All Forum Posts by: Randy Gleysteen

Hey guys, I have been trying to figure out a good overall strategy for putting a cash out loan on a couple of properties. I'm not sure if there is a book or even a discussion on this forum, but I couldn't really find what I was looking for. So here it is....

So assuming I have a property that I own outright that will rent for $1,500/mo.  I would like to do a cash out for an undecided amount of money, to help pay for the improvements on another property I own.  50-75k should do the trick.  And then when this is finished id cash out to repay borrowed money for the purchase of the second property.  Rent on the second property should be $3,000/mo ish.

So, this being said, I currently work, so I was not thinking about taking the rental income personally, rather maybe putting a 15-year cash out where the rent would be close to the mortgage, using the cash to purchase and improve and then letting the tenants pay my mortgage balance back down.  I feel like somebody might have a good algorithm for these kinds of situations putting a tax strategy into play. 

Cheers,

Randy

Hey guys, 

In a situation where a house in Oregon was sold at auction to a "third party" and the person who lost the house had cash and wanted to exercise their "right of redemption", where would one start? Contacting the "third party" buyer? Or the original lender? And would the person trying to redeem have to pay the auction amount plus interest? and if so, what might that interest rate be.  I'm sure I am asking a question that has been asked before, but my searches on the forum have more to do with acquiring the rights as opposed to exercising the rights.

Thanks in advance,

Randy

@Jay Hinrichs, interesting Jay, I didn’t realize there was a developers license in Oregon. I am a lIcensed GC, but the properties I buy and sell, I try and keep my license out of it and remodel it as an owner. Then I can do minor plumbing and electrical ;-) . Do you just need the developers license for large multi family when hiring subcontractors?

@Ori Skloot, Nice work Ori. I was scratching around the bay a couple weeks ago, and it sure looks like you found a nice property. And what a great experience dealing with probate situation. Hey, out of curiosity, where do you get your cabinets. They look a lot like the ones I have been using?

@Nicholas Aiola. Hey Nicholas, I’m open to working remotely, but aren’t situations going to be vastly different from state to state?

Does anybody have any recomondations for somebody to talk to regarding an income tax strategy for my 2018 situation of somewhat accidentally buying and selling a couple pieces of property? It was a lot of work and we would like to strategize our tax liability. I feel like our CPA doesn’t think outside of the box :-/