All Forum Posts by: Noah Garcia

Yeah, its slightly less than that at the moment but not by much.

Hello, I own a quadplex in Tampa. 3/1, (2) 2/1's and a 1/1. I am currently rehabbing the 3/1 and the other units are fully rehabbed and rented for a combined total rent of $2,900/month. Once finished with the 3/1 total monthly rent will be over $4,500/month. I floated a lot of the rehab with my credit cards and have unfortunately taken a huge hit to my credit score for utilization. I make all payments on time, its just the usage that cause my score to plummet from near 800 when I bought it to below the 640 I need to refinance. Does anybody have any creative financing options available for a situation like this? I owe less than $150k on my loan and there are triplexes and quadplexes selling for the low to mid $400,000's. Using a score calculator once I pay the roughly $65k in credit card debt my score will increase to 804. I am very low credit risk despite my situation. 

Robert,

Can you please send me details?

Thanks,

Noah B. Garcia

Excellent. Thank you for the prompt and thorough explanation.

So it would only count for the one unit of the 10, 20 or 100 in the complex?

I understand it is for your primary residence and I would have to live there for 2 years but I wanted to know specifically if it was the same for a commercial property (more than 4 units). Say I purchased a 10, 20, or 100 unit apartment complex and decided to live in one of the apartments for 2 years, would the same exemption apply given that it was most likely a commercial loan on a commercial property.

Does the IRS differentiate between between residential and commercial properties in regards to the exemption?

sorry, $250k not $350

Does anybody know if the $350k/$500k Home Sale Tax Exclusion applies to commercial apartments or is it limited to SFH, condos and apartments with up to 4 units?