All Forum Posts by: Sam Stout

@Robin Petrasek Thanks for reaching out.  I may need some assistance because my  residency is taking forever in Brno.  I need at least my temporary residency to go through to secure my construction loan.....

Hey there,

    So I own a piece of land in the Czech Republic, which I am designing a home to be built on, but it's not as quick of a process as you may think.  My question is, can I write off my travel expenses for me and my family to go there once a year?  Can I write off the Airbnb charge to rent a home in the village where our land is?  Can I write off the costs of designing the home, even if it hasn't been built yet?

Thanks!  

@Tyler Ettner If you're in Truckee some time, give a shout.  I invest in 2 specific midwest markets from a distance and it works great.  I sold one of my California land properties and bought 7 homes in the midwest, generating 3k/mo.  All from a rural parcel I bought in 2009 that I thought was in the path of development....turns out it wasn't but it did appreciate.  whew.  

@Patrick Senas I am a buy and hold investor in the Chicago area and I love it there.  Rents are pretty high and I am seeing a lot of people rehabbing in what used to be undesirable neighborhoods.  I think it's a great area that will probably just keep on going at a steady pace.  It's not going to appreciate like some places, but it probably wont dive like some places.  I can net $500/door pretty consistently.  

@Joe Splitrock I agree!  Where I live, everybody is waiting for a crash or correction.  I remember them saying last year it was coming.  Now they're saying it's coming next fall.  Yeah theirs a lot of homes being built, but buying is ultra competetive.  A cool down is more fathomable than a crash or correction IMHO

@Vincent Incopero is the only call you need to make. Don't waste your time with anyone else. 

Got it figured out, thanks!  Just going to use a first and a second.

Thanks @Michael Cohen. What would property would the 2nd HELOC be on....the new one or another one I own?

I just found out the FHA limit in my area in California is only 477k when my lender thought it was 617k. Any body have options for a 5% down mortgage on a 575k purchase price for owner occupied home in Lake Tahoe, California? I have $$ for 20% down but it's better spent elsewhere. I have 780 credit and 831 FICO. Thanks

Alright, here's the delema. I bought a condo on a ski mountain last year for 304k, owe 273k on it. My family needs to upgrade to a bigger home, we have an FHA loan ready for 3.5% down. We have the money for the downpayment already. The similar condo's, maybe not even as nice as mine, are selling for 375k-400k. My total monthly cost on the condo, including taxes, insurance, HOA is $2500/mo. I could MAYBE get 3k/mo on a year lease, but that would be a stretch.

     Would you take the 60k profit (after tax/broker fee) now, or take 500/mo net with the chance that the market could correct itself next year and the condo would be worth 305k again.  AND if the market corrects, it could take 5-10 years to get back to where it is now.

    BUT, if we sell, we would be buying a new home in the high market right away, with the chance that the new home could go down in value in one year.  Their are no deals to be had right now, this market is limited.

Thanks....btw, I have 10 SFR and Multi's, some with mortgages, some owned outright.....