All Forum Posts by: Paul Scammacca

Considering seller financing on rental the last 5 years ( we paid it off). For the tax folks................what taxes will I be responsible for the following year? If I plus 100k on the sale is it all captial gains at once like a traditional sale even though I wont collect the funds at once? New to me might not make sense to do it, thoughts???  Thanks guys...........................P.

Morning all

I have managed to purchase 6 rentals over the last 5 years will 5 of those properties still holding notes. It seems we are up against DTI for our personal income as a measuring stick to purchase another property. We have equity in 4 of the 6 properties ( really 5 one Mobile Home on 2 acres paid for no one will lend ). The equity is low on each about 40-50K on each of the 3. My thought was to refi one of them and use those funds as a downpayment for a townhome (daughter going to university) and rent a room and my daughter live in the other. Problem is I dont think I can get funding now. Is there any way I can move here? Our income w2/1099 is low about 140k a year household so thats the measuring stick. From all properties we are averaging about $375 per door per month. Thoughts??

Anyone have a good program that tracks costs and offers suggestions advice for possible tax savings with rentals?  Ty. 

Dustin

The DSCR loans were coming in low 10s given smaller loan. My heloc is around 8.5. The house would have sold quickly there was no time to do anything g else. The house needs about 20k worth of work for move in ready. Needs new roof.

Good points!!  Maybe just do a cash out refi and keep as rental?? I am not sure if the camp that says as / when rates go down values go up. Maybe I just see a long flat line for a good while. The lender I am talking to is giving me 8.25 on 120k loan???

Need more experienced help.  Have 4 rentals currently cash flow 2400$ total per month. Just used my heloc from primary 100k to purchase c class 3/1. Going to have about 120k into it before trying to refi. Given rates, I an looking at about maybe 100$ a month plus after paying back heloc on cash out. I was thinking about about owner financing.  My problem is my heloc payment is on a 10 year schedule so it's around 1400$ a month.  To sell at owner financing the payment would need to be around 1400$ for the area. I want to make sure they can't refi the property as my "profit" will come after 10 years from p/I. Is this wishful thinking or how could it be structured?  Ty. Paul

Help!  Small investor here with 4 properties. 13 years ago we had a ch7 bankruptcy which included a house. That house was foreclosed on in 2018. Yes 8 years later. Since that time we have bought 4 rentals. Problem is I have been looking into a heloc on our main home but I keep hearing the foreclosure wad complete in 2018 and you have to wait 7 years. No issues with credit or income. Any thoughts/help/advice?  Thank you. Paul. 

Hi All

Tax / IRS folks please give ADVICE.  I have rental MH that has Poly B plumbing and is out of code (cant sell it as is wont finance) that caused some wood damage on the floor. Plan to keep but can I expense the cost to replace the flooring as a repair ( I am doing the entire floor) and replacing about 10 sheets of wood from water damage?  I want to expense it as a "repair" not an improvement (all in 1 year vs the 27.5).................thoughts?? 

buy new ones better in long run!!

I have looked at this from different angles and am mentally stuck looking for advice. Please consider below and offer thoughts, thank you.

We have 4 properties rented:

1. Mobile Home owe 43k safe value 100k (plus 300 month currently) 8.8%

2. House owe 104k value 170k (plus 100 month currently) 4.375%

3. House owe 72k value 125k (plus 300 month currently)5.5%

4. House owe 59k value 99k (plus 300 month currently), needs about 15k rehab but not pressing 5.5%

Our main home owe 185k value 375k 3.25%

My thoughts are to refinance our home and pull out cash to buy another property (have cash for down payment and save some for emergencies/repairs). I can still do this but am concerned about the prices now. Basically, I feel I would put enough money down to come close to the 1% and rent the property out. I bought the about four at 1% but that seems LONG gone. I am in the Jacksonville, Fl market. It seems everything out there now with all the buyers leaves homes in areas not worth it or retail, thats it.

Questions, what would you folks do? I dont want to sell to buy high? Not a fan of the stock market. How are you guys getting over this hump? We are both teachers so I dont have time for the mailers and all that. I hate to stay put but is it best? Thanks, Paul.

Fab

I have lived in the Jacksonville area 10 years. Have 4 rentals. Even Jax has been picked through pretty well. Might be best to try lake city I have decided be there. My realtor always gets folks from south central Florida calling. It’s still not there yet but will be soon