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All Forum Posts by: Sieanna Ariel

Sieanna Ariel has started 6 posts and replied 18 times.

Post: Primary Residence Taxes

Sieanna ArielPosted
  • Rental Property Investor
  • Chicago, IL
  • Posts 18
  • Votes 4

Hello Bigger pocket colleagues,

So I have a question about selling a primary residence.

What are some of the specific taxes that would come out of selling a property, that is if one was to sell their home after paying off the mortgage? Would the IRS charge capital gains taxes or any other taxations on the property? Also does the value of the property affect whether or not one would have to pay?

Post: Owner-occupied 203k Multifamily

Sieanna ArielPosted
  • Rental Property Investor
  • Chicago, IL
  • Posts 18
  • Votes 4

@Paul Welden Nice info Paul! Have you personally experienced this method before ?

Post: Owner-occupied 203k Multifamily

Sieanna ArielPosted
  • Rental Property Investor
  • Chicago, IL
  • Posts 18
  • Votes 4

@Nicole Heasley Alright thats what I figured! Makes complete sense now. Lastly, during that first year of occupancy in which you are required for the property to be your primary residency, the other units can be rented out to tenants as long as you are staying in one?

Post: Owner-occupied 203k Multifamily

Sieanna ArielPosted
  • Rental Property Investor
  • Chicago, IL
  • Posts 18
  • Votes 4

@Nicole Heasley Thank you Nicole for your response. I am currently trying to understand my options of financing a rental property before I make any drastic moves over the next year or two.

I am currently reading “The Book on Investing In Real Estate with No (and Low) Money Down”

and came across the 203k and 203k streamline. I will do more research on this method of financing as I definitely need to understand more in depth the pros and cons.

The last part of my question about applying for the loan 203k, I was trying to understand if this sub-type loan of FHA required you to own the multi-family property for a year before actually receiving the rehab and mortgage loan from the lenders of the FHA 203k?

Post: Owner-occupied 203k Multifamily

Sieanna ArielPosted
  • Rental Property Investor
  • Chicago, IL
  • Posts 18
  • Votes 4

If one is to go about real estate using a FHA loan specifically the 203k for rehab and purchasing, what will cover the owner-occupied expenses the first year?

What happens during the one year period of occupying a multi-family? Would one need a hard money lender or private lender for that first year or would they be paying for the first year to pay down the mortgage, closing costs, rehab etc. out of pocket?

I am confused about how a mortgage would be covered for such a property with multiple units, being covered without tenants that first year. How is rehab suppose to take place over the first year if it is a fixer upper property that is completely ragedy and do they expect one ro live in a place needing structural or non-structural repairs for the first year? Does the property have to be owner-occupied for one year before even applying for the loan ?

Post: Lenders, Rehab, Buying Process for Rentals !

Sieanna ArielPosted
  • Rental Property Investor
  • Chicago, IL
  • Posts 18
  • Votes 4

@Whitney Hutten Thank you Whitney. I am taking my notes ! Your experience is highly appreciated.

Post: Lenders, Rehab, Buying Process for Rentals !

Sieanna ArielPosted
  • Rental Property Investor
  • Chicago, IL
  • Posts 18
  • Votes 4

@Kenneth Garrett Thank you Kenneth for being informative about your experience !

Post: Lenders, Rehab, Buying Process for Rentals !

Sieanna ArielPosted
  • Rental Property Investor
  • Chicago, IL
  • Posts 18
  • Votes 4

Can someone share how the process goes after finding a deal that you are ready to buy. I know that no one experience is the same, yet I want to try to generalize what can be expected with real estate transactions.

1)How did the process go finding a lender? Was this done before or after contacting and beginning the transaction with the seller?

2)How did the transaction process work?

3)Did lenders supply a loan for rehab to take place or was this something saved for?

4)How long until the loan from lenders are allowed to be utilized?

Post: Hello Chicago investors

Sieanna ArielPosted
  • Rental Property Investor
  • Chicago, IL
  • Posts 18
  • Votes 4

@Alleia James

Well here are some books I enjoyed and I am currently adding to my stash!

“The Book on Rental Property Investing” by Brandon Turner!

“The Book on Investing In Real Estate with No (and Low) Money Down” by Brandon Turner,

A list of terms to be familiar with from A-Z I generated:

1031 Tax

Absentee Owners

ARV ( After Rehab Value)

Assessed value

Adjustable mortgage

Amortization (calculator)

Capital expenditures

Capitalization rate

Cash Reserves

Cash flow

Closing Cost

Commercial investing

Compound interest

Contingency

Conventional loans

Crowdfunded investment

Debt-to-income (DTI Ratio) (Debts/ gross income)

Dividends

Dual Agency

Earnest Money: money deposited to a seller to show confidence in buying the house.

Equity

Escrow Deposit

Escrow period

Excise Tax

Fixed-rate mortgage

HOA (Homeowners association)

Home inspections

Home warranty

House Hacking

Inspections

Investment Capital

LTC (Loan-to-cash)

LTV ( Loan-to-value)

Lease options

Leverage

Listing/ Listing agent

MLS ( multiple listing system/service)

Mortgage broker

Net Operating Income (noi)

Net worth

Pre-approval letter

Principle/Interest

Private mortgage insurance

Property appraisal

ROI (return of investment)

Real estate broker

Refinancing

Rental portfolio

Simple interest

Tax savings

Title insurance

Title seasoning

Underwater Mortgage

Wholesaling

Post: Hello Chicago investors

Sieanna ArielPosted
  • Rental Property Investor
  • Chicago, IL
  • Posts 18
  • Votes 4

@Alleia James Hello Alleia, very nice to meet you. I am a newbie also, my partner and I are working on growing in real estate and currently working on a financial aspects by gaining more knowledge and understanding to ensure a well organized and clear real estate journey. I have participated in webinars, reading real estate books and annotating, articles, and forums, watching youtube, understanding financing and analyzing properties and this has benefited my process greatly.

I look to further increase ny networking and sharing and learning more information from others and also helping others in any way that can be profitable to. How is your journey coming along?