All Forum Posts by: Shaun Weekes

 I have a large tax footprint on this one. I have zero interest in paying those taxes. I have nearly no debt to pay off. 

I am hopeful that someone here is able to actually attempt to answer my question. 

 I will be utilizing the 1031 IRS Tax Code. Deferring taxes until a later date (if I choose to exit the properties in the future)

So we have a duplex me and my partner are submitting an offer on. We both have good credit, but are both newly pursuing invest without W2 jobs (making it tough to get a congenital mortgage). Any recommendations for private lenders or helpful mortgage companies to work with in this situation??

We are trying to work with what we got, so help us out please!!

I am considering selling my duplex in SoCal and taking that money out of CA. I nearly break even on the rent/mortgage but if I am able to escape CA on a 1031, I could potentially be positive cash flowing in the $1500-$2500 a month range on the same numbers. Here are the very ballpark #'s.

Sales price $1.2m

Net $1.1m after sales expenses

Mortgage payoff $800k

If I wanted to do a 1031 on 8-12 SFRs priced in the $80,000 to $150,000 range and have about the same #'s (without adding a ton of my own funds), what are my options for purchase loans? I assume that I can't have 8-12 individual mortgages?

Had some credit challenges last year, thanks to COVID. These are all handled at this point, with no running lates.

FICO around 620 (Experian 641, Equifax 622)

Options? Forget it and don't even try? Thoughts? Thanks so much in advance!!!

Hey all, here's a nuance question. I have been buying and selling houses for a while now all of which have mortgages associated. I have a giant box (it's a nice plastic box with a cover) with nothing but closing documentation. Seems that each property comes with at least a ream of paper. Now I'm sure that my first mortgage from 20 years ago which has long since been paid can be canned, but I just closed on two properties last month which is only adding to the pile.

Specifically, what documents do other folks hang on to and what do you throw away instantly when purchasing or financing a property? 

Hello Bigger Pockets Community,

I wanted to try and get some advise from the group.  I purchased a rental property back in November 2020.  I paid cash for this property so I don't have any mortgages.  I'm considering doing a cash out refinance so I can start the process of reinvesting.  What Im running into is the loan amount minimums that everyone wants. I purchased my home for 20K and its value is around 50K now.  Most everyone wants a minimum of $75K on rentals.  How do I find a bank or lender that would work with me.  Ive checked out the links on Bigger Pockets and the private lenders also have these same requirements.  As a side note I have a very high credit score, little to no debt and self employed.  My companies (3 combined) gross around 1 million per year.  Ive been self-employed for less than 2 years now FYI.

Any help is greatly appreciated.
 

Hello everyone,

I am have been renting out a single family residence for $1425 and have a PITI payment of $998 (I used to live in it), I am applying for a mortgage on a second property and they won't count any of my rental income because I don't have 2 years of tax returns...I've only been renting it out for one year. Is there any way to get this counted? Are there some lenders that will count it with one year of tax returns and a current lease or something?

Thank you,

Mike

Hello 

I am looking to buy another property and cash-out refinance my home however, my credit is not good enough for the bank although I have not missed a payment for over ten years.  

What are my options BP Community?

Thanks

Hello All,

I've closed on quite a few mortgages and refinances over my tenure as a real estate investor.  I've always stood my ground in ensuring every document that is exchanged/signed/provided during this process is correct.  It appears to have served me well, in ensuring the mortgage terms are correct and agreed upon when we go to close.  Recently, I've been in a constant battle with a few refinances over their disclosure containing an incorrect escrow account (i.e. taxes and insurance for the mortgage) and overall monthly payment numbers (i.e. increased monthly payment due to escrow being added) because of this.  Several times over the past few months, I've had to reiterate to loan representatives that, just like my previous loan (all of the loans I carry don't have escrow, we pay our own taxes and insurance), this refinance will have no escrow account associated with it.  For some reason, each representative has stood their ground, stating you can remove the escrow account after you finish signing the documentation, within the 72 hour edit period after closing.

I have really pushed back and said 'No!'   I'm not signing incorrect disclosures or closing documents and using the edit period to fix these irregularities.  This seems really crazy to me and ridiculous, since I'm signing a contract with incorrect information on it.  

Please give me your opinion on my stance.  Am I correct in acting/feeling this way about these disclosures and the details at closing?  I'm really shocked this is becoming more of an issue over this past year as I've been closing on over 5 loans.  

Looking forward to hearing your opinions.  

Thanks All.

Best, 

J.
 

Hi BP,

I have 2 STR's. 1 is a 2nd home and got vacation home financing on that house. The other is an investment property. Was curious to know if you can get 2nd home financing (10% down) on another property located in another city but within the same state (CA). Are there any specific requirements having multiple "2nd homes" and if so, what are they? Is there a distance requirement between 2nd homes? I remember when we got our 2nd home financing, they required the property to at least be 80 miles or so from our primary. I plan to use the property part time and rent when not in use. My primary residence is in LA. Appreciate the feedback.