company. After doing some research, I realized that some states require a license in order to be a property manager. How are people getting around these regulations (aka cohosts and others managing other people's units)? I would ideally operate in MN.

Any knowledge or experience would be appreciated. Thanks!

 Thank you. 

I somewhat understand the idea of passive vs active income/losses. My thought is that because this is not technically rental real estate just yet, I may be able to write off the construction expenses for 2022.

Hi!

I am a new real estate investor. I am almost finished with a new build STR that will finish in May that I have paid all cash for. I own the land through an LLC with a partner. Since the build is not yet done, it has obviously not made any income.

I am a high income earner with a w-2 job.

Will I be able to write off the entire new build construction costs to put shield my w-2 income?

I realize this is probably a question for a CPA, but I am hoping someone has maybe tried the same thing here.

Thanks!